The Loyal School Board has approved a referendum question that will appear on the November ballot this year. This question will ask voters if they will approve an additional $280K of spending during this school year for maintenance projects and an addition $675K per year for the following 4 years for operating expenses.
A frequently asked question is “What will this do to my taxes?”
School taxes are most often expressed as a mill rate (tax rate per $1,000). Our mill rate last year was 9.18. At their October meeting, the Loyal School Board approved two budgets – one that will be submitted if the referendum passes, and one that will be submitted if the referendum does not pass.
If this referendum passes, the following mill rates are anticipated:
Year Projected mill rate
If the referendum does not pass, the mill rate this year will drop to 8.49.
Again, without going into great detail, the reason that the passage of this referendum is not projected to have much of an impact on the mill rate is based on the amount of aid we receive from the state and when we get that aid. The short answer is that extending a current referendum (as we are doing here) does not have nearly the impact on the mill rate that starting a new referendum from scratch does.