Below is the current FY 2015 levy estimate updated with additional information from the Minnesota Department of Education and results of the November 2013 Education Levy Referendum.
· A portion of the General Fund levy will increase, reflecting passage of the second Education Levy question. This increase will be used to help address class size, student achievement and updated curriculum. Overall, the General Fund levy is projected to see a decrease due primarily to decreases in OPEB, Reemployment insurance and Operating Capital costs.
· The Community Education levy is projected to see a decrease.
· The Debt Service levy is projected to see an increase as a transition is made away from basing the levy amount on anticipated property sales, which in the past resulted in decreased reserves. This direction comes with recommendation from Moody’s Investor Service and the ISD 709 Finance Committee in order to provide stability in terms of reductions to the fund balance. It continues to allow the opportunity to reduce the levy in the future.
The estimated FY 2015 levy increase is about $5/month or $61/year on a $150,000 home.
FY 2015 Estimates:
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