It's really an application of the laws of economics and physics. For every action, there's a reaction. That's how the new taxy levy enacted by the Peoria Public Schools Board is summed up by it's Comptroller/Treasurer. The 150 board approved the new levy Monday night which now will be sent to the Peoria County Clerk to be reflected on property tax bills.
Dr. David Kinney says for the bulk of homeowners, it's a win-win with Equalized Assessed Valuatuion going down, as well as the tax rate. Kinney says overall it's a one and a half percent drop on average for property owners. That would mean a $100,000 dollar house would now be valued at $98,500 dollars. That means taxpayer savings.
What that means for District 150, is a loss of $1.2 million dollars. Half of that, is in the bond and interest fund, which doesn't affect daily operations. But, the other half of the loss does, according to Kinney. He says 38 percent of the 150 budget revenue comes from property taxes. Kinney says about half of the loss is through the bond and interest fund, which doesn't affect day to day operations. However, the other half of the loss in to the education fund, which will have to be made up. The budget will have to be adjusted for the loss, unless revenues go up to cover it.
In other news, Dr. Kinney's contract is now extended throught June 30th of 2013. However, his interim status remains the same. This is his 3rd temporary deal with 150. The only change is he now receives 10 sick days and 3 personal days as long as he works at least 600 hours during the rest of the agreement. Also, the board approved it's first ever concussion policy. Parents of athletes will revceive letters of explantion about the new procedures.
