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Carmel Clay Schools says SEA 1 will cut district revenue by nearly $2.9 million annually; referendums may rise
Summary
Superintendent Dr. Tom Oestreich told residents that Carmel Clay Schools expects an annual revenue loss from SEA 1 of more than $2.9 million and outlined how the district's funding buckets, referendum reliance and capital plans could be affected.
Dr. Tom Oestreich, superintendent of Carmel Clay Schools, said the district will face growing fiscal pressure over the next seven years because of Indiana—s Senate Enrolled Act 1.
"Carmel Clay Schools is going to expect an additional loss of over $2,900,000 per year due to SEA 1," Dr. Tom Oestreich said during the joint town hall. He described the district—s funding structure and how the changes to net assessed value (NAV) and credits in the new law reduce local revenue used in the operations and debt-service funds.
Oestreich provided details about the district: about 16,000 students (last year—s data), 11 elementary schools, three middle schools and Carmel High School; roughly 2,350 staff, including about 1,100…
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