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Community Residents Adopt Budget at HSSD Annual Meeting

  • Board of Education
Community Residents Adopt Budget at HSSD Annual Meeting

Community members received a detailed review of the school district’s 2021-2022 proposed budget and voted to adopt it as presented at the Howard-Suamico School District Annual Meeting and Budget Hearing September 27, 2021. The Board of Education will vote to approve the final budget and tax levy at its October 25, 2021 meeting.

The tax levy of $31,727,318 supports a proposed district budget of $180,906,619 for the upcoming school year. The 47.66% significant budget increase is connected to costs associated with design, planning, and construction for referendum-approved facilities projects at all eight schools. Construction is scheduled to begin at Forest Glen Elementary School and Bay View Middle School in Spring 2022.

Included within the referendum update of the budget hearing was news of significant interest savings based on a reduced borrowing rate from pre-referendum planning. Due to its AA bond rating, HSSD was able to secure a 1.84% interest rate on the first $83 million bond approved for referendum-related facilities investments. Initial planning estimated a 2.75% borrowing rate. The savings from the lower rate amounts to $11.9 million in interest cost avoidance.

The school district property tax levy rate of $8.99 per $100,000 of value is the lowest in 12 years for HSSD residents and meets the Board’s commitment to voters during the referendum planning process. The $8.99 levy rate is 1.04% below the state’s average levy rate of $9.22. 

Additionally at the Annual Meeting, community members voted to raise Board member compensation by $300 per year for all positions and maintained the current Board member per diem rate of $70.