First Installment Tax Bills – Debt Disclosure Information
Today, the Cook County Treasurer announced that the first installment tax bills (2012 taxes) will be mailed out in the next couple of days. In addition, the Treasurer stated that the tax bills will now include additional financial information for each taxing district that accounts for the apportionment of the tax bill amount. The additional information will include budget, levy and pension liability for each taxing agency. Though taxing districts have been providing copies of its annual financial statements to the County and posted on its website for public disclosure, this additional information on tax bills is new for this year and is intended to further greater transparency of each taxing district’s financial information. The financial information that will be provided on tax bills is obtained from data submitted by taxing districts in accordance with the Cook County Debt Disclosure Ordinance.
The Cook County Board of Commissioners passed the Debt Disclosure Ordinance in September, 2009. The Ordinance provided for the creation of a repository of financial information from all taxing districts in Cook County. In accordance with the Ordinance, taxing districts upload financial information, on an annual basis, related to total debts and liabilities, tax levy and gross operating budget revenue for the most recent year, total pension liability, total unfunded pension liability, and actuarial assumptions for the pension liabilities. District 211 has been compliant with reporting the financial information annually.
In an effort to provide a better understanding of the reported liabilities of the school district, it is important to note that reported pension liabilities represent projected (future) actuarial valuations for the Illinois Municipal Retirement Fund (IMRF) accrued liabilities and Other Post-Employment Benefits (future group health insurance benefits for retirees). These amounts are determined annually and are subject to continual revision as actual results are compared to past expectations and new estimates are made about the future. The following financial information has been filed with the County:
* In addition, based on accrual reporting requirements, approximately $96 million of the reported $142 million of debts and liabilities for 2011, and $98 million of the $137 million for 2012, are actual deferred revenue from property taxes (2nd installment of the 2010 and 2011 levies, and represents receipts received after 60 days of June 30). The District’s outstanding bonded debt was $36 million as of June 30, 2011, and $30.9 million as of June 30, 2012.
For additional information or answers to questions/concerns, please contact David Torres, District 211 Associate Superintendent for Business, at (847) 755-6612.