Date: August 3, 2023
To the Editor:
I would like to take this opportunity to provide information to the patrons of our District regarding the upcoming 2023-2024 “Tax Rate Hearing” (scheduled for Tuesday, August 15th @ 5:15 pm).
The total assessed valuation for the Kennett #39 School District for the 2023-2024 school year is $99,255,875, an increase of $1,428,074 from 2022-2023. This is an increase of 1.44% from the 2022-2023 assessed valuation. Since 2009-2010 we have experienced a total growth in assessed valuation of 9.23% or .66% annually.
Information returned by the Missouri State Auditor after completing the Tax Rate calculations indicates the current year's tax rate ceiling in our operating levy is $3.7300 per $100 of assessed valuation. By law, the district could increase the operating levy from $3.7162 (last year’s tax rate) to $3.7300 with approval from the board. I will recommend approving the rate at $3.7300 for the 2023-2024 year.
Again this year, we will use local tax funds to generate revenue in Fund 4 Capital Projects to help build balances to pay off the upcoming (March 2025) lease-purchase agreement. With that said, my recommendation for the 2023-2024 tax rates is $2.75 for Fund 1 Operating and $.98 for Fund 4 Capital Projects, for a total Operating Tax levy of $3.7300. The tax rate levy of $.98 in Fund 4 Capital Projects will generate approximately $930,000 to pay toward the lease-purchase agreement.
The tax rate ceiling computation from the State Auditor for the debt service levy came to $1.2886 for the 2023-2024 school year. The current debt service levy is $1.03, which will produce approximately $980,000 in revenue. The debt service payment for the 2023-2024 school year is $941,640. That said, I recommend setting the debt service levy at $1.03 for the 2023-2024 school year, as the additional revenue will be used to keep our debt services balances in a position to meet future year payments.
In closing, we continue to work very hard to spend our resources in the most effective manner to benefit the district's students, staff, and patrons. At this time, we have adequate fund balances to ensure the district is financially sound and will continue to be fiscally responsible for the patrons of the community.
If you have questions or comments regarding the tax rate hearing, please contact me at your convenience at 573-717-1100 or cwilson@kennett.k12.mo.us
Sincerely,
Dr. Chris Wilson, Superintendent
Kennett #39 School District