EDIT: With a finalized budget approved by the board on Oct. 24, 2016, the mill rate is $11.68, a net increase of 8 cents. This is lower than the estimated maximum referendum impact of 21 cents.
MENOMONEE FALLS — The Board of Education for the School District of Menomonee Falls approved a preliminary budget on Aug. 22, and the good news is for the district’s taxpayers: There’s no increase to the mill rate, even with the approval of a $32.7 million referendum.
The district’s budget hearing, where the community is invited to come and vote on the budget is Sept. 12. at 7 p.m. at the Menomonee Falls High School Auditorium.
“We’re looking at a 2.48 percent increase to the overall tax levy for the district but when you embed that in a 2.5 percent property value increase it’s really a wash; or no tax increase to the district,” said Keith Brightman, Director of Operations for the school district.
Part of the no mill rate increase is attributed to the record low interest rate the district was able to borrow on for the Facilities Referendum that passed in April 2016.
“Even though we took out a referendum for facilities, the bump is not an increase because we were able to borrow at a cheaper rate than we anticipated,” said Board President Faith VanderHorst. “That’s a good thing.”
Originally, it was estimated that the district would be borrowing at a 4 percent interest rate, however when it came time to sell the bonds, the district was able to get an interest rate of approximately 2.78 percent.
Last year’s mill rate was $11.60. This year, the mill rate is estimated to be $11.60 as well. For a home that’s valued at $250,000, there is a zero dollar increase for next year’s school taxes.