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The following are examples of things that reduce available funding for public schools: 1. The Homestead Exemption produces reductions on property tax bills. 2. Senior Citizen Exemptions and frozen assessed value reduce property tax revenue. 3. Tax Increment Financing (re-direction of levy for long period and residential TIF which penalizes school districts) reduces revenues for taxing bodies. 4. Reductions in assessment of property by Board of Review or PTAB, requires a rebate of funds out of current school budgets. 5. Restrictions on voter approved tax rates because of tax caps reduces school revenues even though the district received referendum approval. This interferes with local control. 6. Unfunded or under-funded Mandates (such as: Transportation, Special Education, outdated low-income counts tied to 10-year Census data, etc.) erode school revenues. 7. Allowing full assessed valuation in general state aid formula when school districts cannot access that full amount because of tax caps reduces State funding unfairly. 8. Categorical funding is not 100% of cost in most years. 9. The current poor system of identifying low income students does not cover actual costs of special programs for those students. 10. Using a National index for CPI instead of a more accurate regional index erodes funding for schools. 11. Delayed state and county payments to school districts during a tight economy often cause borrowing that incurs interest payments for school districts. 12. Municipalities grant special tax incentives to draw new businesses (Enterprise Zones and 6B) which reduces school funding. 13. If economic health declines, schools are held to a 5% or CPI ceiling on tax extensions. 14. The CPI may go higher than 5% at some point in the future but it currently sits around 1.4% and Vendors and suppliers are not restricted to this cap. 15. The Cook County Treasurer has now determined that a number of tax objectors, some from as far back as 20 years, did not at that time receive appropriate credit. Therefore, those refunds are now being taken from current school budgets in one lump sum. This has a serious impact on school district resources which did not budget for the payout. SCOPE/2001
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