10/30/2018- The budget is in place for the Peshtigo School District’s 2018/2019 school year. The document was presented during the District’s Annual Meeting Monday night. The district’s mill rate will remain flat this year at $8.14/thousand and although the school has seen a decline in resident students, open enrollment in the district will generate an additional $1.1-million in revenue for the 2018/2019 school year. Superintendent Patrick Rau says a TIF district in the City closed and added about $32-million of value to the district’s equalized property evaluation, resulting in a 13% increase of the equalized property value. That will help the district get a head start on repaying some of its long- term debt.
The district’s beginning fund balance is just over $3-million and the total tax levy for both operational budget and debt retirement comes in at $3.3-million. The Board of Education approved the levies and 2018-2019 budget, as well as a resolution authorizing the short-term borrowing of $2.5-million to meet operating expenses due to delayed state aid payments owed to the district.