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Solon schools report modest state funding gain but warn property-tax reform could pose major risk
Summary
Board members and administrators told the Solon Board of Education on July 14 that while the district received a small boost in state funding, potential property-tax reform and prior loss of the TPP tax could severely reduce local revenue unless state funding increases offset losses.
The Solon Board of Education received a finance update July 14 that said the district closed its budget period and began a new two-year budget on July 1, and that Solon had received a small increase in state funding equating to about a 5% rise in the district's state aid baseline. District officials cautioned, however, that proposed property-tax reform at the state level could threaten local revenue streams. The presenter said the district remains only about 5% state-funded, and that reductions in property-tax revenues (or the loss of local levies)…
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