Transcript ISD #2184, Luverne, MN 56156

ISD #2184, Luverne, MN
56156
Truth in Taxation Report
December 18, 2014
Truth in Taxation
• Requires a school district to announce
the time and place of a public meeting
to discuss the proposed property tax
levy and current budget.
Current Budget
The school district has eight different revenue and expenditure funds. Tax
levy is one of the primary sources of revenue for five of them.
1.
GENERAL FUND LEVY - includes Transportation and Capital Outlay
a.
b.
c.
d.
e.
f.
Based on student enrollment.
The local referendum levy is also part of this fund.
Transportation - to and from school
Transportation - Special Education
Provides funding for facilities maintenance and instructional equipment.
Provides funds for Health and Safety code compliance, asbestos
removal, underground storage tank replacement, and safety
requirements.
2.
COMMUNITY EDUCATION FUND LEVY
a. Based on the adult population in the District.
b. Early Childhood levy is based on the number of children
under 5 years of age.
3.
DEBT SERVICE FUND LEVY
Based on annual debt retirement schedules. Annual levy is
what is needed to pay off bonds. Current debt is a result of
the voter approved Bond Issue for the Elementary School
Building. The School Board refunded these bonds in the fall
of 2014, saving approximately $140,000 in interest. The last
payment will be February 2018.
Operating Referendum
Levies
• The Luverne School District has two operating referendums
• $401.27/RMCPU - Our local residents voted in the fall of (2011)
to renew this referendum.
•
$700/RMCPU was approved in 2006 and will expire in 2016.
(Will require an election in November, 2015, to renew)
• Referendum Levy Authority $467,029.85 and Referendum Aid
$573,165.09 = $1,040,194.94
REVENUE SOURCES
13% LOCAL
76% STATE
4% FEDERAL
7% SALES & OTHER
REVENUE BUDGET
– FUND
•
•
•
•
•
•
•
•
GENERAL
FOOD SERVICE
TRANSPORTATION
COMMUNITY ED
CAPITAL OUTLAY
DEBT SERVICE
TRUST
CHILD GUIDE
•
TOTAL
ACTUAL 2013-14
PRELIM 2014-15
$10,974,802
595,163
813,189
496,577
370,209
1,011,433
59,158
47,907
$11,011,479
625,764
792,325
458,109
357,285
1,012,749
68,125
48,000
$14,368,438
$14,373,836
EXPENDITURE BUDGET
– FUND
ACTUAL 2013-14
PRELIM 2014-15
•
•
•
•
•
•
•
•
GENERAL
FOOD SERVICE
TRANSPORTATION
COMMUNITY ED
CAPITAL OUTLAY
DEBT SERVICE
TRUST
CHILD GUIDE
$10,559,162
609,866
638,729
442,156
489,091
1,016,250
111,932
45,401
$ 11,175,497
621,846
730,407
472,532
547,919
1,016,250
26,885
48,504
•
TOTAL
$13,912,587
$14,639,840
Summary of Economics
• 1. After several years of declining
enrollment, Luverne’s enrollment has
remained constant –
2010 - 1,186
2011 –1,197
2012 –1,199
2013 - 1,180
2014 –1,198
• 2. The state’s normal hold back of 10% has
been reinstated in 2014. The June 30, 2014,
fund balance included $453,209 State Aid
Receivables and $71,964 Tax Shift, totaling
an amount due from the state of $525,173.
However, on June 30, 2012, the total aid and
tax shift held by the state was $3,300,412.
• 3. State Formula Allowance
•
•
•
•
•
2010-11
2011-12
2012-13
2013-14
2014-15
$5,124
$5,174
$5,224
$5,302
$5,831 State Adj &Pupil Weighting Chg
• State Weightings for Pupil Units
FY 2008-2014
•
•
•
•
•
•
Pre-Kgn
Hcp Kgn
Reg Kgn
Grades 1-3
Grades 4-6
Grades 7-12
1.250
1.000
0.612
1.115
1.060
1.300
FY 2015 & Later
1.000
1.000
1.000
1.000
1.000
1.200
2014 Pay 2015
Levy
• Fund
Pay 14 Levy
• General
$1,392,494.31 $1,323,504.24 -$68,990.07 -4.95
• Com Serv
$
97,503.75 $ 102,210.16
$ 4,706.41 4.83
• Debt Serv
$1,012,563.16 $1,030,511.94
$17,948.78 1.77
• Total
$2,502,561.22 $2,456,226.34 -$46,334.88 -1.85
Pay 15 Levy
Inc/Dec.
%