Cedar Rapids Community School District residents can expect no change in that portion of their property taxes for the impending year.
During the school board’s meeting today, administrators will recommend that board members approve a fiscal year 2015 levy rate of $15.48 per $1,000 taxable valuation, identical to the current rate and what was in the proposed budget.
Board members will vote on the levy rate as part of certifying the district’s 2015 budget, which includes total revenues of $264.15 million and total expenditures of $260.09 million. Iowa school districts must have their 2015 budgets approved by Tuesday.
Administrators still are working on the details of a $6 million budget adjustment plan for the district’s general fund, but board members also will vote today on whether or not to participate in an Equipment Breakdown Insurance Program anticipated to reap $517,654 for the general fund from a $796,390 premium paid out of the district’s management fund. The agenda states that the insurance program will cover repairing and replacing thousands of pieces of district equipment in 57 categories.
The meeting also will include a public hearing on the 2015 certified budget.
The district does not have to finalize its 2015 line-item budget until June 30, so the exact breakdown of how the district will reach that $6 million magic number is not yet complete.
“That reduction package is still a work in progress,” said Steve Graham, executive director of business services. “We’re working on it.”