The Lodi School Board proposed its 2017-18 school year budget at its annual meeting Oct. 30, which has a 1.8 percent levy increase from the previous school year.
Based on Department of Revenue-certified property values, if approved, the mill rate, which is the property tax rate per $1,000 of assessed value, will be 48 cents lower than in 2017 at $11.13, and 71 cents lower than what was projected for the 2017-2018 during last fall’s referendum. The levy totals out at $13,177,381.
According to Dan Bush, business manager for Lodi School District, the difference is due to property values in the district having surged by 6.2 percent in the last year, compared to 4 percent in the state. The referendum projection for the year had only been based on a 1 percent property value growth.
For the owner of a typical home valued at $250,000, the estimated school property tax with the proposed levy – before any credits – is $2,783.
Other pre-credit tax estimates include a $1,670 school tax for a $150,000 property value, $3,896 for $350,000, $5,565 for $500,000 and $11,130 for $1 million.
In addition, the district will receive $5,199,625 in general state aid for the current school year, which is around $41,000 lower than the estimated amount, Bush said. State aid decreases when property values increase.
He said during his presentation that $11,432,381 of the levy will go into the district’s general fund, $50,000 into the capital expansion fund, $1,535,000 into the debt service fund and $160,000 into the community service fund.
The budget is scheduled to be revised if needed and approved at the Nov. 13 Lodi School Board meeting at 7 p.m. at 115 School St.
A second budget hearing, preceding the meeting, will be held at 5:30 p.m. to give the public another chance to voice any opinions or concerns before the board goes into closed session at 6 p.m.