Under the new budget, the district anticipates a general fund revenue of $141.98 million with $70.46 million, or 49.6%, coming from tax revenue and $68.64 million, or 48.3%, coming from the state. The remaining $2.88 million, or 2%, is expected to come from federal funding.
According to Chief Financial Officer Brian Moy, as property values in the area continue to increase, more of the district budget will be funded through local tax revenue.
“Last year at this time, we were looking at about 51.5% of the budget being from the state, and the local at about 45.5%,” Moy said.
In FY 2022-23, the district is anticipating expenditures of $148.35 million. According to Moy, $120.9 million, or about 81%, of expenditures are for salaries and benefits. Moy said the budget deficit is around $6.4 million.
As for the tax rate, the interest and sinking rate of $0.47 will carry over from FY 2021-22 with no change, while the maintenance and operations rate will see a decrease from $0.8995 in FY 2021-22 to $0.8546 in FY 2022-23. This results in a total rate of $1.3246.
Despite the decrease in overall rate, homeowners can still expect an increase in taxes paid to the district due to an increase in property values.
According to Moy, the average taxable value increased from $233,649 to $248,130 and will increase the average taxes levied from $3,200 to $3,287.