Franklin school district votes to place 6.3-mill tax levy on May ballot

Source: http://www.pressreader.com
The Franklin City School District’s Board of Education has voted to place a 5-year, 6.301-mill emergency tax levy on the May ballot to help fund operating expenses. If approved, the levy would generate $4,519,297 annually and cost $220.54 per year for a homeowner with a $100,000 appraised property value.
Superintendent Mike Sander emphasized the district’s efforts to be fiscally conservative, noting that Franklin City Schools has not passed a new money levy since 2014. The district had committed to making that levy last between eight and ten years, a promise it has upheld. However, with a negative cash balance projected for early 2024, the board has had to request tax advances and issue short-term debt to cover payroll.
The district’s five-year financial forecast shows a carryover balance at less than 10% of annual spending, the lowest in the region. Without additional funding, projections indicate that Franklin City Schools could run out of money by 2028.
Read more of the story here: https://ohio.childreninfobank.com/safebank/franklin-school-district-votes-to-place-6-3-mill-tax-levy-on-may-ballot/
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