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Hannibal 60 board approves placing ballot proposition on August 4 to shift limited debt-service revenue to operations
Summary
The board authorized staff to submit draft ballot language (branded in discussion as "Proposition Helpable Schools") for the August 4 ballot, seeking authority to move up to 25 cents from debt-service to operating in any year; staff said one cent equals about $42,259 and current conditions would likely allow about 17 cents (~$720,000).
The Hannibal 60 Board voted to place a draft proposition on the August 4 ballot that, if approved by voters, would permit the district to transfer up to 25 cents in assessed levy authority per year from debt service to operating funds.
Staff explained the measure would not raise the total tax rate but would allow the district flexibility to move a portion of debt-service levy into operating when assessed valuation allows. Staff said one cent equals roughly $42,259 and estimated the district could feasibly move about 17 cents this year (about $720,000) subject to assessed-valuation calculations. "For every cent we're able to move, it's about $42,259," the staff member said.
Why it matters: The change would provide short-term operating flexibility and could free cash for pressing expenses such as lease obligations, but it would also slow the pace at which outstanding bonds are paid off. Staff emphasized legal limits: the district cannot move more than its permitted share of debt-service levy in any year and noted the Hancock Amendment and other state rules affect levy-setting.
Board action: Because filing deadlines required materials be submitted to the county clerk by May 26 to reach the August ballot, the board authorized staff to submit the draft language (the transcript records the working name "Proposition Helpable Schools") and to work with the county clerk to place the measure on the August ballot. The motion carried by voice vote with at least one recorded opposition.
Next steps: Staff will finalize ballot language with the county clerk, coordinate outreach to explain the measure to voters and return to the board with final placement details and an estimate of the tax-rate implications at the August rate-setting meeting.
