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Session 1659, Minutes February 5, 1996 Page 3 that total, 28.4% is from the state (formerly as high as 32%), local property taxes provide 62.8%, St. Louis County 1.6%, and Federal funds 7.2%. However, current expenditures are nearly $28 million, and the District is using reserve funds to make up the difference. He pointed out that changes in the State Foundation Formula have reduced the amount the schools receive by nearly $1 million. Without additional lands, the District's fund balance will be dangerously low; revenue levels must be increased and expeaditure levels reduced. He noted projected expenditures have only a 2% yearly increase. While the School Board made cuts of $500,000 last year, more must be made to remain solvent, even ifvotors approve the two propositions. He said if both propositions pass, the cost to the owner of a $100,000 house would be $160 a year. He said the Schools simply want to maintain their current excellent programs and low teacher-pupil ratio. Ms. Linda Locke, co-chair of the Tax Levy Committee, said Mr. George Cotton is co-chair and Ms. Suzanne Schoomer treasurer. She said all parents and citizens want the quality of the schools to re- main high; unfortunately, the main funding comes from the property tax, and absent basic changes of support, that will remain so. She said property values have increased in University City, and owners want that to continue. She said the budget has been cut and some reserve funds used; a tax increase has been put off as long as possible (the last was six years ago) but now it is necessary. She asked Council as a group and individually to support the Yes to Schools Tax Campaign by filling out the form endorsing the tax campaign, and if possible, to contribute to the campaign. Mrs. Thompson commended the presentation and suggested that Council endorse Propositions One and Two. Mayor Adams said at its last meeting, Council approved an item that also will go on the ballot, a one- half cent sales tax increase. If approved by voters, Council has pledged to try to roll back property taxes by 30 cents/S100 assessed valuation. It is hoped that will help the School District in obtaining approval for its two propositions. He said Council is very supportive of the School District and wanted to give representatives this opportunity to present their case. Mr. Schoomer suggested a res- olution of support be prepared, and all agreed. Mayor Adams thanked the representatives for their presentation and wished them success. Mrs. Schuman said the presentation on the financial information and the gap resulting from the reduction of state revenue are really important pieces of information that need to be told to the public whenever and wherever possible. She said voters in this community are very wise and will respond when they see there is a real need. ACKERT WALKWAY ENTRANCE IMPROVEMENTS The City Manager agreed with the Park Commission recommendation that the Ackert Park entrance be improved as proposed by the Delmar Loop Special Business District. The plan calls for converting and restoring the two low brick sitting walls into planters since the walls are deteriorating and other types of seating have been established elsewhere in the District. The City will provide $1,500 in bond issue money; the Spocial Business District suggests that other funds will be available from District