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Board Passes $3.5 Million Referendum
(posted 1.12.10)
The Speedway School Board approved a resolution to place a tax increase
referendum on the May ballot to reduce its budget deficit. The board approved
the measure at its January 12 meeting. According to Superintendent Ken
Hull, the tax rate was set at .5900 per $100.00 of assessed valuation,
which will generate $3.5 million annually.
The board made its decision based on a detailed report created by a district wide efficiency committee. The committee examined
cost cutting measures to reduce spending by $1 million annually. The committee
met on two different occasions. The report said the individuals on the
committee put in about 100 hours examining cost cutting measures.
"This committee reviewed and declined the cost cutting measures and
asked the Board to make no such reductions, and instead asked the Board
to adopt a public question which not only maintained, but enhanced Speedway
Schools", Hull said. "The Board chose to act upon this request
and pursue a public question rather than consolidate, as the only way to
reduce spending by the necessary 20% ... was consolidation."
Hull added "consolidation with either of the neighboring districts
would result in a property tax increase which would far exceed the referendum."
The IPS school tax rate of $1.1569 per $100 is four times higher than Speedway's
0.3142, Wayne Township's is five times higher at $1.5128 per $100.
The board would ultimately have to shave $2 million annually by 2012, given
unexpected state funding reductions.
The resolution must be approved by the City County Council before being
presented to the Marion County Election Board for final approval.
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