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Kings Local treasurer outlines levy and earned-income tax options to steady district finances
Summary
Treasurer Don Morrow presented a five-year financial forecast showing declining state funding and described three revenue scenarios — a standard property-tax operating levy, a phased larger levy, and a 1% earned-income tax on district residents — for the Kings Local School District.
Kings Local School District Treasurer Don Morrow told the school board on Monday that the district’s five-year forecast projects shrinking state aid and a structural gap between revenues and rising expenses, and presented three possible revenue options to stabilize finances.
Morrow said the district’s revenue picture includes the 02/2022 operating levy and roughly $7,000,000 in savings and efficiencies identified over the last three years. “One of the reasons that ... the trajectory of our finances are what they are is, our state funding's insufficient,” Morrow said, adding that the district is modeling a midline state-budget outcome that still reduces state dollars over the next two years: “we're projecting to actually get less this year than we got last year and then get less the year after that than we got that…
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