With no dissent, the Louisville Municipal School Board approved the budget for the upcoming school year on Thursday (July 9) in their regular meeting. A public budget hearing was held on June 26 to allow citizen input in to the budget process but it was lightly attended.
At the June hearing, the District was projecting revenue of $29,264,951 and expenditures of $30,196,451. . While expenditures exceed projected revenues, the difference is due to construction projects such as the one at the high school that are funded by existing revenues from 16th section funds. Exact projections were not possible at that time due to changes and adjustments in ad valorem tax dollars.
Roughly $7 million or 24% of total revenue is generated locally by ad valorem taxes (property taxes). The majority (75%) of operating revenue comes from the state and federal government, (51% state, 23% federal). A relatively small portion of the District’s revenue comes from 16th section land sources.
In good news, increases in several components of the tax base allowed the District to apply the lowest mil levy since 2010. At the June hearing , projections were that the required mil levy needed to generate sufficient tax dollars would be at 54.97 mils which is near the cap of 55 mils.
After final assessment numbers were provided by Winston County Tax Assessor/ Collector, the District was able to reduce the necessary millage to 52.46 (reduction of 2.51 mils)
At the June hearing, the District was projecting revenue of $29,264,951 and expenditures of $30,196,451. . While expenditures exceed projected revenues, the difference is due to construction projects such as the one at the high school that are funded by existing revenues from 16th section funds. Exact projections were not possible at that time due to changes and adjustments in ad valorem tax dollars.
Roughly $7 million or 24% of total revenue is generated locally by ad valorem taxes (property taxes). The majority (75%) of operating revenue comes from the state and federal government, (51% state, 23% federal). A relatively small portion of the District’s revenue comes from 16th section land sources.
In good news, increases in several components of the tax base allowed the District to apply the lowest mil levy since 2010. At the June hearing , projections were that the required mil levy needed to generate sufficient tax dollars would be at 54.97 mils which is near the cap of 55 mils.
After final assessment numbers were provided by Winston County Tax Assessor/ Collector, the District was able to reduce the necessary millage to 52.46 (reduction of 2.51 mils)
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