FM total levy to drop about a dime next year

FORT MADISON – Preliminary tax levy rates for the Fort Madison School District are slightly down from a year ago, but the general fund levy rate increased about 15 cents.

District Finance Director Sandy Elmore told the Fort Madison School Board Monday night at a workshop, the increase is predominantly due to the increase of 55 students projected for the 2023-24 school year.

“It’s always good when we have more students to educate,” she said.

Preliminary numbers indicate the overall tax levy for the Fort Madison School District will be $11.504/$1,000 of assessed valuation, down from $11.61 in 2022-23. However, the Aid and General Levy ask will go from $9.31/$1,000 to $9.46 in the next school year.

The rest of the rate consists of Voted Physical Plant and Equipment levy of $1.34/$1,000 and a regular PPEL levy of .33/$1,000. The district also gets revenue from an income tax surtax.

The district’s valuation increased more than $9 million at $807,716,818 with properties in Henry, Des Moines, and Lee counties.

Board member Dianne Hope said the board always needs to be cognizant of any increases to financial burden on district taxpayers.

“I’m concerned as always when you see an increase to property tax rates,” Hope said.

Elmore said the district is trying to keep the rate as stable as possible. The 2023 fiscal year rate of $11.61 was down from the previous year’s rate of $12.19.

“We try to keep it as stable as possible. We really don’t have a lot of wiggle room. It is mostly dictated by formula. You could adjust the instructional support income surtax rate, maybe, as a possibility,” Elmore said.

Hope said she knows there’s little room to maneuver in the levy formula, but asked the board to keep in mind every effort to try to keep property taxes down for district taxpayers.

“I know there’s very little wiggle room.”

The district has an additional 30 days to get the budget finalized due to an extension from the state to correct an error in assessment calculations for multi-residential properties in the state.

In other action, the board heard updates from Fort Madison High School co-principals Patrick Lamb and Aidan McKay about concurrent course work for students at the high school.

The district is looking at continuing to build its relationship with Southeastern Community College in an effort to help students get more college credit prior to graduation, which will help save parents money in tuition and better prepare students for post-secondary plans.