The New London School Board approved two separate budgets at its meeting, Monday, Oct. 27.
One of the budgets was contingent on the outcome of the Nov. 4, referendum question to exceed the revenue limit by $500,000.
The board unanimously approved a budget for all funds in the amount of $32,835,784, which includes the $500,000 if the referendum passes, and a second contingency budget for $32,335,784 if the referendum does not pass.
“The referendum impact for one year on a $150,000 home will be $6 or 50 cents per month,” said Joe Marquardt, business services director for the district.
Factoring in a 1.6 percent equalized property value increase; the mill rate with the referendum will increase .005 percent from 10.31 per thousand to 10.35 per thousand.
“Factors outside of the district’s authority determine equalized values,” said Marquardt.
The levy is distributed by equalized value between 15 municipalities for December tax bills. School tax is a portion of property taxes as cities, villages or towns along with FVTC levy an amount on tax bills.
“Equalized value is the value of all real and personal property value in a taxation district while assessed value is fair market value of property,” said Marquardt.
“The Department of Revenue determines these figures along with individual municipalities. First dollar credits also impact tax bills depending on the taxing municipality,” said Marquardt.
He encouraged anyone with questions regarding the referendum or budget to call him at the district office at 920-982-8530.
Within the overall budget of $32,835,784, the board approved the 2014-15 operational tax levy for $7,576,052. It also approved the non-referendum debt levy of $501,815, and the referendum debt levy of $2,135,400. It approved the community service levy of $124,000, as well as $414 for the prior year levy chargeback.
Within the overall budget of $32,335,784 contingent if the referendum does not pass, the board approved the 2014-15 operational tax levy for $7,102,668. It also approved the non-referendum debt levy of $501,815, and the referendum debt levy of $2,144,400. It approved the community service levy of $124,000, as well as $414 for the prior year levy chargeback.
State law requires the board to approve a budget before Nov. 1, which is why a contingent budget was also passed pending the Nov. 4 referendum results.
Dr. Kathy Gwidt reported that they have continued to update the district website http://www.newlondon.k12.wi.us/ with frequently asked questions and information on the referendum. Most recently, she said Joe Marquardt filmed a clip explaining recently received updated budget figures for state aid, property values and enrollment, which allow a more accurate estimate of cost to the taxpayer.
She said to view the recent clip citizens can go to the website, click the third tab down to the left “referendum” and then choose video clips from the top menu bar. The choices include a recent FAQ video clip that board President Kim Schroeder and Gwidt filmed as an informational summary. The recent video clips will also run on the local cable access channel 996.