Board adopts proposed 2023-24 school year budget; tax levy under ‘cap’

On April 18, 2023, the Stillwater Board of Education adopted a proposed $29,988,245 budget for the 2023-24 school year.  District residents will vote on the proposed budget, candidates to fill three vacancies on the Board of Education, and a budget and trustees for the Stillwater Public Library on Tuesday, May 16.

The proposed budget preserves existing programs and services, includes the purchase of three new school buses, and includes funding for debt service payments, salary increases for faculty and staff, and increases in employee benefit costs. Spending under the proposal would increase by 5.06 percent, or $1,443,640, over the current-year budget. The increase in spending is being driven by increased salaries for faculty and staff; increased costs associated with health insurance and other employee benefits; and increases in utilities, diesel, gasoline, and fuel oil.

If voters approve the proposed budget, the projected tax levy—the total amount of money a school district raises through property taxes—would increase by 4.48%. This increase is below Stillwater’s maximum allowable tax levy increase as determined by the state’s tax levy “cap” formula (6.12%).

District officials estimate that school tax rates, which are the amount of taxes residents pay per $1,000 of assessed property value, will increase by approximately 1.93% for residents in the district. Final school tax rates are set in August when assessment rolls are finalized.

Detailed budget information is posted on the budget webpage.