The Cardington-Lincoln Board of Education is currently considering the option of transferring property tax from its general fund collection to a permanent improvement fund.
The sum of one mill is being considered in the transfer which will not change the overall tax rate being charged and part of this transfer will be used to replace the half-mill maintenance levy which expired in 2014.
Additionally, this comes at a time when the County Budget Commission is reducing the bond millage (debt repayment) by one mill as well.
The new permanent improvement (PI) Fund can be used only for Capital Improvements or purchases lasting for more than five years. It is expected the one mill will generate $120,000 per year for maintenance and capital
expenditures. It cannot be used to pay wages or employee benefits.
In terms of property taxes, voters in the Cardington-Lincoln School District approved three bond issues for the renovation and construction of school buildings in 1991, 2002 and 2003.
With the 1991 bond issue expiring along with its half-mill maintenance levy in 2014, taxpayers have realized a decline in overall property tax rates in the last two years.
Cardington-Lincoln Schools has the second lowest total Class One tax rate of the 33 districts in the counties including and adjacent to Morrow County.
The district will conduct a public hearing at 6 pm on Sept. 26 in the high school library to consider comments prior to voting on the issue.
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