Parkway e-News Story

Parkway Tax Rate Lowered by 2.6 Cents

The Parkway Board of Education has approved the 2006-2007 residential tax rate at $3.4270. This is a decrease of 2.6 cents from last year's tax rate of $3.4534. Each year by Sept. 1, public school districts are required by law to adopt the current year's tax rate according to calculations prescribed by the State Auditor's office. The law provides for limited retroactive adjustments -- increases or decreases -- each year to reflect various changes that may have occurred since the previous year. "This is good news for Parkway taxpayers," says Mark Stockwell, chief financial officer. "The lower rate will result in lower residential property tax bills for Parkway homeowners this year." This is the second year in a row Parkway's tax rate has decreased. Last year the rate decreased by 15.68 cents and over the past 10 years, Parkway's operating tax rate has decreased more than 40 cents. Today, Parkway's tax rate is lower than it was in 1996 and operating revenues are not keeping pace with inflation. In response, the district cut $4 million dollars from the annual operating budget in 2002, and another $2.5 million in 2005. Class sizes were increased throughout the district. Staffing continues to be reduced each year as enrollment declines, but the district continues to experience budget deficits each year. On November 7, after 36 years without an operating tax rate increase, the Parkway community will decide whether to increase Parkway's tax rate by 37 cents. The increase would cost the average Parkway homeowner approximately $140 dollars a year, or less than $12 dollars a month. If passed, Parkway's tax rate would still be below many neighboring districts, and would allow the district to balance the budget and restore many of the cuts made in recent years. For more information on Proposition R, visit the Parkway web site at: http://www.pkwy.k12.mo.us/index.cfm.