1 / 12

Supplemental Levy Election

Supplemental Levy Election. Tuesday, March 11, 2014. What is a Supplemental Levy ?. A supplemental levy is a local source of revenue that is used for school operations. The revenue is generated through the collection of property taxes.

altsoba-wright
Download Presentation

Supplemental Levy Election

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Supplemental Levy Election Tuesday, March 11, 2014

  2. What is a Supplemental Levy? • A supplemental levy is a local source of revenue that is used for school operations. • The revenue is generated through the collection of property taxes. • The levy must be approved by the majority of voters every two years.

  3. What was the current $14 million supplemental levy used for? • The school district’s current supplemental levy was used to restore 9 school days to the school calendar during the 2012-2013 and 2013-2014 school years. The cost to restore these days was $6.75 million and • To continue to hire staff who had been paid out of one-time sources of revenue that the school district received prior to the 2012-2013 school year.

  4. What will a renewed $14 million supplemental levy be used for? • The supplemental would be used to prevent cutting 9 school days and making further staffing reductions • The proposed supplemental is not additional funding. • The supplemental levy election proposes to continue the current level of local operating revenue for two years

  5. School Levies • Bond Payments: This amount represents the payments the district must pay on bonds previously approved by the voters. These bonds dateback to1998, and include bond levies in 2000, 2002, and 2005 that built 18 schools currently in operation • Plant Facilities: This amount represents the levy authorized by the voters in 2007 to maintain the school districts current facilities and capital projects. Examples include painting, roof replacement, re-paving, bus purchases, the construction of Willow Creek Elementary, and the re-model of the classroom space at Meridian High School. • Supplemental Levy: This amount is the total voters authorized in the spring of 2012. This two-year levy is used for general school operations. The district used the levy to restore 9 school days and to maintain the current levels of staffing. The levy expires June 30, and must be re-authorized by voters if it is to be levied for operations next school year.

  6. How will the supplemental levy impact my property tax bill? • Currently, a homeowner’s property is assessed $438 per $100,000 of their home’s taxable value for all school levies (plant facility, bond, and supplemental) that require voter approval. • With the passage of the supplemental, the property tax rate for schools will decrease to $407 per $100,000 of taxable home value. • An increase in residential and commercial properties on the tax rolls allow for a supplemental levy with a reduction in the property tax rates.

  7. Impact on Levy Rates Amounts Levied Proposal 2013-20142014-2015* Bond PaymentsLevy RateBond PaymentsLevy Rate$19,600,000 0.001628144 $19,600,000 0.001514553 Plant FacilitiesLevy Rate Plant Facilities Levy Rate$19,236,806 0.001597974 $19,236,806 0.001486488 Supplemental Levy RateSupplemental Levy Rate$14,000,000 0.001156455 $14,000,000 0.001076192 Total Levy Rate 0.004382573 Total Levy Rate 0.004077233 Tax per $100K $438.26 Tax per $100K $407.72 Property tax decrease on a home with $100,000 in taxable value: $30.54 * These rates are based on conservative estimate of a 7.5% increase in market value for next fiscal year.

  8. Since fall 2008, enrollment in Joint School District No. 2 has increased by 2,747 students

  9. Since 2008, the district’s total operating revenue has decreased by $26.2 million dollars. This revenue includes all state funding, supplemental levy revenue, fund balance (reserves), investments, and all special funds that can be used for school district operations.

  10. 94 of the state’s 115 school districts include supplemental levy revenue as part of their operating budget.

  11. Between 2008-2009 and 2011-2012, the total market value of the district decreased by nearly $5 billion dollars, a 30% drop in values. Between 2011-2013, the total market value has increased by 14%. The levy rate is determined by dividing the amount of bond, plant, and supplemental levies that have been authorized by voters by the school district’s total market value.

  12. The anticipated decrease in the levy rate is due to the $1.4 billion increase in the total market value of property located in Joint School District No. 2.

More Related