Prescott School District budget approved
By Roger Hulne
PRESCOTT--Attendees at the Aug. 28 Annual Meeting of the Prescott School District approved a sound and balanced budget for the 2013-2014 school year.
The budget includes a strong fund balance, representing 17 percent of the budget. This fund balance is vital to maintaining a financially sound school district budget. It provides flexibility for the district in the event of an unexpected economic downturn or other emergency financial situation. A strong fund balance also contributes to a better credit rating for school districts, which generally results in favorable rates when borrowing funds.
Another highlight of the budget is increased funding through the Wisconsin state equalization aid formula. The state equalization aid formula funds schools on the basis of the property value behind each student. Prescott school enrollment has increased while our property values have decreased, which means we have less property value to support each student. This makes the district eligible for increased state aid this year.
Taxpayers will appreciate the result of these financial issues. With the increased state aid, the Prescott school tax levy is expected to decrease between two and three percent. This will mark the second consecutive year the total school tax levy has declined in Prescott. Although the specific tax impact will vary based on individual property situations, a lower tax levy is welcome relief for property owners and good news for our district overall.
The Annual Meeting is an opportunity for the public to have input and vote on a variety of school district issues. School board meeting agendas and minutes can be viewed on the district website at www.prescott.k12.wi.us.