01STOCK_SCHOOL

TOWN OF BELOIT

The Beloit Turner school board is planning to approve an $18.9 million general fund budget for the 2021-22 school year at its meeting set for 6 p.m. Monday, Oct. 25, in the high school/middle school library at 1237 E. Inman Parkway.

Director of Business Services Brad Boll said the budget proposal includes property tax levies of $2,026,593 for the general fund, $3,292,508 for the referendum debt service fund and $350,000 for the non-referendum debt service fund.

According to district documents, the proposed tax levy is $5,669,101 to fund school operations, which is the same as last year.

Boll said equalized property values are up 11.8% from a year ago and that this was significantly higher than the average statewide increase of 6.62%.

Boll also said the amount of new home construction currently underway in neighborhoods between Turner High School and Garden Prairie Intermediate School is a positive sign for the school district’s future.

Last year, the levy rate was $9.95 per $1,000 of assessed property value. That means a home valued at $100,000 saw a 2020-21 tax impact of $995 from the school district.

This year, the levy rate will decrease to $8.90 per $1,000 of property value. That means a home valued at $100,000 will see a 2021-22 tax impact of $890 on the school district portion of its property tax bill.

“This is a significant decrease in the levy rate and represents the first time since at least 1990-91, as far back as the district has data, that the district’s levy rate was below $9,” Boll said.

The total general fund ending balance is estimated to be $4.5 million, which is typical each year in the district at this time of year. Boll said the actual ending fund balance would depend on the amount of summer work on maintenance projects that gets completed by June 30, which always depends on weather.

The proposed 2021-22 budget includes $18,535,573 in total revenue and $18,895,501 in expenditures. The previous year’s budget included $18,831,143 in total revenue and $18,349,342 in expenses.

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