October 20, 2017 at 3:29 p.m.
SDR mill rate set to drop in 2018
Increased state aid results in .60 cut per $1,000 of fair market value
SDR mill rate set to drop in 2018
The final proposed budget for the 2017-18 school year was released by the district's director of business services Marta Kwiatkowski Thursday. This year, she had the rare opportunity of printing a budget that will result in a reduction in the tax levy rate.
For the 2017-18 budget, the levy rate will be $11.09 per $1,000 of fair market value (FMV) or $1,109 on a house with a FMV of $100,000. This is a reduction from the $11.69 per $1,000 district property owners paid in the 2016-17 school year.
The budget will formally be approved by the Board of Education at a special meeting Monday following the annual meeting of the electors.
The meeting of the electors is set for 5:30 p.m. Monday in the professional development center in the district administration center.
"The extra state aid in the (biennial) budget made a huge difference," Kwiatkowski said.
State aid for the 2016-17 school year was $3,230,614 but jumped to $4,329,767 in the new budget, an increase of $1,099,153.
"That is great, that is like the second time in the 12 years that I have been here (that has happened)," she said.
Kwiatkowski said the district is looking at a total tax levy for the 2017-18 of $25,891,955. That figure represents a combination of the general fund, non-referendum debt, 2010 referendum debt and community service. The equalized value of property in the district is listed at $2,333,968,971. The overall budget includes $41,763,809 in revenue and $40,073,231 in expenditures and the surplus will be $1,690,578.
Last year's total levy was $26,853,249 and the equalized value was $2,296,150,905, or a $37,818,066 increase in equalized value.
"That is great because it is going to help with the mill rate, they went up by 1.65 percent," Kwiatkowski said.
The difference between the levy amount and the overall revenue is covered by state and federal aid and grants.
"Our state aid is going up and our taxes are going down," Kwiatkowski said. "So this is substantial."
Kwiatkowski said the district is lowering the rate it is levying in taxes for community education classes due to the more positive financial picture the district has this year.
"This is a great budget and a great year," Kwiatkowski said. "Again, because (Gov. Scott Walker) put more money into state aid. If you look at the general fund, we're going to end up with a surplus. It is such a great year because we might be able to take this money and use it for future referendums."
For now, the surplus left over this year will roll over into the fund balance. The school board is expected to start discussing how to best utilize the growing fund balance at its November meeting.
Jamie Taylor may be reached via email at [email protected].
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