Lake County Schools get $12 Million Less in New Fiscal Year
At a final budget hearing Monday evening, Lake County School Board unanimously approved the 2012-2013 fiscal year budget and millage rate.
With property values continuing to decline, Lake County School District’s annual operating budget decreased for the third consecutive year. The $554.3 million 2012-2013 final budget is about $12.5 million less than last year’s budget. The millage rate of 7.320 is .074 mil less than last year.
The required local effort (RLE) for Lake County Schools, as set by the Florida Department of Education, is a millage rate of 5.82 for the 2012-2013 fiscal year. Combined with 1.5 mils dedicated for capital improvements, the total School District millage rate for Lake County property owners is 7.320. The RLE determines what millage the School Board must approve in order to qualify for state funding.
Millage determines how much property owners will pay in taxes. For example, the 7.320 millage rate applied to a home assessed at a taxable value of $100,000 would pay school taxes of $732 or $7.40 less than last year when the millage rate was set at 7.394.