Voters APPROVE Madison Public Schools bond referendum!

Funding

FISCALLY RESPONSIBLE STRATEGY

Research and careful planning have always been important to our district’s success. A bond referendum is no different. The Board of Education remains committed to being fiscally responsible by planning for a bond referendum that will address the highest priority infrastructure and facility improvements. Bond funding would allow the district to address the needs quickly by gaining upfront funding and efficiently by capturing state aid to offset the project costs.

If Madison Public Schools does not access the $21.9 million in state aid, the district will still need to make these critically needed improvements, and 100% of the costs would come from the district's annual budget with no state aid.

WHAT'S THE TAX IMPACT? madison bond referendum madison bond referendum madison bond referendum madison bond referendum madison bond referendum madison bond referendum madison bond referendum

MAXIMIZING STATE AID

$79,357,685 in Improvements | State Pays $21,886,506

If Question 1, Question 2 and Question 3 are approved by voters, residents would see a monthly increase of approximately $69 per month in school debt tax for a home assessed at the Madison average of $690,587.

THE BREAKDOWN

QUESTION 1:

$49,419,482 in Improvements | State Pays $15,564,152

Critical Infrastructure Updates

If Question 1 is approved by voters, residents would see an additional $40 per month in school debt tax for a home assessed at the Madison average of $690,587.

QUESTION 2:

$11,626,500 in Improvements | State Pays $3,738,042

Builds on Projects in Question 1

If Question 2 is approved by voters, residents would see an additional $10 per month in school debt tax for a home assessed at the Madison average of $690,587.

*Question 2 can only go into effect if Question 1 is also approved by voters.

QUESTION 3:

$18,311,703 in Improvements | State Pays $2,584,312

Expands and Renovates Common Spaces

If Question 3 is approved by voters, residents would see an additional $19 per month in school debt tax for a home assessed at the Madison average of $690,587.

*Question 3 can only go into effect if Question 1 and Question 2 are also approved by voters.

ASSESSED VALUE madison bond referendum madison

Assessed value is different than market value. The market value is a home’s potential sale price, while assessed value – typically a significantly lower figure – is used to determine tax bills.

You can find your home’s assessed value on your tax bill or search your address in this tax assessment database.

What's my home's assessed value?

WHAT OTHER FUNDING SOURCES HAS THE DISTRICT EXPLORED? madison bond referendum madison bond referendum madison bond referendum madison bond referendum madison bond referendum

In just two years, the district has completed several other projects with funding from sources outside the regular operating budget. Some projects have been funded through the district’s Capital Reserve. This is funding already collected through local property taxes that the Board of Education set aside in anticipation of these needs. Other projects are being completed through state grant programs.

The district has been able to allocate funding from outside the regular annual budget toward these projects:

New unit ventilators at MHS, which improved the heating and ventilation in 46 classrooms through Capital Reserve
Roofing at CAS was partially replaced through Capital Reserve
A chair lift at MHS was replaced with Capital Reserve

Security vestibules will be added to every school in the district during the 2023-2024 school year with Capital Reserve
Heating, ventilation, and air conditioning projects will be completed with the assistance of state grant funding – the district is awaiting the formal letter announcing how much grant funding it will receive

The district consistently seeks funding outside the local tax base and a bond referendum fits with this strategy. The upfront funding from a referendum would allow the district to more efficiently complete major improvements by tapping into state aid to offset project costs and spread the costs over time.

THE RIGHT TIMING madison bond

Projects identified in the referendum proposal need to be addressed. Aging systems and infrastructure are at risk for costly emergency repairs, and those fixes would still leave the district without long-term solutions.

The state has approved the district to receive $21.9 million toward addressing these critical needs, which is 26.7% of the total project costs - but those funds are only available if voters approve the referendum. If voters do not approve the referendum, the projects would have to be addressed and 100% of the costs would come from the district's annual budget with no state aid.

An approved referendum on Dec. 12 would allow work to begin in the summer of 2024.

Questions? Email vote@madisonpublicschools.org.

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