Posted 1/12/06

Inside Millage to Benefit District

At the Jan. 9 meeting, the Board of Education approved a resolution to move 0.66 of the District’s inside millage to a permanent improvement fund. By moving this millage the District will receive an additional $770,000 to be used for building and ground improvements, as well as funds to purchase and maintain the District’s fleet of buses and other vehicles.

The movement of the 0.66 mills will take place during the same time that the
1986 bond issue millage (that was used for the construction of Stow-Munroe Falls High School) is going off the tax bill.The result will be that the tax bill for the district will remain at the same level. The High School bond issue was originally passed in November of 1983 at 6.0 mills; since then, the millage has been reduced due to property valuations increasing. It currently collects for tax year 2005 at 0.66 mills.

Most districts the size of Stow-Munroe Falls have a permanent improvement fund; however, our District has been unsuccessful in prior years in passing levy issues that would be used exclusively for Capital Improvements. In addition, the district has experienced financial problems in the past which have led to drastic cuts in the General Fund Capital Improvement budget. Therefore, we would fall behind in general maintenance projects and upkeep. By moving this millage, the district will be able to ensure funds are available outside of the General Fund to continue maintaining the buildings and grounds.

This unique opportunity may also prolong and/or reduce future levy needs.