The Swanton Board of Education voted Wednesday to place a renewal levy on the ballot in May. Voters will decide May 2 on the renewal of a five-year, 4.45-mill emergency levy.
The levy raises $825,000 per year. That number is fixed, and the millage amount is adjusted so that the levy collects that amount each year.
“That represents approximately six percent of the district’s annual receipts,” said Joyce Kinsman, Swanton treasurer. “This is an important piece to the funding model for the district. The district is not asking for any new tax money from our residents and property owners.”
The levy’s cost to the owner of a $100,000 home is $11.36 per month.
Also at Wednesday’s board meeting, Kinsman presented a five-year financial forecast that takes into account the upcoming building project.
The project will be financed through $1.8 million certificates of participation financing plus $5,395,000 from the investments of the district. This information has been included in the Five Year Forecast to show the fiscal solvency of the district will be stable with the project, according to Kinsman.
The forecast shows positive year-end balances of over $1 million out to fiscal year 2021, assuming all current levies are renewed.
The end result of the building project will consolidate the district from four educational buildings to three educational buildings. The Crestwood building will become the Swanton Elementary School for grades kindergarten through fourth grade, the Park building will become Swanton Middle School for grades 5 through 8, and the Swanton High School will continue to have grades 9 through 12 with the addition of the preschool program.
The Board of Education also set meeting dates for 2017. Most months, the board will meet the third Wednesday of the month. The exceptions are Sept. 13 and Nov. 8, which are the second Wednesdays of the month.
Reach Drew Stambaugh at 419-335-2010.