Marion School District presents proposed budget

Marion School District presents proposed budget

Spending anticipates projects funded through increased millage

www.msd3.org Proposed Budget of Expenditures with Tax Levy for Fiscal Year beginning July 1, 2020 to and including June 30, 2021: The board of Directors of Marion School District No. 3 of Crittenden County, Arkansas, in compliance with the requirements of Amendments No. 40 and No. 74 to the Constitution of the State of Arkansas and of Ark. Code Ann. § 613622, has prepared, approved and hereby makes public the proposed budget of expenditures, together with the tax rate, as follows: 1. Salary Fund Expenditures ($16,500,000) 2. Instructional Expense ($9,000,000) 3. Maintenance & Operation Expense ($4,500,000) 4. Dedicated Maintenance & Operation Expenditures ($0) 5. Pupil Transportation Expense ($2,000,000) 6. Other Operating Expense ($2,200,000) 7. Non-Bonded Debt Payment ($261,000) 8. Bonded Debt Payment ($3,300,000) 9. Building Fund Expense ($10,000,000) To provide for the foregoing proposed budget of expenditures, the Board of Directors proposes a total school tax rate (state and local) of 45.70 mills on the dollar of the assessed value of taxable property located in this School District. The proposed tax includes the uniform rate of tax of 25.0 mills (the “Statewide Uniform Rate”) to be collected on all taxable property in the State an remitted to the State Treasurer pursuant to Amendment No. 74 to the Arkansas Constitution to be used solely for maintenance and operation of schools in the State. As provided in Amendment No. 74, the Statewide Uniform Rate replaces a portion of the existing rate of tax levied by this School District and available for maintenance and operation of schools in this District.

The total proposed school tax levy of 45.70 mills includes 25.0 mills specifically voted for general maintenance and operation, 15.70 mills voted for debt service previously voted as a continuing levy pledged for the retirement of existing bonded indebtedness, and 5.0 new debt service mills. The 5.0 new debt service mills plus the 15.70 existing debt service mills now pledged for the retirement of existing bonded indebtedness, which debt service mills will continue after retirement of the bonds to which now pledged, will be a continuing debt service tax until the retirement of proposed bonds to be issued in the principal amount of $26,635,000 and which will mature over a period of 35 years and will be issued for the purpose of erecting and equipping new school facilities and making additions and improvements to existing facilities. The surplus revenues produced each year by the debt service millage may be used by the district for other school purposes.

The total proposed school tax levy of 45.70 mills represents a 5.0 mill increase over the current tax rate.

From the Marion School District