$18.3 M Middletown School Levy on May 2010 Ballot |
Tuesday, December 22, 2009 5:36:12 PM - Middletown Ohio |
By: Debbie Alberico
On Monday, Dec. 21, the Board of Education passed the first of two resolutions necessary to put an operating levy on the May ballot.
Collection of two emergency levies generating $14.3 million and $4 million, respectively, per year, expire in Dec. 2010. The combined fixed-sum total of these levies, $18.3 million, is approximately 26.5% of the MCSD operating budget. The Board of Education wishes to combine and substitute these levies. In summary, the current emergency levies will be combined and exchanged for a substitute levy, on a continuing basis.
WHAT EXACTLY IS A SUBSTITUTE LEVY? A Substitute levy is new to Ohio. A district can substitute or exchange an emergency levy renewal with a substitute levy. This substitute levy is identical to the original emergency levy with two exceptions - as new valuation growth is seen in the district by only new construction, the additional value is added to the original value of the levy. The term of this substitute levy is continuing.
Before the Issue is actually placed on the ballot, the Board must approve a resolution to proceed. This will occur after the Butler County Auditor calculates the millage needed for the district to collect the needed millage for a combined fixed-sum total of $18.3 million.
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