By Megan Kelley
Staff Writer
LAKE ORION — The Lake Orion Community Schools Board of Education met last week for a regularly scheduled meeting which included the district’s Truth in Budget and Taxation hearing and the review and approval of the 2023 Tax Rate Request form.

The purpose of the Truth in Budget and Taxation hearing is for the district to be in compliance with state law, that says school districts must hold a hearing before adopting a tax levy for the following year.

“The underlying purpose of the presentation is to present to the community where we think we’re going in terms of our upcoming tax levies; a current iteration or draft, if you will, of what we think the next year’s general fund budget will be, and I’m using the word ‘draft’ intentionally because the state has not finalized its budget for next year. So, we’re going on our best knowledge at this point,” said Assistant Superintendent of Business and Finance John Fitzgerald.

According to district documents, the district expects to levy 18 mills for the General Fund, 1.882 mills for the Building and Site Sinking Fund and 7.491 Debt Service Fund. With all three of these tax levys combined, the district is estimating a total tax levy of $34,339,654.

“Just as a reminder, when taxes are levied on properties, one mill of tax will generate, based on every $100,000 of taxable value, will generate $100 of tax revenue,” Fitzgerald said.

The board unanimously approved the tax levy request which allows the district to move forward with its collecting authority to receive that revenue.

In a draft of the 2023-24 budget, the district shows an anticipated revenue of $100,818,862 and an estimated total expenditure of $100,481,975, which rounds out to a difference of $336,887 which would then be added to the district’s remaining fund balance.

The board is expected to formally authorize the budget during its meeting on June 28. The districts fiscal year runs from July 1, 2023 through June 30, 2024.