Schools losing money due to tax caps

LAFAYETTE, Ind. (WLFI) - The Tippecanoe School Corporation (TSC) discussed the impacts tax caps will have on the district during a work session.

TSC financial adviser Kim Fox told News Channel 18 county auditor Jennifer Weston provided her with information on the tax caps. According to those numbers, the TSC will lose $278,167.65 in tax generated revenue for the 2010 calendar year.

The Lafayette School Corporation will lose $809,528.58 and the West Lafayette Community School Corporation will lose $432,942.98 in tax generated revenue.

Fox said last year's tax cap was just over $150 because not all the tax caps were in place. The district knew the 2010 circuit breaker would be much more. The TSC estimated this year's tax cap at $118.

"This is just for the 2010 year. So each year after this there will be an impact for our revenue stream, obviously, from property taxes," Fox explained after Wednesday evening's work session. "We currently are living under legislative caps. There will be a vote by the public on November 2nd on whether those caps will be placed in the constitution. If that happens, a tax cap will be in place for all of us. We are concerned about what that may mean down the road."

Also, during the work session superintendent Scott Hanback told the board of trustees the 2010-2011 full time enrollment number of over 11,620 is the highest the district has ever had. The TSC has had growth in enrollment each year since the 1989-1990 school year.