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Kennewick School District

Kennewick School District. Levy Information Levy Election Date February 11, 2014. October 4, 2013. Timeline For February 11, 2014 Election Current Levy Approved Through 2014. Board Meeting Schedule October 9, 2013: Levy Information Presentation October 23, 2013: Levy Presentation

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Kennewick School District

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  1. Kennewick School District Levy Information Levy Election Date February 11, 2014 October 4, 2013

  2. Timeline For February 11, 2014 Election Current Levy Approved Through 2014 • Board Meeting Schedule • October 9, 2013: Levy Information Presentation • October 23, 2013: Levy Presentation • November 13, 2013: Set Rate/Adopt Resolution • December 18, 2013: Opportunity To Adjust • December 27, 2013 Resolution Filing Deadline • January 20, 2014 Ballots Mailed • February 11, 2014 Election Date

  3. Difference Between a Levy and a Bond? • Levies = Learning • Levy dollars fill in the gap for those costs not funded by state or federal funding. • Referred to as Maintenance & Operation (M&O) Levy. • Levy annual amount is set by school board through resolution and voted on by taxpayers. • Requires 50% voter approval. • Bonds = Building • Funding for large scale capital outlay type projects. • Bond amount set by school board through resolution and voted on by taxpayers. • Taxpayers pay off the amount over time (20 – 30 years). • Requires 60% supermajority approval.

  4. Levy Basics • Levies can be approved for a term of one to four years. • KSD has approved two year levies with the exception of the 2004 levy that was approved for four years. • Current levy only approved through 2014. • Levy annual amount is set by school board through resolution and voted on by taxpayers. • Levy amount for 2014 is $23.4M • Levy amount does not change when property values change. • Levy amount is limited by state statute to the Levy Lid. • LID is 28% of state and federal revenue. • KSD Levy Lid is ~$30.3M/KSD at 77% of Lid. • Approval of a levy triggers levy equalization funding. • Purpose of LEA funding is to mitigate the effect that above average property tax rates might have on the ability of a school district to raise local revenues. • Seattle $0.20 levy rate = $23.4M • KSD $3.48 levy rate = $23.4M

  5. Property Taxes 101Change in assessed property value does not change the approved levy amount.

  6. Information From 2012 ElectionWhat will the levy cost taxpayers?*Rates based on best information currently available

  7. Considerations For Setting Levy Amount • New or expanded programs to include in budget/fund with levy $’s. • $3.7M of additional operational funding received from state for 2013/2014. • $1.5M -$2.0M of additional operational funding expected from state for 2014/2015. • February 2015 • Plan to present bond to voters. • Could add rate increase of $0.15 to $0.35 on 2015 debt service rate of $1.51. • February 2016 • Two year levy presented to voters. • New elementary school to open August 2016.

  8. Ballot From February 2012 Election

  9. Past Election ResultsMaintenance & Operation Levy

  10. Election Date February 11, 2014

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