New London School tax levy shows 86-cent increase

By STEPH TAHTINEN

Mt. Pleasant News

NEW LONDON ? The New London Community School District will hold a public hearing and meeting Tuesday night on the fiscal year 2013 budget, with plans to increase property taxes by 86 cents per $1,000 taxable valuation.

The proposed 2012-2013 tax levy is listed at 17.22178 per $1,000 taxable valuation, an 86-cent increase over the 2011-2012 levy of 16.36 per $1,000 taxable valuation. This means that a person with property valued at $50,000 will pay $43 more in the upcoming fiscal year.

The district expects to collect $1,675,911 in property taxes for fiscal year 2013, an increase of $134,706 over the $1,541,205 collected in fiscal year 2012.

Total revenues for fiscal year 2013 are listed at $6,970,177. In addition to revenue from property taxes, the district expects to receive $3,150,099 in state foundation aid, a decrease of $209,118 from the $3,359,217 received in fiscal year 2012. Other sizeable revenues include: $746,667 from local sources; $483,230 from tuition/transportation; $330,838 from transfers in; $179,942 from other federal sources; and $102,856 from income surtaxes.

The anticipated beginning fund balance for fiscal year 2013 is $2,380,672.

Total expenditures for fiscal year 2013 are listed at $8,077,866, which is $1,879,925 less than the $9,957,791 in total expenditures for fiscal year 2012.

Within these 2013 expenditures, $4,217,037 is set for instruction; $1,481,979 for support services; $174,806 for non-instructional programs; $1,873,206 for other expenditures, including $1 million for facilities acquisition and construction; $661,676 for debt service and $211,530 for AEA support; and $330,838 for transfers out.

The anticipated ending fund balance for fiscal year 2013 is $1,272,983.

Also on Tuesday?s agenda is a budget amendment for the fiscal year 2011-2012 budget, increasing the current year?s expenditures for the Tier I infrastructure projects from $509,336 to $4,285,000.

This increase will be financed from increase receipts and balances not budgeted or considered in the current budget. There will be no increase in taxes to be paid in the fiscal year ending June 30, 2012.

The public will have the chance to comment on both the proposed budget and amendment at the meeting held on Tuesday, April 10 at 6 p.m. in the ICN Room.