A very common theme, being promoted by referendum supporters, is that our “tax rates are lower than 25 years ago”. If the referendum passes, the new (baseline) Limiting Rate, which is used in the PTELL formula to calculate the property taxes charged to customers on an annual basis, would permanently increase by 19%, to 2.550. Is it lower? FALSE.
In the latest newsletter from the district, dated October 12, 2022, the district illustrates “Key Financial Events” on a graphic timeline. Keep in mind, this is information being provided to the entire community, by the district itself. They have stated, over and over, that the only factual information, on the referendum, is the information provided by the district itself. FALSE.
This timeline, on Pages 4 and 5, is missing “Key Financial Events”, including over $3.8M in revenues, from the sale of district-owned property.
MISSING between 1997 and 2004:
- 1999 – sale of the property at southwest corner of Lemont Rd and 83rd St, to Brookside of Darien (developer) – net proceeds of $2,904,755
- 2000 – sale of the property at Beller Dr and Ailsworth Dr, to the Darien Park District – net proceeds of $917,110
In addition, several other discrepancies, to the district’s official Fall 2022 Newsletter, have been identified.
In a December 2014 presentation to the BOE, PMA – the District’s past and current financial advisor – recommended a Bond Referendum due to historically low interest rates. After hiring an architect in 2015 (Wight & Company) to come up with these plans, the BOE fired them in 2016 and hired the current architect, Wold, to draw up new plans. A Bond Referendum was finally on the Ballot in April 2017.
Other interesting historical Enrollment and Financial Information includes the following:
ENROLLMENT 1987 – 2007
ENROLLMENT 2019 – 2023 (13.4% DECREASE since 1997)
The following are snapshots of several of the district’s financial disclosures and documents (details can be found by visiting the following link):
https://emma.msrb.org/IssuerHomePage/Issuer?id=2271DD08C90AAE14871EC005BF4FC802&type=G
