Interim Superintendent Jane Belmore:

We are now projected to receive an additional $11.8 million in state aid, but because of the state revenue limit, we only have the authority to increase our spending by $8.1 million. That means that $3.7 million of our projected $11.8 million increase in state aid must be used to shift spending off of the property tax levy. This shift results in a property tax increase of 3.47%, which is down from the original increase of 4.95% that you approved in the preliminary budget.
In other words, we will immediately deliver $3.7 million or nearly 1.5% in property tax relief for our constituents.

The $376,200,000 2012-2013 Madison School District budget spends $15,132 for each of its 24,861 students.