Glenbard provides tax relief through $1.5 million debt service levy abatement

On Jan. 23, the Glenbard District 87 Board of Education approved a resolution to abate $1.5 million from the debt service levy portion of Glenbard District 87’s 2022 tax levy.

“We are in extraordinary fiscal times as we have experienced hyperinflation that has not been seen to this level since the early 1980s,” said Seth Chapman, assistant superintendent for finance and operations/CSBO. “This abatement, along with an abatement next year of the 2023 tax levy, will help to reduce the annual increase on taxpayers and in some cases where equalized assessed valuations (EAV) do not increase is projected to hold the Glenbard District 87 portion of the tax bill flat.”

Without the abatement, there would be a projected increase of approximately $13 for the owner of a home with a market value of $300,000. On average, the abatement is anticipated to eliminate the tax increase of the Glenbard portion of the 2022 tax bill for taxes paid in calendar year 2023. This abatement from a portion of the levy that pays off the district’s bond debt will be covered by Glenbard cash reserves and a subsequent transfer from district operating funds.

Superintendent David Larson said, “We continue to offer a high quality comprehensive education; maintain our facilities; and commit to being responsible fiscal stewards. I’m proud of our Board of Education for identifying opportunities to provide high quality educational opportunities and offer tax relief to our community.”

Glenbard focuses on being efficient with tax dollars and has consistently achieved its three primary financial objectives:

• Balanced budget in operating funds
• Strong cash position

o   No short-term borrowing required to meet obligations

• Solvency position threshold achieved

o   Glenbard achieved 210 days cash on hand in 2021-22. This is higher than the target 180 days established by the Illinois State Board of Education.

In addition to the approved abatement, the Glenbard District 87 Board of Education has worked hard to improve facilities with as little impact to taxpayers as possible. In March 2014, voters in Glenbard District 87 approved Glenbard’s referendum to issue $35 million in bonds for a 10-year master facility project plan to provide necessary improvements to its four high schools. Supporting nearly 8,000 students, Glenbard maintains more than 1.6 million square feet of property and the buildings range in age from 50 to 100 years old.

Over the past nine years, Glenbard has used operating dollars at nearly three times the referendum amount ($102 million) and has refinanced existing debt, saving taxpayers interest payments of more than $1.4 million. Glenbard maintains one of the lowest debt-to-revenue ratios in the state.