The Edina School Board has approved next year’s tax levy, which is a 2.7% increase from last year.
The levy, approved by the School Board Dec. 14, is a $1.6 million over last year, totaling about $60 million. The levy differs from what was preliminarily approved by the board in September, with a decrease of more than $165,000 due to the district refinancing some existing bonds.
From refinancing, total savings amounted to about $750,000 with a reduction in debt service levies for taxes payable in 2021 through 2025, according to a presentation at the meeting.
For a residential home valued at $500,000, district property taxes will total around $2,600. For a home valued at $1.5 million, district property taxes will total around $8,600.
Increases in the levy are attributed to a voter-approved operating referendum authority that includes an annual inflationary increase, facilities maintenance and payment on debt service bonds. The levy also decreased due to adjustments from initial levy estimates on enrollment, values and expenditures.
According to the presentation, the total budget revenues for 2020-21 are $158.8 million while total expenses are expected to be $172.4 million. The general fund is made up of almost 80 percent of the budget. Revenues in the general fund are $123.7 million while expenses are $121.6 million.
– Follow Caitlin Anderson on Twitter @EdinaSunCurrent