By PETER HUSSMANN
Newton school board members were briefed on possible cuts to statewide education funding and its potential impact to the district at its meeting on Monday that at its worst might mean the reduction of as much as $2.3 million in state aid but a more likely figure of around $1 million.
Board members were given the budget update following Superintendent Steve McDermott's release of a host of recommendations that would cut more than $1.8 million from next year's budget through the elimination of as many as 30 staff positions and the closing of an elementary school.
State lawmakers have yet to set the amount of money to be budgeted for the state's 360-plus school district's but House Majority Leader Kevin McCarthy predicted in a DM Register article today that the funding picture for education will look brighter in the coming weeks.
While school board members were briefed on the possible negative aspects of reduced state funding, what they weren't told is that the district stands to gain an additional $746,445 in local property tax payments next fiscal year without doing a thing.
The increase is due to the $45 million jump in taxable value for the school district as a result of the state-issued equalization order on all Jasper County residential, commercial and ag land property. The Iowa Department of Revenue adjusted the assessed values of residential properties up 6 percent, commercial property up 5 percent and ag land up 53 percent. The result was that the taxable value of all classes of property in the school district jumped from $596 million for the current year to $641 million for next.
Working with budget experts in the Jasper County Auditor's Office with information collected by the Iowa Department of Managment, the Newton Independent calculated the property taxes eligible for collection in the coming year by various property classifications based on district's current levy of $16.56 and the adjusted rollbacks now in place.
Residential
2008 - $345,901,837
2009 - $382,776,826
Difference - $36,874989
Added Tax - $610,882
Ag Land
2008 - $78,198,028
2009 - $84,691,998
Difference - $6,493,970
Added Tax - $107,581
Ag Buildings
2008 - $7,452,494
2009 - $3,768,325
Difference - ($3,684,169)
Added Tax - ($61,033)
Commercial
2008 - $118,062,753
2009 - $122,406,541
Difference - $4,343,788
Added Tax - $71,960
Industrial
2008 - $20,070,739
2009 - 21,709,537
Difference - $1,638,798
Added Tax - $27,149
Railroads
2008 - $1,596,477
2009 - $1,823,657
Difference - $227,180
Added Tax - $3,763
Utilities (W/O Gas & Electric Utility Value)
2008 - $6,794,765
2009 - $7,266,052
Difference - $471,287
Added Tax - $7,807
Gross Valuation (W/O Gas & Electric Utility Value)
2008 - $578,077,093
2009 - $624,442,936
Difference - $46,365,843
Added Tax - $768,111
Less Military Exemption
2008 - $2,498298
2009 - $2,470,568
Difference ($27,730)
Added Tax - ($459)
Total Net Valuation (W/O Gas & Electric Utility Value)
2008 - $575,578,795
2009 - $621,972,368
Difference - $46,393,573
Added Tax - $768,570
Gas & Electric Utility Valuation
2008 - $20,588,847
2009 - $19,253,326
Difference - ($1,335,521)
Added Tax - ($22,125)
Total Taxable Values
2008 - $596,167,642
2009 - $641,225,694
Difference - $45,058,052
Added Tax - $746,445
Taxable values went up more than $81 million countywide to $1.27 billion. The City of Newton saw a $26.4 million increase to $414 million. The Newton Independent wrote a story about the taxable valuation increases back in January.
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