Clyde-Green Springs Schools officials are prepped to place a renewal tax levy on the November ballot.
The district’s 5.25-mill, five-year renewal operating levy will expire in 2015, and board members are seeking voter support of a 10-year extension of its funds.
The levy generates $1.265 million annually for the district’s general operations, according to the Sandusky County Auditor’s Office.
It currently costs the owner of a $100,000 home about $161 a year. If approved, the renewal levy would not increase taxes from the amount taxpayers currently pay, although it would double its time frame from five to 10 years.
At a meeting this past week, board members agreed to send a resolution to the Sandusky County auditor declaring their intent to renew the levy.
After the auditor officially certifies its amount, board members must then publicly agree to officially place the levy, with its extended time frame, on the ballot.
Voters first approved the levy in 2005, and then a majority voted in favor of renewing it for the first time five years later.
Also at the meeting this past week, board members reviewed an updated five-year financial forecast for Clyde-Green Springs Schools.
Without the renewal levy’s approval, the district is set to exhaust all its reserve cash in the 2016-17 school year, with a deficit of about $4.8 million in the 2017-18 school year, according to the forecast.
With the renewal levy’s approval, however, the district’s reserve cash will likely extend throughout the entire 2016-17 school year, reducing its deficit in the 2017-18 school year to about $1.7 million.
The district’s annual operating budget is about $21 million.
A copy of the updated forecast is available on the Ohio Department of Education’s website.
Clyde-Green Springs renewal levy
•5.25-mill, 10-year tax levy.
•Will cost the owner of a $100,000 home about $161 in taxes a year, not increasing taxes from the amount currently paid, but doubling its timeframe from five to 10 years.
•Will generate $1.265 million a year for day-to-day district operations, including employee salaries and benefits.