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What led the Boyceville Community School District to pursue a referendum?
Maintenance needs have grown over the years, exceeding the District’s standard operating budget. For example, safety and security concerns have become a priority to provide secure entrances at both educational buildings.
Why does Boyceville Community School District want to pursue the referendum now?
The District Administration and Board have taken opportunities to refinance and pre-pay debt over the life of the 2008 facility referendum. These actions have reduced annual debt payments for the District beginning in 2024. The District’s forward planning has created an opportunity where they are able to complete maintenance and security upgrades without increasing the portion of the school mill rate for referendum-approved debt payments over the 2023-24 rate.
How was the referendum amount determined?
A Facility Needs Assessment was completed, and projects were prioritized based on those with the most pressing needs. After the prioritization process, the District Administration and Board focused on addressing as much of the highest priority needs while maintaining the portion of the school mill rate for referendum-approved debt payments at the 2023-24 rate. An $18 million referendum will allow the District to complete the highest-priority projects without increasing the referendum-approved portion of the mill rate.
What is the tax impact if the referendum question passes?
The mill rate for existing referendum-approved debt payments is $2.71 for 2023-24 and is anticipated to remain at that rate if the new referendum is successful. This is based on the following planning assumptions:
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5.25% average borrowing interest rate for long-term municipal bonds to be repaid over 21 years or less.
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34.01% State equalization aid reimbursement (October 15, 2023 Certification).
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2023 total Equalized property Valuation of $517,481,603 with annual growth of 1.00%.
What has been the district’s total mill rate in recent years?
The District’s total mill rate has decreased in recent years (see below). The District Administration and Board have been mindful of increasing the levy and mill rate in recent years, with property values increasing significantly across the state. The 2023 equalized valuation for the District increased 24.36% over the prior year, but the 2023-24 levy will only increase 1.07% over the prior year; resulting in a total mill rate decrease of $1.49 for 2023-24.
How will this referendum benefit the students?
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Safety & Security: Improving the safety and security features of the buildings will provide more secure entrances and updated technology infrastructure.
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Heating, Ventilation, and Air Conditioning Equipment and Structural Renovations: Upgrading the heating and cooling equipment and making space and structural renovations will create buildings that are more comfortable, leading to a learning environment where students and staff can thrive.
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Career Technical Education Areas: Updating the Career Technical Education areas will expand learning opportunities for the students while increasing the safety of these spaces.
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