districts are required by statute to levy 105% of the amount of long term debt
owed for any given year, For example, our debt payments for 2007-08 will be
$3,233,430. We were required to levy 105% of that, or $3,395,101.50. This
guarantees that even if collections are not 100% of all taxes levied, the
district will have sufficient funds to pay its debt obligations. Generally, we
do collect near 100% of the amount levied, so the excess isn't needed.
Therefore, the following year, the state calculates the amount of additional
levy that wasn't needed to make our debt obligation, and reduces the levy for
the following year by the amount of the excess. The most recent levy reflected
a reduction of $87,513.63 for this purpose.
The district's estimate of the amount available to transfer this year is no
more than $150,000. I believe Rep. Greiling used $1.5 million as a
placeholder, because that amount in no way indicates the amount of excess debt
levy that Roseville Area Schools has available.
If you need more information please contact Barb Anderson, who is our district
finance person and REALLY knows the details. She can be reached at
<email obscured>
Linda McLoon
Clerk
Roseville Area School Board