Budget cuts by the District 65 Lake Bluff School Board and sufficient reserves led to a reduction of the 2012 Real Estate Tax Levy by $3,178,010, according to a news release issued Wednesday by the District.
A spokesperson for the District was unable to quantify the amount of any property tax reduction but any savings will show on the first half property tax bill.
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The Board cut its operating budget by $2 million for the coming fiscal year and will take approximately $1 million earmarked for debt service from cash reserves. The total levy of $12,953,000 is $3,178,010 less than last year.
The Board considered a number of options and held a town hall meeting to let citizens voice concerns, according to a statement made by Board President Mary Jane Brady in the release.
“The chosen plan allows us to reduce reserves and thereby ease the community’s tax burden, while ensuring there are sufficient funds to continue to provide a high level of educational opportunities and operations in Lake Bluff,” Brady said in the release.
Future tax levies are dependent on the District’s strategic plan which is being developed, according to Brady.