MONROE - Taxpayers in the Monroe school district will see a 2 percent reduction in their school-related property taxes after the school board approved a series of adjustments for the 2017-18 budget Monday.
The budget adjustments were required because the general state aid cost, final property valuation and tax rates were not available before the board had to approve the preliminary budget and post it before its annual meeting last week.
The $29.7 million budget includes a deficit of about $200,000 based on expenses from the district's new phone system and security cameras that were scheduled to be paid for last year as part of the three-year referendum but spilled over into this year.
"It was basically a balanced budget except for the money for the referendum projects that are falling into this year," said Ron Olson, Monroe business administrator. "It's one of the best education budgets we have had in some time."
Olson said the deficit will be covered by the district carrying money over from the referendum voters approved last fall. Monroe voters chose to increase the district's budget for operational costs by $1.5 million per year for the next three years and to increase the budget for security and maintenance costs by $460,000.
With the new property valuations and general state aid, the adjusted levy is $12.7 million, which is a 0.81 percent increase compared to last year. The tax rate will be 2 percent less than last year, or $11.51 per $1,000 of a home's assessed value. A home valued at $100,000 will pay $1,151.79 in school taxes, which is $23.50 less than last year. A home valued at $200,000 will pay $2,303.58 in school taxes, which is about $47 less than last year.
The district will receive almost $60,000 more in property taxes compared to the preliminary budget approved at last week's annual meeting, based on the levy increasing by 0.81 percent rather than the preliminary 0.34 percent.
At 2,411, the district has 26 fewer students this year compared to last year. Olson said in the short-term, the declining enrollment helps the district because they receive declining enrollment financial exemptions, but in the long-term it is a burden to the district because of the dwindling amount the district can levy from taxpayers.
The district's revenue limit is $24.8 million.
The budget adjustments were required because the general state aid cost, final property valuation and tax rates were not available before the board had to approve the preliminary budget and post it before its annual meeting last week.
The $29.7 million budget includes a deficit of about $200,000 based on expenses from the district's new phone system and security cameras that were scheduled to be paid for last year as part of the three-year referendum but spilled over into this year.
"It was basically a balanced budget except for the money for the referendum projects that are falling into this year," said Ron Olson, Monroe business administrator. "It's one of the best education budgets we have had in some time."
Olson said the deficit will be covered by the district carrying money over from the referendum voters approved last fall. Monroe voters chose to increase the district's budget for operational costs by $1.5 million per year for the next three years and to increase the budget for security and maintenance costs by $460,000.
With the new property valuations and general state aid, the adjusted levy is $12.7 million, which is a 0.81 percent increase compared to last year. The tax rate will be 2 percent less than last year, or $11.51 per $1,000 of a home's assessed value. A home valued at $100,000 will pay $1,151.79 in school taxes, which is $23.50 less than last year. A home valued at $200,000 will pay $2,303.58 in school taxes, which is about $47 less than last year.
The district will receive almost $60,000 more in property taxes compared to the preliminary budget approved at last week's annual meeting, based on the levy increasing by 0.81 percent rather than the preliminary 0.34 percent.
At 2,411, the district has 26 fewer students this year compared to last year. Olson said in the short-term, the declining enrollment helps the district because they receive declining enrollment financial exemptions, but in the long-term it is a burden to the district because of the dwindling amount the district can levy from taxpayers.
The district's revenue limit is $24.8 million.