Budget Update August 11, 2010

At a special Board of Education meeting tonight, the tax levy was approved, based on the budget approved by the voters in May.

The process was complicated by the difficult economic and political climate, particularly due to the uncertainly regarding federal and state aid.

Based on the Superintendent's estimates that State aid will be higher than anticipated in May, the Board was able to reduce the increase in the tax levy. The original budget called for a 2.54% increase in the tax levy. The actual increase (subject to a computation of the exact amount) will be closer to 2% or 2.1%, with some additional amount going into the district's reserves.

There was much discussion regarding how to apportion the extra money and a compromise was reached to reduce the tax levy increase and to increase the district's reserves as well.