Colonial SD Passes Budget, 3.4 Percent Tax Increase
Administrators commend work to balance budget.
The Colonial School Board unanimously passed the 2012-13 budget Thursday evening, establishing a 3.4 percent, or 19.104 mil, real estate tax increase for next year.
According to district figures, the new tax rate equates to an additional $62.80 a year for each $100,000 of taxable assessed value. That means a $92.37 increase on the district's median home value of $147,080.
The adopted budget proposes $95,325,000 in expenditures, down from the originally proposed $99 million in January. It uses $500,000 of the district's $7.8 million fund balance, but administrators were quick to say the half a million dollars would only be used for emergencies.
"The $500,000 use of fund balance is mirrored by a $500,000 budgetary reserve, which the board put in the expenditure budget for emergencies," said financial consultant Bob Salanik, who named fuel prices and unseen tuition costs as potential emergencies. "If these things don't occur, it's really a balanced budget between revenue and expenses."
Administrators said they helped to cut $4.5 million from the budget by eliminating 22 positions across the district, without furloughing or demoting employees.