Independent School District No. 318 December 3, 2018 Truth in Taxation Independent School District No. 318 December 3, 2018

Proposed Levy Current Levy Year $ 14,440,657.77 Last Year $ 11,271,432.42 Overall Increase of $ 3,169,225.35 Of this amount, $2,717,884.56 is from the voter approved elementary bond referendum. 1

CHANGES FROM LAST YEAR’S LEVY New Elementary Bonds were approved at the April 10, 2018 election This is $2,717,885 of the increase $269K of the increase is due to enrollment growth Our school Taconite Production Aid will fall from $646K to $555K increasing the levy by $91K The district leases will increase over $35K this year. 2

ISD #318 Levy Comparison 3

ISD #318 Levy Comparison 4

ISD #318 Levy Comparison 5

How does this affect each taxpayer? 6

How does this affect each taxpayer? 7

Proposed ISD 318 School Levy Affect on a home owner: The Voter Approved Tax on a $150,000 home goes up $ 81 annually due to the referendum and $10 annually for the increase in “Other Levies”. A total increase of $ 91 Based on the estimates before the referendum election, taxpayers were informed that the elementary school bonds would increase taxes on a $150,000 home by $92.64 per year. 8

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Levy Process In September, the Board approved the PRELIMINARY allowable levy to the maximum as based on the PRELIMINARY MDE Levy Report. By November 24, 2018, the County will have sent the parcel-specific notice of proposed property taxes to each property owner. Tonight, at this Truth & Taxation meeting, final levy numbers are provided to the Board and public input will be solicited. The School Board will then consider the information and input received and vote on the final certified tax levy payable in 2019, at the December 17, 2018 meeting. The Board will have the option at that meeting of approving the full levy or approving a reduced amount. There is no authority to increase the levy 10

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Budget Summary for Operating Funds (General, Food Service, Transportation, Community Education and Capital Funds) For the 2018-19 School Year Total Budgeted Revenue in Funds 01-05 $ 54,236,018 Total Budgeted Expenses in Funds 01-05 $ 54,743,069 AMOUNT NEEDED FROM FUND BALANCE TO BALANCE THE BUDGET $ 507,051 14