ST. LOUIS — The Board of Education of the City of St. Louis approved a resolution Tuesday night that would end a tax rollback previously given to city taxpayers by St. Louis Public Schools.
In 2016, city taxpayers approved a maximum tax levy of $4.50 per $100 of assessed valuation. However, in 2022, the district reduced the tax collection rate for one year after a large influx of federal dollars, according to Angie Banks, chief financial adviser.
Reversing the rollback would pay for operational costs and salaries, according to district officials.
In the spring, the district negotiated a 17% pay raise for teachers and staff that was slated to begin July 1, the start of fiscal 2025.
The projected operating budget for 2024-2025 shows a deficit of $35 million, according to financial records. The proposed operating revenue for fiscal 2025 is $345 million with expected expenditures of $380 million.
The fiscal impact of reverting the tax rate would amount up to $6 million, depending on assessed valuation and other variables, according to district documents.
A tax hearing and presentation will be presented to the public in September.
This would not require a vote from taxpayers because the rate does not exceed the district’s maximum levy.