(KFOR NEWS June 23, 2021) The LPS preliminary proposed budget totals about $463 million, an increase of 1 1/2%. Currently, the preliminary budget proposal provides a decrease of one penny in the overall property tax levy.
Other highlights of the 2021-22 preliminary proposed budget include:
This is a residential property revaluation year, and property valuation increases in 2021 will lead to major reductions in State Equalization Aid for 2022-23. In the past, LPS used the residential revaluation year to add to the cash reserve – a practice that offsets the negative impact of State Equalization Aid dropping significantly the following year. Since 2019, LPS experienced a significant drop in State Equalization Aid – approximately $30 million. It is possible that state equalization could drop $10-20 million next year.
There will be two budget forums – one in person and one virtually – with a short presentation and time for community questions, comments and feedback.
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