Because of this reason, the Board waits to establish the annual levy until the County Board of Equalization completes its work and the St. Louis County Assessor produces assessed valuation figures that include adjustments.

26

Another reason school districts may revise the tax rate ceiling to compensate for reductions in assessed value is because of decisions made by the local Board of Equalization or the State Tax Commission. The District may be permitted to levy an additional tax for up to three years to recoup the revenues it was entitled to receive for the preceding one to three year period affected by the decisions.

Fund 2020-2021 Revised Budget 2021-2022 Proposed Revenue

Variance General $21,164,030 $23,275,310 $2,111,280 Special Revenue $35,046,590 $34,900,600 ($145,990) Capital Projects $4,126,430 $3,607,960 ($518,470) Debt Service $8,407,370 $8,921,400 $514,330 Total $68,744,420 $70,705,270 $1,960,850

The increase is primarily due to fluctuations because of the COVID-19 pandemic. The revised 2020-2021 total revenue budget includes fee-based programs with significant reductions in revenue from the 2018-2019 school year. The most significant variations in these programs between the 2020-2021 and 2021-2022 school years include Family Center ($270,000), Kid Zone ($140,000), and facility rentals ($62,000), as well as student activities ($600,000). The 2021-2022 revenue budget projects revenue closer to pre-pandemic levels. Real estate taxes are also projected to increase 1.4% for CPI as well as new construction resulting in an additional $1.2 million in total tax revenue. 27