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Board votes to request tax‑estimate figures for a proposed levy split: 80% operations, 20% permanent improvement
Summary
The board unanimously approved a resolution requesting the State Tax Commissioner provide estimated tax rates for a proposal that would allocate 80% of new levy proceeds to operations and 20% to permanent improvement; staff will receive estimates ahead of a July 1 special meeting to finalize ballot language.
Facing an operating shortfall the treasurer estimated at roughly $1.3 million partly driven by county homestead/rollback changes, the Riverside Local Board of Education voted to request official tax‑estimate figures from the State Tax Commissioner for a proposed levy structure. The board amended the draft to specify an 80% allocation to current operations and a 20% allocation to permanent improvement (PI). The amendment and the resolution were both approved unanimously at the June meeting.
Treasurer materials presented at the meeting showed June 30 cash projections near $18.7 million and described an operating deficit magnified by a $1.6 million rollback/homestead impact. Trustees and the treasurer discussed timing, the possibility of using a capital‑projects (070) fund to hold PI dollars before transfers to the PI fund, and the need to stage any issuance to manage annual debt service and cash flow.
The resolution authorizes administration to request tax‑rate estimates only; it does not place a measure on the ballot. The board scheduled a special meeting and outreach steps to review the state estimates and to consider ballot language and timing.
