Boone Central School budget shows 3.77% tax hike

Boone Central Public Schools proposed budget for 2018-19 includes an overall property tax increase of 3.77 percent or $301,979.
A public hearing on the new budget and tax request will be held next Monday, Sept. 17, starting at 7:10 p.m. in the middle school library at Petersburg. The board’s regular meeting will follow at 7:30 p.m.
This year’s school budget includes a tax increase of nearly $100,000 for the general fund.
The general fund budget of disbursements and transfers, including necessary cash reserve of $1.7 million, totals $11,838,231. The property tax request for the general fund is $7,231,392.
The special building fund also has a property tax request of $202,020 for the coming year. Last year, there was no property tax levy for the special building fund.
Special building fund disbursements and transfers for 2018-19 are budgeted at $663,584.
The special building fund is established for the school board to acquire or improve school buildings and property.
The bond fund for the coming year includes a property tax request of $873,737, which is identical to last year. The bond fund has a current balance of $645,308, and principal and interest payments for 2018-19 will require an expenditure of $888,576.
The bond fund is established to repay the debt incurred for the school addition/renovation project completed last year. This includes the payment of bond principal, interest and related costs.
As of Sept. 1, 2018, the district had the following outstanding debt: $12,075,000 in principal and $3,821,837 in interest, for a total of $15,896,837.
The total school property tax request for 2018-19 is $8,307,148, compared to last year’s total request of $8,005,169.
The district’s taxable valuation increased by $9,000,722, or .62 of one percent, to $1,460,598,523.
Under the proposed budget, the district’s total tax rate would increase by slightly over one cent per $100 of assessed value to .56875. Last year’s total tax rate for Boone Central was .5515.
Tax rate for the general fund increased slightly to .495098, while the bond fund tax rate declined slightly to .059821.