Months after initial proposal, Lincoln Public Schools approves $560 million budget

LINCOLN, Neb. (KLKN) – After months of planning, Lincoln Public Schools approved its budget Tuesday night at a crowded board of education meeting.

In June, the district unveiled the $560 million budget that would increase spending by about $20 million but reduce the property tax levy by 7 cents.

On Tuesday, the board voted unanimously to approve the budget.

SEE ALSO: ‘We are proud of this budget’: LPS raises spending by $20 million but lowers tax levy

LPS communications director Mindy Burbach explains that due to increased property valuations last year, the state aid increased to $10 million this year.

Home values are going up around 8.6% this year, making the average home worth about $315,000.

That, plus extra funding from the state, allowed LPS to lower its levy by almost 9 cents.

Under this budget, the average homeowner would see their property tax bill for the school district go down by $7.

SEE ALSO: ‘Just dirt and weeds’: LPS student gets more than 1,000 signatures to improve schoolyards

This additional aid being used for the budget’s increase to spending, alongside decreased tax levy this year.