From the Northwest Indiana Times:
The Metropolitan School District of Boone Township is in financial trouble and won't be able to continue its present staffing and programs without a tax increase.
Superintendent George Letz made a pitch to the community in the first public forum to discuss the financial concerns facing the school district and possible solutions.
Letz explained the financial picture in great detail to residents, and presented a plan that would call for a property tax increase of 0.2338 cents per $100 of assessed valuation, raising $530,000 per year. A resident whose property is valued at $144,600 would pay an additional $144 more per year. A resident whose property was valued at $200,000 would pay an additional $228 more per year.
By law, a general fund referendum could raise money for the district for up to seven years, however, school officials have not decided how many years they will seek.
The School Board is scheduled to vote on whether to authorize a general fund referendum at a special meeting Jan. 22. If the board approves a referendum, it could be on the ballot in May.
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He explained that the district's problems were the fault of cuts at the state level and the tax cap. Letz said the district is projected to lose $806,123 this year as a result. Letz said schools cannot, by law, borrow from other funds such as the debt service, transportation or capital projects fund.
"We receive less money in state support than the state average," Letz told the community. The school district gets $5,190 per student. The state average is $5,668 per student. He said that money goes into the general fund and 95 percent of the fund is used for salary and benefits. The remainder supports programs.
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http://www.nwitimes.com/news/local/porter/hebron/hebron-schools-considering-tax-increase-request-in-may/article_abed5d25-7f8e-575c-a261-d674c19c76e6.html
