The District Will Collect $3 Million Less Than Voters Authorized Next Year
As a result of sound financial management and favorable economic conditions, the district will collect $3 million less from voters than was authorized for 2012.
The Board of Education approved the 2012 tax collection rollback at a meeting November 22. The rollback will occur in two areas: the debt service fund and the general fund.
The debt service fund includes principal and interest payments on voter-authorized bonds. Similar to a mortgage, the payments on these bonds can vary depending on factors such as interest rates. Because the district has refinanced bonds at recent low interest rates, taxpayers will save $2.2 million in interest payments.
The general fund collection includes the current EP&O levy, and was rolled back by $814,078 for 2012. Although voters authorized $45 million for 2012 in the election four years ago, the district's legal authority in 2012 is less than what our voters authorized.
The district is committed to good financial stewardship and honoring their commitments to voters. Total tax collections have remained constant for three consecutive years.
Posted: December 13, 2011