The Board approved accessing the additional 6% budget authority for the next year. Superintendent, Dr. Andrew Offner reviewed the recent changes in the formula that allows school districts a 3 percent base growth with the ability to increase the amount the district can tax, but it is based on what was taxed the prior year.
In other business the Board did approve going forward with tax anticipation notes in a amount of up to $3.6 million to help replenish the District 56 cash reserves that have become depleted over the past several years.
Superintendent Offner said that due to the changing landscape of school funding in recent years, District 56 has gone from collecting about $8.7 million in local taxes each year to about $5 currently.
In recent years the Falls City School District has been able to reduce property tax levies but due to inflation and some funding mechanisms coming to an end, there is now a need to increase the levy.
Offner said it will take several budget cycles to balance the property tax collections with expenses.
