1. Truth in Taxation Report December 18, 2014
ISD #2184, Luverne, MN
Truth in Taxation Report
December 18, 2014

2. Truth in Taxation
Requires a school district to announce the time and place of a public meeting to discuss the proposed property tax levy and current budget.

3. Current Budget
The school district has eight different revenue and expenditure funds. Tax levy is one of the primary sources of revenue for five of them.
GENERAL FUND LEVY - includes Transportation and Capital Outlay
Based on student enrollment.
The local referendum levy is also part of this fund.
Transportation - to and from school
Transportation - Special Education
Provides funding for facilities maintenance and instructional equipment.
Provides funds for Health and Safety code compliance, asbestos removal, underground storage tank replacement, and safety requirements.

4. COMMUNITY EDUCATION FUND LEVY
a. Based on the adult population in the District.
b. Early Childhood levy is based on the number of children under 5 years of age.
DEBT SERVICE FUND LEVY
Based on annual debt retirement schedules. Annual levy is what is needed to pay off bonds. Current debt is a result of the voter approved Bond Issue for the Elementary School Building. The School Board refunded these bonds in the fall of 2014, saving approximately $140,000 in interest. The last payment will be February 2018.

5. Operating Referendum Levies
The Luverne School District has two operating referendums
$401.27/RMCPU - Our local residents voted in the fall of (2011) to renew this referendum.
$700/RMCPU was approved in 2006 and will expire in (Will require an election in November, 2015, to renew)
Referendum Levy Authority $467, and Referendum Aid $573, = $1,040,194.94

6. REVENUE SOURCES
13% LOCAL 76% STATE 4% FEDERAL 7% SALES & OTHER

7. REVENUE BUDGET GENERAL $10,974,802 $11,011,479
FUND ACTUAL PRELIM
GENERAL $10,974, $11,011,479
FOOD SERVICE , ,764
TRANSPORTATION , ,325
COMMUNITY ED , ,109
CAPITAL OUTLAY , ,285
DEBT SERVICE ,011, ,012,749
TRUST , ,125
CHILD GUIDE , ,000
TOTAL $14,368, $14,373,836

8. EXPENDITURE BUDGET GENERAL $10,559,162 $ 11,175,497
FUND ACTUAL PRELIM
GENERAL $10,559, $ 11,175,497
FOOD SERVICE , ,846
TRANSPORTATION , ,407
COMMUNITY ED , ,532
CAPITAL OUTLAY , ,919
DEBT SERVICE 1,016, ,016,250
TRUST , ,885
CHILD GUIDE , ,504
TOTAL $13,912, $14,639,840

9. Summary of Economics
1. After several years of declining enrollment, Luverne’s enrollment has remained constant –
,186
2011 –1,197
2012 –1,199
,180
2014 –1,198

10. 3. State Formula Allowance
2. The state’s normal hold back of 10% has been reinstated in The June 30, 2014, fund balance included $453,209 State Aid Receivables and $71,964 Tax Shift, totaling an amount due from the state of $525, However, on June 30, 2012, the total aid and tax shift held by the state was $3,300,412.
3. State Formula Allowance
$5,124
$5,174
$5,224
$5,302
$5,831 State Adj &Pupil Weighting Chg

11. State Weightings for Pupil Units FY 2008-2014 FY 2015 & Later
Pre-Kgn
Hcp Kgn
Reg Kgn
Grades
Grades
Grades

12. 2014 Pay 2015 Levy Fund Pay 14 Levy Pay 15 Levy Inc/Dec. %
General $1,392, $1,323, $68,
Com Serv $ , $ 102, $ 4,
Debt Serv $1,012, $1,030, $17,
Total $2,502, $2,456, $46,