FOR IMMEDIATE RELEASE
October 24, 2024
Local Media Contact: Kari Klebba, Communications and Safety Coordinator
Phone: 608-868-9222
Email:
kl*****@mi****.wi
.
School District of Milton To Consider $49.1 Million Budget And 4% Reduction In Tax Levy for 2024-25
Milton, WI – During their regularly scheduled board meeting on Monday, October 28, the School District of Milton Board of Education will consider approving a $49.1 million general fund budget for the 2024-25 school year.
With state aid increases, one-time sources of revenue from the legislature for the General Fund, and 2024-25 staffing and benefits costs finalized, the district was able to reduce the tax levy by just over 4%. Pending board approval, this would result in an underlevy of full revenue limit authority by approximately $330K.
Most of the funding for general operations is controlled revenue from state general aid and the local tax levy. The tax levy is broken down by fund:
General Fund – $15,958,883
Debt Service – $5,448,600
Community Service Fund – $350,637
The district will receive $25 million in general aid, up 4.92% or $1.17 million from the prior year. This increase in state aid will result in a decrease in the local levy, but not additional revenue for the school district. The all-funds tax levy is $21,758,120, a decrease of 4.01% or $908,532 from the prior year.
Private School Voucher Payments will increase to $431,349, more than doubling in cost size since 2022-23.
Equalized property value grew 4.16% over the prior year. The increase in property value compared to the all-funds tax levy calculates to a lower equalized mill rate of $6.90, a 7.8% decrease in rate over last year ($7.49). This rate per $1,000 (mill rate) is based on the equalized property tax value of the nine municipalities that make up our district.
In addition, school levy tax credits from the state budget will increase approximately 5-7% on individual tax bills in January, resulting in a lower net tax impact for all residents.
Regarding the process for creating the annual budget and adopting a tax levy, Milton’s school board President, Joe Martin shared that “The Milton school district has a long history of providing a high quality education while also being fiscally responsible, to give our taxpayers a great value for their investment in our district. At our next meeting, the Board of Education will consider approval of a tax levy for the coming year that will enhance our efforts at both of those goals, while being lower than the previous year’s levy.”
Superintendent Rich Dahman states “ Our School Board works very hard to plan for both the short term and long term needs of our District. If approved by the Board on Monday, a local levy decrease of 4% and the 2024-25 tax rate decrease by 7.8% from last year will help provide property tax relief for local property owners. However, as we look ahead to future years, we know that this year’s levy decrease will not change the pending budget gaps for future years.”
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