River Falls School Board sees budget presentation at school board meeting

At a meeting on Monday, September 16, the River Falls School Board talked about the budget for the 2024–2025 school year.

 

Lynette Coy, who is the district’s Director of Finance and Facilities, told the people who were there Monday night about the release. Coy talked about how the vote would affect spending, income, and the district’s current budget and tax levy estimates.

 

The newspaper also said that the referendum’s debt service fund added an extra $7.9 million to the $25.5 million tax levy.

 

That’s why the district is waiting for the Wisconsin Department of Revenue to certify that the prices have been equalized. Then, she said, the school board can decide on the final budget and tax rate at their meeting on October 21.

 

By October 1, the state department will give school districts their final budget facts. A report says that the total tax bill for 2024–2025 is $25,516,624. The estimated tax bill for the previous year was $22,858,847. The net levy/mill rate for the district is 6.95.

 

This is how much people pay in school taxes for every $1,000 of equalized property value. River Falls’ mill rate for the 2023-2024 school year was 6.6, while the state average was 7.18. To start the 2024–2025 school year, the general fund balance is $14,586,997.18. This is higher than last year’s amount of $14,242,445.16.

 

In his report on the state of the district, Superintendent David Bell said that the interest rate on the $28 million referendum loan was proven to be 4.14%, down from the 5.25 percent that was originally thought. This number means that people will have to pay less in interest.

 

Further financial details can be found at rfsd.k12.wi.us/departments/finance.cfm.

Quick hits

• Electors approved the salaries of school board members for the election year. Members currently receive $3,200 annual with the exception of the president, clerk and treasurer who receive $3,600 annually.
• Electors approved the resolution to set the tax levy for $25,516,624.
• Electors authorized the Board of Education to set a date for the 2025 annual meeting at a later date.