Public hearing, monthly Q & A Wednesday
Taxpayers in the Greene County school district will see the impact of the increasing use of tax increment financing (TIF) as the property tax levy for schools increases in the proposed budget for the 2017-18 school year.
The overall tax asking will be $12.68975 (per thousand dollars of taxable valuation). That will generate $6,397,5378. The levy is an increase of 32 cents from the 2016-17 school year.
The increase in the levy comes despite an increase in the total taxable valuation in the district. The taxable valuation has increased 4.82 percent to $332.5 million, but the valuation of properties in TIF districts has increased from $5 million to $17 million. Property taxes collected from TIF properties goes to pay for improvements to those properties (for example, street or sewer improvements). The school district can collect the physical plant and equipment levy (PPEL) and the debt service levy from TIF properties, but it can’t collect the general fund levy.
The proposed budget also calls for a 12 percent surtax on Iowa income tax, with 8 percent for instructional support and 4 percent for the voted PPEL. The total income tax surtax is 8 percent in the 2016-17 budget and 12 percent in the 2015-16 budget.
The budget calls for $19 million in expenditures. The projected ending fund balance for the 2017-18 budget is $6,446,351, compared to $6,871,976 re-estimated for the 2016-17 budget. Click here for the legal notice of the public hearing on the budget.
The board will hold a pair of public hearings at a special meeting Wednesday, April 12, at 5:15 pm. The first will be on an amendment to the 2016-17 budget, and the second will be on the 2017-18 budget.
The board also expects to ratify a two-year negotiated agreement with the Greene County Education Association.
After the special meeting the board will hold a work session with Mary Jane Vens, board development director with the Iowa Association of School Boards.
The board’s monthly Q & A will be from 7:30 to 8:30 pm. There will not be a quorum of board members present. It is the public’s time to discuss items of concern and interest with the board members present.
