In my article about the McHenry County College Board’s discussion on the proper size of next year’s property tax levy, I mentioned that I had sent an email to MCC Public Information Officer Christina Haggerty, asking the basic question that an overly-tired Chief Financial Officer Bob Tenuta didn’t want to answer last night just before the Board went into secret session.
He has worked into his projections the assumption that the taxpayers will be forced to pay the 1.7% inflationary increase allowed by the Tax Cap, plus 3.29% for new construction during 2012. (The 2013 assessment year measures value as of January 1, 2013.) That is now being measured by Township Assessors and no figure is available.
I sent the following email to Haggerty after midnight.
I have also sent the email to all Board members, because it is crucial that the budget assumption for new growth be more accurate than the new growth increase of 3.29%, which was used in the figures presented last night.
Last night Bob Tenuta said I should pose this question to you and you would refer it to him and he would answer it.
I asked why the college administration was assuming that property tax revenues would increase 4.99% considering past new growth figures gave no reason to do so.
I include the new growth for MCC over the last ten years, information which was not shared with the Board:
So, why is MCC assuming a 4.99% increase, which is 3.29 percentage points more than the 1.7% hike the Tax Cap allows local governments to capture?
Taking the maximum amount allowed from current taxpayers–1.7% (in the aggregate)–will raise about $224,000 more for MCC, whose budget is $54.2 million.