According to an action memorandum by Assistant Superintendent and CFO Jim Smith, current tax digest values are projected to be about 3.9 percent lower than the estimated value used during the budget preparation process.
If the millage rate stayed the same, it would create a shortfall of $1,058,000 in property tax revenue. A millage rate of 19.47 mills for 2012 tax bills would recoup $558,000 of that shortfall and cover it completely when coupled with a reduction of $500,000 in the personnel budget.
The board is currently limited to a maximum millage rate of 20 mills — unless exceeding that cap is included in a referendum to be voted on by residents.
The board of education will hold a public hearing regarding the proposed millage rate of 19.47 mills on Nov. 26 at 10:30 a.m. at the board meeting room on South Sixth Street. Following that hearing, the board will vote on the final adoption of the new millage rate.