Sibley East Levy Drops Drastically 20 Dec 13

The Sibley East School Board held a Truth In Taxation hearing this week, and afterwards approved a property tax levy for 2014 that is a dramatic drop from this year’s levy. The Sibley East levy for next year will be just-over a million dollars. That’s more-than $267,000 less than the 2013 levy, or a decrease of more-than 14%. The main reason for the big drop in taxes for Sibley East residents is a change in the state funding formulas by the Minnesota Legislature earlier this year. The changes lowered levy amounts and increased state aid, so even with the levy decrease Sibley East will not be losing any funding. The district currently has approximately $2.8-million in its fund balance, or more-than 2 months worth of operating expenses. The state recommends that school districts keep at least 2 months worth of operating funds on hand.