BELOIT—The Beloit Turner School District levy rate will dip below $10 for the first time since 2009, according to 2020-2021 budget documents.
According to information provided by Director of Business Services Brad Boll, the anticipated 2020-21 levy rate will be $9.95 per $1,000 of property value.
The proposed 2020-21 tax impact for a home valued at $100,000 would be $995.
The total school district tax levy will stay at $5,669,101—the same as last year. In the past, the tax levy remained flat at $4,830,541 for around nine years between 2009-10 and 2017-18.
The total equalized property valuation for this year is listed at $569,930,534, an increase of 8.53% from 2019.
Boll told the Board of Education members Monday the district’s goal is to maintain a flat tax levy from year-to-year going forward.
Final budget numbers also depend on the amount of state aid the district receives. Boll said he expects to know that amount today.
Turner’s 2020-21 budget is expected to be finalized on the fourth Monday in October, as is the district’s routine.
The proposed budget accounts for $17,763,676 in total revenues and other financing sources. Total expenditures are estimated at $18,163,676.
The 2020-21 budget includes a beginning balance of $4.9 million, carried over from last year. The total ending fund balance as proposed would be around $4.5 million. Traditionally, the Turner district retains a balance of about $4.5 million from year-to-year.
Around $500,000 was segregated last year to pay for referendum costs. By the end of the 2020-21 academic year, those funds will have been spent on referendum projects, Boll said.
The expenditures for 2020-21 are expected to exceed this year’s revenues by roughly $500,000, a deficit which is part of a long-term plan related to the November 2018 referendum to use at least that amount in operating dollars to augment referendum funds, Boll said.