The Monroe County Community School Corporation will raise its tax levy for the coming school year in an effort to pay off the corporation’s remaining debt. Monroe County School Corporation received less money from The Department of Local Government Finance for the 2011-2012 school year than it expected.
But comptroller Tim Thrasher says the school corporation would like to begin some capital projects before it gets its property tax disbursement, so officials elected to borrow from the state for a short period of time.
“We have the ability to borrow some money now in 2012, and the amount is $286,000 that we can bring into our capital projects fund that was originally cut from our request for 2012,” said Thrasher.
Property owners paid the school corporation about 66 cents for every one hundred dollars in assessed value of their homes in 2012. Thrasher says that number will go up in 2013 in order to pay back the loan, but he’s not sure by how much.
“Tax payers are paying less in 2012 than they would have been paying, but would pay more in 2013,” said Thrasher. “Between the two years it evens out and there’s really a net impact of the tax payer of zero, but it’s over a two year period,” he said.
A number of projects slated for completion in 2013 will be pushed back to 2014. While no plans have been formalized, Thrasher says corporation officials have discussed using the loan money for an elementary school retrofit or a development at New Tech High School, among other projects.