Oswego School District Board members Monday night gave tentative approval of a 2010 property tax levy which totals $104,750,000, minus bond and interest payments.
The levy shows an increase of $23,982,507 over last year's levy of $83,707,785.
A vote for final approval of the levy is expected to be taken at the Dec. 13 school board meeting, following a public hearing on the document according to Tim Neubauer, assistant superintendent for business and finance.
The 2010 levy will generate property tax revenues for the district to operate in calendar 2011, which splits the district's current and following fiscal years.
Monday's approval of the tentative tax levy is the first step in the tax levy process. The document is an estimate.
Neubauer said the levy asks for more money than the district is entitled to receive, but this is necessary for the district to receive the full amount it is entitled to.
By asking for more, it allows the district to receive revenues generated by new growth in the district over the past year.
All taxing bodies do this to be sure they receive the full amount they should receive, some as much as 50 percent more than they know they will receive, Neubauer said.