Otsego Local Schools is seeking additional funds for the first time in 20 years.

The board aims to place an income tax proposal on the Nov. 7 ballot.

The board passed a resolution asking for the Wood County auditor's input on the required income tax to collect $2.97 million.

Treasurer Steve Carroll suggests a 0.75% income tax, but the board leans towards a 0.50% tax.

The board plans to finalize the tax amount during its June 28 meeting.

An income tax is considered the safest and fairest tax for generating revenue.

Without additional income, the district's spending will exceed revenue for the next five years, leading to a reduced cash balance.

A 0.25% income tax is estimated to generate $992,472, while a 0.50% tax would collect $1.04 million, and a 0.75% tax would generate $2.97 million.

The district last requested new operating money in 2002 with a 1% income tax.

The board acknowledges the challenges of passing an income levy but emphasizes the need to continue providing quality education.