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Carmel school finance team backs 0.75% levy increase to shore up reserves and improve bond rating
Summary
Assistant Superintendent Ken Silver presented a 2025-26 budget that relies on higher-than-expected interest income and modest state aid gains and proposes a 0.75% local tax‑levy increase (about $53 a year on a $350,000 assessed home) to preserve reserves and move toward a higher bond rating.
Assistant Superintendent for Business Ken Silver told the Carmel Central School District board on March 25 that the district’s 2023–24 finances ended with roughly $3 million less spending and about $3 million more revenue than projected, largely from unexpected state aid and unusually high interest earnings. Silver said the district realized roughly $1.6 million more in interest income than budgeted last year and expects elevated, though lower, interest receipts for the 2024–25 year.
Silver presented a draft 2025–26 budget that assumes $1.4…
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