Loyal Board deciding how large referendum question will be
The Loyal Board of Education has two months left before it must decide for how much money to ask taxpayers in a Nov. 6 revenue cap exemption referendum. It knows how much it can request without raising taxes, but is that enough to both meet operational needs for the next 4-5 years as well as tackle significant building maintenance issues?
The Board discussed referendum possibilities again at a June 20 monthly meeting, a month after a financial consultant from Baird & Co. laid out some rough numbers for a referendum question in November that would, if approved, give the district enough money to operate at current levels for the next five years without raising the annual property tax rate. As presented by the consultant, the question would call for the district to add approximately $275,000 onto the final year of its current $395,000 annual exemption for maintenance items, and then ask for $675,000 per year over the next four years for operational expenses. If that would pass, the consultant projects the district’s tax rate would stay close to $9.10 per $1,000 of property value through the life of the exemption.
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