Editor's note: The following is a press release from the Fox Valley Park District.
Fox Valley Park District residents will benefit from another tax freeze after the District’s Board of Trustees approved a zero-percent increase for the second consecutive year.
While the District was allowed to levy an increase up to 3.0 percent, Executive Director Nancy McCaul said “we are choosing not to levy for the full amount out of consideration for our residents and the financial challenges many of us may be facing in this recovering economy.
“Our tax receipts will probably be less than last year, which will mean a reduction in tax revenue for the 2013-14 budget year,” said McCaul.
The park district’s emphasis on excellence will not change, either. “As always, we will continue with great efficiency in all our operations,” said Board President Rachel Ossyra.
“Every year we work hard to maintain a level of excellence and balance that with our commitment to be fiscally responsible to our taxpayers,” said Ossyra. “The Park District takes pride in providing great service and value to all our residents and guests, and that will always be our top priority.”
The park district’s levy of $22,063,996 does not necessarily reflect the amount of tax receipts that will be received by the District for next year. Final numbers from Kane, Kendall, DuPage and Will counties are expected in the spring.
McCaul said the actual amount collected may be lower due to the restrictions of the Tax Cap Limitation Act; the Consumer Price Index as determined by the state for this year’s levy is 3.0 percent.
“Based on preliminary information received from Kane County, we are estimating a reduction of 7.0 percent in the Equalized Assessed Valuation (EAV) for the property in our boundaries” said McCaul.