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Medford board reviews 2024–25 budget showing $235,834 shortfall; mill rate projection set to change with potential referendum
Summary
The board reviewed a 2024–25 budget showing a projected deficit of $235,834, discussed mill rate projections (from $5.87 to an estimated $5.53 without referendum) and outlined the estimated additional 0.47 mill impact if the November bond passes.
Administrators presented the 2024–25 budget to the board, reporting a projected shortfall of $235,834 for the coming fiscal year. Presenters and board members discussed that the mill rate is expected to decline from the current $5.87 to an estimated $5.53 per $1,000 of assessed value under the proposed budget; board members noted that passage of the proposed bond would add roughly 0.47 mills, bringing an estimated total mill rate to about $6.00 per $1,000 (approximately $600 on a $100,000 property).
Board Member Brian Hallgren and Audra Brooks summarized the finance meeting review and fielded procedural questions about budget assumptions and the potential tax impact of the proposed bond. The board did not adopt the budget in this meeting but recorded the projected deficit and the potential tax implications tied to the referendum.
