Referendum Project Costs

Referendum Question #1 Total Project Cost = $38,650,000

HVAC & Roof Replacement Projects = $32, 900,000

• OHS HVAC Replacement
• OHS Roof Sections Replacement
• Ixonia Roof Sections Replacement

Ixonia Expansion Project = $5, 750,000

• Build six new classrooms at Ixonia
• Remove two temporary modular classrooms at Ixonia
• Replace gym floor at Ixonia

Debt Service Mill Rate Impact

How can the tax impact be so low for a $75 million referendum?

The district has intentionally and consistently reduced our mill rate for more than 10 years.  The 2022-23 mill rate of $8.25 remains below the 2013 mill rate and, if Question 1 and Question 2 were both approved, the estimated 2024 mill rate of $7.25 would still remain below that level.

In that same 10-year time period, the district saved taxpayers more than $2.8 million in interest expenses by refinancing and prepaying referendum debt.  The structure of existing debt, along with the refinancing and prepayments, makes it possible for the district to take on new debt for these facility projects with minimal impact on the property tax mill rate.

How Are We Doing From a Financial Standpoint?

Along with a sound savings plan, the district has intentionally and consistently reduced our mill rate for more than 10 years and the 2022-23 mill rate of $8.25 remains below the 2010-11 mill rate.  In addition, the OASD’s current debt maturities have been strategically structured to allow flexibility if future debt becomes necessary.

Highlights:

• Our tax mill rate (which is used to calculate a school district’s share of local property taxes) has declined by 25% over the last ten years
• We saved more than $2.8 million in interest expenses by refinancing and prepaying referendum debt over the last ten years
• Over the last six years, we allocated $7.6 million to pay for building maintenance and capital projects. During this time, we also set aside nearly $10 million for future facility investments

About the OASD Mill Rate

The OASD has continued to reduce its mill rate over the past decade.  At $8.25, the 2023 mill rate remains below the rate in 2010.  The mill rate is the amount of tax payable per $1,000 of equalized property value.  Mill Rate = Tax Levy / (Equalized Property Value/$1000).

There are 16 taxing municipalities within the school district's boundaries.  The district's mill rate for each taxing municipality might vary slightly depending on the change in the municipalities property values compared with the district's overall equalized value growth and how much of the district's overall levy is thereby allocated to the municipality.    

The District’s levy increased by 10% from $58.9M to $65M.  The increase was not related to the District’s operational levy, but rather it resulted from additional debt service levy to be used for early repayment of existing debt. The 14% increase in equalized property values, compared with the 3% increase initially forecasted, provided an opportunity for long-range strategic debt planning.  Early debt repayment directly benefits taxpayers with lower mill rates by avoiding interest expense and reducing future debt service levies for existing debt.