Delivering education to its students since March has been a taxing endeavor for Bloomington Public Schools, but that uncertainty will have a modest impact on the school district’s 2021 property tax levy.
The district’s 2021 tax levy and budget were approved unanimously by the Bloomington Board of Education during its Dec. 14 meeting. The district certified a 1% tax levy increase for the coming year, which will generate approximately $635,000 in additional revenue. The levy will provide $62.3 million of the $227.1 million in revenue the district will receive in 2021, according to Rod Zivkovich, the district’s executive director of finance and support services.
State aid will prove an estimated 51% of revenue in 2021. Property taxes, which include voter-approved referendums, account for 27% of the district’s revenue. Tuition and fees, which include facility rentals, account for 17%. Federal funding provides 4% of the district’s revenue, Zivkovich noted.
The owner of the median-value home in Bloomington will pay about the same for the school district’s share of the property tax bill. The median value increased by approximately $2,500 for 2021, putting the value of the home at $286,400. That’s a 1% increase, comparable to the increase in the district’s tax levy, and results in a difference of about $1 to the benefit of a median-value homeowner, Zivkovich explained.
With Hennepin County certifying a 0% increase for 2021 and the city approving a 2.75% increase in its levy, the total taxes for the median-value home are estimated to decrease by $76 for 2021, a 2.1 percent decrease, he noted.
The board’s approval followed the district’s audit report and budget adjustments for the 2020-21 school year, as well as a breakdown of fund balances, including revenue projections, by Zivkovich. Video of the presentation is available online at tr.im/bps21.
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