The Toledo Public School Board has unanimously approved a measure lowering the TPS levy on the November 6 levy from 6.9 mill to 4.9 mill.
The decision comes after TPS leaders say they ended last school year with more money than expected.
TPS Treasurer Matt Cleland proposed council reduce the amount of the levy by 2 mill. TPS was originally asking for 6.9 mill. Cleland also recommended changing the length of the levy from continuous to expiring in 10 years.
With a 6.9 mill levy, the owner of a $60,000 home would pay about $127 a year. For a 4.9 mill levy, the amount is lowered to around $90 a year.
These changes are possible, according to Cleland, because the school system came in $8.5 million under budget this year and he expects those efficiencies to continue. Higher student retention, health insurance changes and the transformation plan contributed to the conservative budgeting.
"I didn't want to create a situation where we're asking for more than we absolutely need. We want to be sensitive to the economy and our public's position," explained Cleland.
Even with the savings, TPS will still be about $48 million in the red in 2016. Cleland said a 4.9 mill, 10-year levy will reduce that to only $2 million in the red the same year. TPS will be in the black every year before then.
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