New Bremen Schools to Pursue Refinancing Opportunity & Moving Inside Millage
In May of 2017 the New Bremen community passed a 7.46 school bond levy to construct a new elementary school. The school has been designed and constructed within budget, and the community now has a modern and efficient K-12 school on one campus we can all be proud of.
Since the original bonds were purchased, interest rates have decreased and the value of real estate in the school district has increased. This has put the district in an advantageous position to reduce property taxes.
We were very fortunate to build the school prior to the recent inflation of construction materials and labor. In the future however, we will be managing through inflationary effects in supporting the facilities.
Therefore, the New Bremen Board of Education is recommending a millage adjustment that both lowers taxes and provides funding for the permanent improvement (PI) fund. Permanent improvement funds are designated to maintain school facilities and equipment with an estimated life or usefulness of five years or more.
The estimated millage reduction would be 2.34 and 1 mill will be directed to the permanent improvement fund, resulting in an approximate 1.34 mill reduction to taxpayers. A reminder of how this impacts taxpayers, 1 mill equals approximately $35 on a $100,000 property.
The New Bremen Board of Education and administration have examined several factors in this recommendation, including the reduction of future funding needs. This communication is to share details in a clear and factual manner, which will permit the board to make an informed decision for the district and community. The Board of Education will be discussing the recommendation next Wednesday, October 20th at 6:30 pm before the regular scheduled meeting to answer any questions.