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CITY, N.D. (NewsDakota.com) The interim fund improved from 0,000 dollars to about .1 million dollars in the first quarter of the new school year according to Superintendent Dean Koppelman.

While that is good news Koppelman says the taxable valuation in the school district is lower due to the new state funding formula that provides property tax relief to North Dakota property owners.

According to the Barnes County Auditor’s office taxable valuation in the Valley City school district was reduced from $4.2 million in 2012 to about $3.1 million in 2013.

Koppelman says the funding formula passed by in the North Dakota legislative session needs to be adjusted as school district in some areas of the state continue to deal with budget shortfalls tied into the new funding formula.

Koppelman says a review of the school district’s financial report will be addressed during every regular school board meeting throughout the 2013-2014 school year.