Edgar School Board finalizes budget with mill rate drop

By Hannah Alden

The Edgar School Board finalized the district’s 2023-24 budget and its levy last week, with highlights including a lower mill rate, an anticipated $100,000 surplus and referendum debt being paid off this school year.

The district’s mill rate was set at $6.24 after board approval during the October 25 meeting. It’s a drop from $8.73 last year, with one of the reasons being that property values have increased within the district by 13 percent. According to Morgan Mueller, the district’s bookkeeper, the combination of the lower mill rate and higher property values means homeowners likely won’t see a drastic decrease on their upcoming tax bills.

The finalized budget shows the district’s Fund 10 beginning balance at $564,321. By year end, that balance is expected to increase by $100,000. The Edgar school system budget will be benefitting from a state aid per pupil increase of 12.5 percent as well as making the final payment of $277,450 on the 2011 building project referendum. Mueller said the plan is to keep the extra $100,000 in the general fund to continue creating a cushion for the district.

In recent years the board has approved short-term borrowing for the district to help keep the schools from experiencing any bank account shortfalls. The district pays back the year prior’s borrowing in early October each year and receives the new borrowing later that month. This year’s $1.3 million borrowing was approved in September. District officials have a goal to keep increasing the general fund balance in order to eventually eliminate the need for short-term borrowing.

“If we can make strong efforts to put in $100,000 a year, we may find ourselves in a situation where we just need a line of credit because our cash flow is short,” Mueller said. “Right now, there is more cash flow deficit throughout the year… so my shortterm goal would be to get to a line of credit situation and my long-term goal would be to [have the district] be self-sustaining.”

Overall, the school district’s total revenue for this year will be $10,012,512, with expenses anticipated at $9,912,512.