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2010 Levy Planning

2010 Levy Planning. Presentation to Kent School Board October 28, 2009. Current Assumptions:. Maintain ability to collect Educational Program & Operations levy at maximum level. Maintain Tech Levy as close to current levels as possible

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2010 Levy Planning

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  1. 2010 Levy Planning Presentation to Kent School Board October 28, 2009

  2. Current Assumptions: • Maintain ability to collect Educational Program & Operations levy at maximum level. • Maintain Tech Levy as close to current levels as possible • Preserve ability to sell bonds from the 2006 authorization • Minimize tax increases on residential properties

  3. Questions • Should the 2010 ballot propositions be two-year or four-year issues? • Does the proposed model meet board goals?

  4. Assessed Valuation • Economic outlook is improved since April: • Projections, 2010 thru 2014 April: -15.5%, -6.6%, +1.06%, +3.0%, +5.0% Oct: -12.97%, -1.0%, +2.0%, +3.0%, +3.0% • Based on: • Preliminary AV report from King County: • 12.97% Decrease for 2011 • State Economic Forecast, Sept ’09 • Comparable to seven other Puget Sound districts

  5. Sept ’09 State Economic Forecast • ‘Home prices appear to have hit bottom and have begun to increase.’ • ‘Housing starts have started to climb as well, coming off their historic lows.’ • ‘Though residential construction has hit bottom, the correction in non-residential construction has a long way to go.’ • ‘With the (national) economy reaching a trough early in the third quarter, the recession now appears to be over.’

  6. Levy Lid Projections • Updated levy lid projections using latest figures from OSPI: • 2010 (Actual) $ 50.40 Million • 2011 $ 56.10 Million • 2012 $ 59.50 Million • 2013 $ 61.00 Million • 2014 $ 63.00 Million • Goal is to reduce risk of leaving levy dollars ‘on the table’ • Will automatically roll back to legal maximum if projections exceed the lid.

  7. September Model:

  8. Current Model:

  9. Current Model:

  10. Next Steps: • CBRC review/recommendation on November 5th • Board action on November 18th • Ballot proposition filed by December 23rd • Ballots mailed by January 22nd • Election Date - Tuesday, February 9th

  11. Questions?

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