The Cherokee School Board approved a budget for the 2006/07 fiscal year at the Monday evening meeting.
Despite the loss of enrollment over several years, the finances in the school district remain solvent, according to John Chalstrom, superintendent.
This has come at the cost of some staff reductions, including for the upcoming school year (see seperate article). Chalstrom explained that most of the decisions regarding taxation are out of control of the school board, with the general budget funds determined by the per-pupil formula set by the state.
Some optional taxes are set by board action or by a vote of the citizens, but these are limited as to amount and as to use.
The total levy for the school district will decrease from about $16.04 per $1,000 taxable valuation to about $15.16 per $1,000 for the next fiscal year. There is also a 4 percent state income surtax and a one cent per dollar county-wide local option sales tax that goes for the schools in the county.
Chalstrom said that the reduction in the property tax levy results from a decision to apply the local option sales tax revenue toward bond debt reduction.
This reduction results despite the fact that a portion of the total levy, the cash reserve levy, will be increased to compensate for the loss of revenue occuring from the revaluation of the Tysons and HyVee property. A lawsuit filed by four corporate property owners resulted in a settlement reducing the taxable valuation for those properties.