Libby school officials approve $11.3 million budget

Local property owners can expect significant savings in their property taxes owing to the end of a five-year Libby Public Schools levy.

Property owners with homes worth $100,000 will see an estimated $80.78 dip in taxes levied by the district thanks in large part to the expiration of the building reserve levy. The levy, approved by voters in 2016, directed $4.1 million towards building repairs and maintenance costs.

Leslie Forster, district clerk, said the levy made up a significant portion of the district’s recent budgets. Last year, it accounted for almost 65.5 mills out of the district’s total 252 mills.

School board members approved the district’s $11.3 million budget for the fiscal year during an Aug. 23 meeting. The financial roadmap marks a roughly $764,000 decrease over last year’s budget. Since last year, the number of mills the district can levy has dropped to 162 but its taxable valuation has increased, according to Forster.

In keeping with the end of the building reserve levy, the amount school officials budgeted for the building reserve fund decreased by nearly $1 million to $364,011.09.

Administrators set aside $8,364,406.56 for the district’s general fund, the highest amount the state Office of Public Instruction allows the district to levy without holding a vote. The amount marks a roughly $40,000 increase over last year’s general fund.

School board members allocated $881,500 for the district’s transportation fund. Of these monies, $855,500 will go towards budgeted needs. The rest will serve as allowable contingency funds. The total amount budgeted for the transportation fund increased by $36,300 since last year.

School officials put aside $165,120 for the district’s tuition fund. These monies will help pay for the cost of special education programs. Last year, the administrators budgeted $171,053 for their tuition fund, $160,889 of which went towards special education.

Administrators raised the amount they planned to draw from their retirement fund to $1,275,000 from $1,225,000 last year.

District officials levied approximately two mills or $23,000 for their adult education fund. These monies will go to Flathead Valley Community College for an education program for adults aged 16 years or older who are not full time students.

The budget for the district’s technology fund remained at $50,000. During the Aug. 23 meeting, Forster said school officials generally don’t spend this money. In recent years, the district has relied on a state grant to cover technology costs. Coronavirus relief funds have also provided school officials with monies to put towards technology.

Forster estimated that the district had roughly $200,000 in its technology fund.

“You don't have a need to spend it,” she said. “But there will come a day when you need to start replacing [technology].”

School board members increased the budgeted amount for the district’s flexibility fund from $126,095 to $186,545. Of this year's funds, $61,197 will come from grant funding and $125,348 will come from permissive levies.