To Our Valued Colonial School District Community,
At the Board meeting held earlier this week, we took action to approve the tax rate for the upcoming year. However, due to the reassessment, this process looked a bit different than prior years. Because the reassessment process caused a dramatic increase to our tax base, we rolled back our rate, in accordance with Delaware law.
During the presentation and discussion around this issue, we reviewed several factors that influenced our decision.
- While the reassessment process is complete, the appeals process is not. The properties that have pending appeals account for 10% of our total tax base, which means that we cannot be certain what amount of revenue will ultimately be generated by them.
- Additionally, we learned that the federal government is holding back grant funds nationally for several programs that are worth $1.3 million annually to Colonial. We aren’t certain that we will ever get those grant funds.
Because of these uncertainties, the Board chose to use its discretion to include a 7% revenue enhancement to the rate that was approved. This decision was not made lightly, and our goal was to remain as close to revenue-neutral as possible while maintaining fiscal stability.
This decision reflects our unwavering dedication to keep Colonial students as the focus of our decision and navigating a complex and uncertain financial landscape. We believe this adjustment is a necessary step to safeguard the future of our schools and the success of our students.
We appreciate your understanding and continued support as we work together to uphold the standard of excellence in the Colonial School District.
Sincerely,
The Colonial School District Board of Education