2.2 Mill Tax Increase Preliminarily Approved
Canon-McMillan school directors are expected to finally ratify its 2012-13 spending plan at next month's meeting.
Canon-McMillan school directors on Monday unanimosly approved a proposed final budget for the 2012-13 school year that includes a 2.2 mill tax increase.
The budget is about $61.8 million for the 2012-13 school year. The current millage rate is 105.41. That means that a person whose home is assessed at $50,000 paid about $1,317 in school taxes this year.
If a tax increase of 2.2 mills is finally approved next month, that means that same person would pay $1,345 next year.
Joni Mansmann, district director of business and finance, told the board last week that despite a drawdown of about $250,000 from its fund balance from 2012, there is still a shortfall of about $530,000.
She has recommended the tax increase over using a portion of the district’s $3.8 million in capital reserve funds to bridge that gap. She has said the district will need it in order to meet its future Public School Employees’ Retirement System payment obligations—which she said are expected to be about $5.5 million over the next five years.
Mansmann said there are still several unknowns in the proposed budget—including health care premium costs, which are expected to rise, and staffing needs.
The budget is required to be on public display for at least 20 days prior to final ratification. Mansmann said Monday that the budget would be available on the district's website and at the administration building beginning today.