| | House Bill 1374 provides that equalization grants shall be distributed to districts based upon the higher (i) EAV-based equalization calculation using equalized assessed valuation of property within a district (the current method of calculating these grants) or (ii) a PTE-based calculation using the property tax extension within a district (the proposed addition to the current statute). Tax caps and the evaluations of farmland values that are impacting local revenues and the funding of Illinois community colleges that affect many aspects of financing for the various colleges. The Property Tax Extension Legislation (PTEL) has limited the colleges' ability to access local tax revenues. Some colleges are more dramatically affected than others, particularly Moraine Valley, Triton, and Chicago City Colleges. Additional resources are required for Foundation funding. If the $15 million allocated for City Colleges of Chicago in fiscal year 2005 becomes permanent and a part of the base for Foundation funding, then the ICCB estimates that an additional $10.8 million will be required to fund Foundation in fiscal year 2006. Using current data, 4-5 colleges (PTEL and non-PTEL) districts qualify for Foundation funding. The number of qualifying institutions and the dollar amount will fluctuate from year-to-year based on fluctuating data that are used in the formula. |