HASTINGS – The tax levy override that the Hastings Public Schools asked the voters to approve, passed with 61 percent of the voters voting for the override.
During the voting process, school officials made it clear that this will not be a tax increase. Instead they will reallocate funds from the projects budget to the operational budget.
The district is facing a $2.5 million budget shortfall this year.
John Bonham, the Vice President of the Hastings Public School Board, explains why this will help the districts finances.
And we’ve been successful in paying our bond indebtedness off at a quicker pace than we anticipated. The way I describe to folks is: here is an opportunity for us to rearrange how that levy is allocated for us. So this is going to give us seven cents back on that levy to apply towards general funds, which is going to be about an additional, about, $750,000 a year.
The school district will also be making budget cuts of just over $830,000 and they will use the Cooperative Fund and cash reserve dollars to alleviate the shortfall.
The override will remain in effect for five years.