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By LeAnn R. Ralph
ELK MOUND — Residents in the Elk Mound school district approved a property tax levy of $3,269,536 for 2023-2024 school year at the district’s the annual meeting on August 21.
The tax levy for 2023-2024 compares to a levy of $3,098,650 for 2022-2023, representing an increase of $177,886, or a 5.51 percent increase.
The property tax levy for 2023-2024 includes $900,000 for referendum-approved debt.
The proposed budget for 2023-2024 is $14,309,879 for both revenue and expenditures.
Fund 21, gifts and donations, had an ending balance as of June 30 of $270,533.
Fund 27, special eduction, includes total expenditures of $1,925,000, with $1 million coming from the genera fund and $925,000 in other revenue sources, such as state and federal aid.
Fund 46, the long-term capital improvement trust fund, had an ending balance as of June 30 of $2,913,313.
Fund 50, food service, had an ending balance as of June 30 of $460,072.
Fund 73, the employee benefit fund, had an ending balance as of June 30 of $2,697,025.
The state budget allows low revenue school districts that do not receive $11,000 per student to levy to $11,000 per student. The Elk Mound school district falls into this category.
Expenditures and revenues for 2023-2024 will decrease due to the construction projects being completed and the Elementary and Secondary School Emergency Relief (ESSER) fund money spent the last two years.
The Elk Mound school district borrowed $9.57 million in July of 2020 at 2.11 percent interest and $6.13 million in April of 2021 at 1.54 percent interest for the referendum projects.
The mill rate for 2023-2024 is projected to be $6.33 per $1,000 of property value, or $$632.88 per $100,000 of property value, which compares to a mill rate for 2022-2023 of $6.36 per $1,000 of property value, or $635.74 per $100,000 of property value.
The equalized value of property in the Elk Mound school district for 2023-2024 is projected at $516,609,287, which compares to equalized value of $487,367,252 for 2022-2023, representing an increase of $29,242,035, or an increase of about 6 percent.
Equalized value in the school district was $427,886,989 for 2021-2022 and was $406,240,617 in 2020-2021.
Over the last four years, property value in the school has increased by nearly $110 million.
In 2013-2014, the equalized value was $283,530,071.
The actual state certified equalized value will be received by the school district in October.
The Board of Education has a legal obligation to set an appropriate levy on or before November 1 to operate the school district and pay debt obligations if a sufficient amount of property tax levy was not approved at the annual meeting.