School property tax bills are estimated to increase about 2.2 percent in the Platteville School District’s 2014–15 budget.
School district residents will get the chance to approve the budget and tax levy at the school district’s annual meeting Monday, Aug. 25 at 8 p.m.
The meeting will be held in the former O.E. Gray library, because refurbishing of the Platteville High School auditorium is not expected to be finished by the meeting date.
The 2014–15 mil rate is estimated at $11.63 per $1,000 assessed valuation, subject to change based on three figures the school district will receive over the next two months — the third-Friday-in-September student count, school district property values as reported in October, and school district equalized aid, which the state will announce Oct. 15.
The tax levy and mil rate are based on “steady” enrollment of “not more than one or two students either way” and “steady” property values, said school district business manager Art Beaulieu.
Beaulieu said school district property values had been “almost unchanged” the past two years.
The owner of a $150,000 house in the school district would pay about $1,744.50 in school taxes, up from about $1,707 last year, based on last year’s mil rate of $11.37 per $1,000.
The 2014–15 mil rate is based on a projected $7.33 million tax levy, up from $7.13 million one year ago.
The portion of the 2014–15 budget funded by property taxes decreased, from $16.1 million to $16.09 million, because the school district used $119,551 in fund balance, or surplus funds, last year. The 2014–15 budget includes no projected use of fund balance.
The salary portion of the budget increased 2 percent, while health insurance increased 4 percent, Beaulieu said. Fixed expenses increased from 0 to 2 percent.
The school district’s fund balance is almost $4.2 million, about 26 percent of the school district’s annual budget, Beaulieu said. School district policy calls for a fund balance of 18 to 20 percent of the annual budget.