BDS Board members approve budget and millage rate for 2022-2023 school year

BDS Board members approve budget and millage rate for 2022-2023 school year.
BDS Board members approve budget and millage rate for 2022-2023 school year.(Allison Baker)
Published: Sep. 8, 2022 at 11:03 PM CDT
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PANAMA CITY, Fla. (WJHG/WECP) -The Bay District School Board adopted its final millage rate for the school year.

The rate is good news for taxpayers in the area because superintendent Bill Husfelt said this is the lowest millage rate in 20 years, at 5.504 Mils.

With BDS’s millage rate decreasing this means property owners could pay less this year.

For example, if your taxable value is $50,000 For the 2022-2023 school year you will pay around $275. The previous school year you would have paid around $292 dollars. The decrease is saving property owners in that bracket around $17 and some change

“The reason we are able to go down in the millage is the property values as a whole are up. There is a lot of new construction a lot of new renovation so the tax roll is up a considerable amount this year,” Jim Loyed, CFO, of Bay District Schools, said.

The school board also approved the largest budget they’ve ever had. The budget tallied at $607,969,313. This is an increase of more than 71 million dollars compared to the 2021-2022 school year.

“It is definitely the largest I have been a part of and mainly because there are some nonrecurring dollars that are in there,” Loyed said. “There are some federal funds that are related to COVID, there are some remaining hurricane dollars that are still in there. They should taper off in the next few years but yeah it is a pretty big budget this year.”

The budget and millage rate were both approved during a public hearing on Thursday, with no opposition from the public during the meeting.