Property tax rate up by 20 cents
By Neil Rhines
The New London School Board voted Monday, Sept. 9, on a preliminary 2019-20 budget.
According to Joseph Marquardt, business services director, the district is in good shape.
“This year’s budget projects a 6.3 percent increase in the tax levy and a 2.9 percent increase in overall spending. The mill rate is projected to increase 2.6 percent,” Marquardt said in information he presented to the board.
The proposed budget includes a mill rate of $7.93 per $1,000, up 20 cents over last year’s mill rate of $7.73 per $1,000 in equalized value.
The tax impact on a $100,000 home will be an increase of $20 in the proposed 2019-20 budget.
The board has authority to levy funds of $500,000 because New London is a low revenue limit district.
Set by state legislature, the limit is determined by several factors, including student enrollment changes.
The district is anticipating a net loss of 97 full-time students due to open enrollment, requiring $801,000 in payments to neighboring school districts, Marquardt said.
The state raised revenue limit authority placed on the board by $300 per student, resulting in a limit increase of $521,582 in the proposed budget.
This is the largest increase since the 2004-05 budget year. There are about 2,400 students in the district.
Among other anticipated revenue decreases, New London’s state aid will be $39,693 less than last year and district funding from state and federal grants will decrease by $364,000.
The board will vote on a final budget during a meeting on Oct. 28.