Since the district is planning on spending the money in reserves plus money each year for a new building, after two failed referendums, it occurs to me that we should know: HOW MUCH IS IN RESERVES?
From the 2017 referendum information, current bond payments (shown in grey shaded background) peek in 2022, drop significantly in 2023 and go to zero starting 2024. Our property taxes should decrease in 2023 and 2024!
Next, I looked at the total for end-of-month funds on hand and graphed the last year and a half:
We know the bulk of the school district revenue comes from property tax, which is due in two installments (June and September). The low point for funds on hand is in May (possible exception when bonds are sold in the spring).
So I looked at what was the funds on hand at the end of May for the last few years.
May 31, 2014 $20,596,100
May 31, 2015 $10,616,841
May 31, 2016 $12,174,223
May 31, 2017 $6,340,890
We also know the district has not reduced other spending. So, my fear is that they will spend money on hand for this new school, and then need to borrow to pay for other necessities,.
I believe they should agree to cut other spending first, so that the new building can be paid for using already existing funds along with all other necessities and come to the taxpayers with a third, affordable referendum.
Cutting spending should start with Dr. Schuler offering to reduce his benefits (they just signed a new contract with an end of contract bonus)
Then administrators giving up the end of year bonus and paying their own pension contribution.
And finally, teachers giving up the end of career bonus (They already pay their pension contribution).
If all that is done, the district can afford a new building and I’ll even help pass a no tax increase, new building referendum.