Debt Retirement Levy Cut

If the June 10 school millage proposition is approved, total [school taxes will increase by $6.71 per $1,000 of state equalized valuation instead of $8.25 per thousand as had been anticipated. This will be reflected in 1968's July and December tax bilis. This announcement was mad to the Board of Education at i special 8 a.m. meeting today b' School Supt. W. Scott Wester man Jr. and Assistant Supt. fo Finances Gerald Neff. The special session was offi cially called to authorize t h i levying this summer by the cit; of one-half of the ooi taxes The superintendent explained that the tax decrease is the result of a reduction in the debt retirement millage next year from 4.88 milis to 3.34 - a decrease of 1.54 milis. This decrease would mean a tax reduction of $1.54 per $1,000 of state equalized valuation. The reduction in the debt tirement millage is the result of a summer collection of school taxes this year, Neff said. Since funds are already on hand to pay off all obligations for the remainder of 1968, 1.54 fewer milis must be levied for the total debt expenditure next year. Neff added that the debt service decrease applies only to the - - - - -- ■ 1968-69 school year. The June 10 millage proposition is an ll.'66-mill package for operation;. This includes a 4.5mill renewal and 7.16 additional milis. An additional amount of 1.09 milis will also be levied for operations, making a total of 8.25 new milis. This 1.09 - mili amount was approved last vear but not levied. Neff explained that the 8.25 milis for operations will be levied, if approved. However, the 1.54 - mili decrease in debt retirement millage (which is separate f rom the ballot issue) will trim the total anticipatsd tax increase by $1.54 per $1,000 of state equalized valuation.