At Monday’s meeting of the USD 415 School Board, the district will seek to finalize its proposed 2019-2020 budget, which calls for a decrease in the mill levy for the fourth consecutive year.
The 2.737 mill decrease follows a 2.865 decrease a year ago, which comes on the back of yet another increase in assessed valuation.
Of the decrease — 2.009 mills is the result of the September 2018 payoff of one of the bonds which drops the bond and interest mill rate to 6.800. The Supplemental General Fund mill levy is estimated to decrease by 0.728 mills and the Capital Outlay mill rate will remain at 6.000 mills. The overall estimated tax rate is 49.704 mills, which will raise over $6 million for the district.
Budget Authority is higher in the 2019-2020 year due to increased enrollment, greater base state aid per pupil and an estimated increase in tax collections due to the higher assessed valuation.
The budget will be voted on at the School Board’s regular August 12th meeting after a public hearing. The budget, in its entirety, was published in the July 26 edition of the Hiawatha World.