The Springboro Board of Education reviewed a five-year financial forecast on Thursday before voting on the substitute levy to be on November ballots.

Springboro schools move to put substitute levy on November ballot

The levy would substitute for an existing levy that generates slightly more than $7.9 million annually. A second resolution must be approved by August to put the issue on the ballot.

“We’re ahead of the game,” Treasurer Terrah Floyd said.

Under the substitute levy, the district would collect more tax revenue as new homes and buildings are constructed and the tax base grows. But the bills of existing taxpayers should stay the same, barring a reappraisal or change by the county board of tax review.

With a substitute levy, taxpayers still benefit from 12.5 percent in credits, 10 percent for property owners, 2.5 percent if owner-occupied. This rollback is no longer attached to new levies.

Last week, Springboro board members indicated they were in support of asking voters to approve a continuing substitute levy after a discussion with Floyd and Superintendent Dan Schroer.

If the substitute levy fails to win voter support in November, the district still has a year to win approval of a replacement levy.

In November 2013, Springboro voters approved the most recent 8.78-mill five-year, renewal. It is currently levied at 8.38 mills due to the increased property valuation in the district since passage.

Prior to the November 2013 election, district voters rejected five consecutive levies for additional operating money.

The existing levy covers roughly 18 percent of the district’s annual operating budget, and expires at the end of 2018.

Failure to at least renew the existing levy would cost the district more than $20 million by 2021, according to Floyd.

If voters passed the continuing substitute levy, the tax would be in place in perpetuity, barring a rollback.