(KLZA)--The Falls City Board of Education approved the District 56 Budget and Property Tax request following public hearings on Monday evening.

The school district operating budget will increase by 4 percent for the 2020-21 fiscal year to $16,441,454 which amounts to an increase of just over $600-thousand.

The property tax requirement of $9,316,140 is a two-percent decrease, amounting to $55,551. The tax requirement includes $378,788 for the Special Building Fund. The property tax levy will be $1.04.399 cents per $100 of assessed valuation, down from $1.05.216 last year.

Superintendnet Tim Heckenlively noted part of the reason for the lower property tax requirment is that District 56 is now debt free with the bond fund being paid off last December.

The School District 56 assessed property valuation increased by two percent for the 2020 tax year.