North Winneshiek's property tax rate will be increasing to between $15.10 and $15.25 per $1,000 of taxable value for the upcoming fiscal year.
The current tax rate is $14.77 per $1,000 of taxable value.
The North Winneshiek School Board approved the 2013-2014 fiscal budget following a public hearing Monday night. The new tax levy will generate about $1,807,875.
According to Superintendent Tim Dugger, the final rate depends on what the state Legislature allocates for school funding. Dugger reported the average school tax rate in Iowa is $14.48 per $1,000 of taxable value, the minimum rate is $8.33 and the maximum rate is $23.06.
The District's property valuation has increased 5 percent from $112,524,843 to $118,520,095.
The Board also approved an Iowa School Cash Anticipation Program (ISCAP) resolution. ISCAP is organized through the Iowa Association of School Boards and allows school districts to access short-term loans for general fund purposes, Dugger explained.
School districts do not receive state aid in August and September; therefore, if needed, school districts can borrow money to cover expenses during these months. State aid begins in September and is collected for 10 months. Property taxes are received in October and April of each school year.
The Board went into closed session to discuss teacher contract negotiation strategy for the upcoming school year.
The Board and North Winneshiek teachers' union have not yet exchanged contract proposals, but will soon, Dugger said.