Spencer, August 22, 2024—In a move to continue easing the tax burden on district residents, the Spencer-Van Etten Central School District Board of Education approved the 2024-2025 Tax Warrant with a $300,000 reduction in the tax levy. This decision, made during a special meeting on Thursday, August 22, 2024, reduces the previously approved tax levy increase of 7.28% to a more moderate 3.43%.
The approved budget of $27,772,401, which was supported by district voters in May, remains fully funded, with other revenue sources such as PILOTS and federal and state aid unchanged. This reduction is part of a strategic two-year plan initiated by the district to maintain a positive tax cap projection heading into the 2025-2026 budget cycle.
Sound Fiscal Management and Community Engagement
The reduction was made possible by the district's prudent financial management, resulting in surplus funds at the end of the 2023-2024 fiscal year. These surplus funds stemmed from higher-than-expected investment income and significant savings on employee benefits. The majority of these savings were realized through the district's transition to a Cooperative Health Plan, a move supported by all employees. This collective decision not only allowed the district to bolster the budget but also enabled a reduction in the tax burden on residents, with benefits extending into future years.
This action follows a similar reduction made last year when the Board reduced the tax levy by $250,000. The district's proactive approach to managing its finances has ensured that most reserve funds remain healthy and well-funded, positioning the district to meet future financial needs.
"We are proud of our continued efforts to manage the district’s finances responsibly," said Barbara J. Case, Superintendent of Schools. "The support of the Spencer-Van Etten community has been invaluable, and we remain committed to delivering excellence in education while being mindful of the financial impact on our residents."
This Spring, the district conducted two additional community meetings, alongside the Budget Hearing, to keep residents fully informed about the financial situation and the rationale behind the tax levy adjustment strategies.
Looking Ahead
The district's strategic fiscal planning aims to position Spencer-Van Etten for continued financial health while maintaining quality educational programs. The Board of Education will continue to evaluate expenses and program effectiveness as it navigates the complexities of school funding.
Classes for the 2024-2025 school year will begin on Thursday, September 5, 2024.