Hopkins School Board Makes 5.25 Percent Levy Increase Official

The School Board on Thursday gave its final approval to a 5.25 percent levy increase for taxes payable in 2012—confirming a total .

The increase raises the total levy to $42.4 million. About $1.6 million, or three-quarters, of the $2.1 million increase comes from alternative facility bonds the district issued in the spring.

The school district sold $29.4 million worth of bonds in March after the Minnesota Department of Education gave the district's 10-year capital facilities plan a positive review. The money is paying for major projects in 2011 and 2012 at , , and other facilities.

The percentage increase is also higher because this year Hopkins had $890,000 in excess debt service that lowered property taxes, said John Toop, the district’s director of business services. Hopkins will not have any excess debt service for the upcoming year.

The equity levy— funding based on a legislatively set formula—is also growing by $190,000. That levy has been extremely volatile, although Toop expects it to stabilize. It was $762,000 for taxes payable in 2010 but dropped to $153,000 for 2011. In 2012, it’s expected to climb to $343,000.

The general fund is expected to grow by $544,000 to $26.1 million—a more-modest 2.06 percent climb.