WACO tax levy drops
WAYLAND — WACO Community School District’s property tax levy will drop by over $3 per $1,000 taxable valuation in a budget approved by the school board following a public hearing at a special board meeting last night.
During the current budget year, the school’s levy was $20.63 per $1,000 taxable valuation. The fiscal 2014-15 budget approved last night has a $17.25 tax levy or a drop of $3.38. That means a homeowner whose home has a taxable value of $65,000 will see a $219.70 drop in his/her property tax bill.
“We could have probably dropped it (levy) even more,” Superintendent of Schools Dr. Darrell Smith said, “but the problem with that is the next year might have to raise it again.”
Smith said district taxpayers could realize a savings bonanza in 2018. “That’s when the general obligation bonds will be paid and the levy could drop by $4 (per $1,000 taxable valuation).”
The 2014-15 budget includes $10.467 million in expenditures. The beginning fund balance is listed at $3.07 million and the ending fund balance $2.61 million.
The superintendent lamented that cash on hand cannot be turned into spending authority. “I think we can make the budget work. Cash isn’t the issue, spending authority is.
“We are still trying to increase our spending authority,” he continued. “Enrollment has a big impact on spending authority. It is just that a lot of things have to fall into place.”
WACO’s current budget includes expenditures of $11.02 million.
Directors, during the special meeting, also approved a bid from Iowa Direct Equipment and Appraisal for new bleachers at the football field/track. The Marshalltown firm bid $52,500. Seating and Athletic Facility Enterprises also bid on the project, asking $53,500.
WACO directors meet in regular session Monday, April 21, at 6:30 p.m. in the high school media center.