Projected Referendum Mill Rate Increase Dips With Borrowing

3/14/17 – Taxpayers in Beaver Dam could see a lower tax impact than initially projected from the recently approved referendum. In November, district voters approved $49-million dollars for an overhaul of the high school and security improvements at all other district school buildings. As the first step in the borrowing process, the Beaver Dam School Board Monday night approved the sale of $7-million in bonds payable over 20 years. District Director of Finance Anne-Marie Woznicki says the interest rates came in lower than projected. As it stands right now, the estimated maximum mill rate increase for school district property owners would be $1.60 on average, eight cents lower than original projections. However, the school board is expected to bond for another $32-million dollars next month – followed by the final $10-million dollars later during the two-year construction process – and there is no telling at this point what impact those interest rates would have on the mill rate.