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Voters deny referendum.
A FINANCIAL STRATEGY FOCUSED ON RESPONSIBLE PLANNING
The MOTSD Board of Education has been working with the district’s architects, financial advisors and administration to take steps toward a bond referendum. A referendum is a responsible financial strategy to continue investing in our schools’ infrastructure and improve facilities to continue supporting the high level of education that our Mount Olive community values.
The plan has been carefully researched, and along with input from the community, would position the district for the future. This $61.8 million investment prioritizes the health, safety and modern instructional needs of Mount Olive students.
FUNDING SOURCES EXPLAINED
OPERATING BUDGET
OPERATING BUDGET
Pays for day-to-day school operations such as salaries, benefits, instructional supplies/services, facilities and transportation
Funded by local taxes
Cannot increase more than 2% each year
CAPITAL RESERVE
CAPITAL RESERVE
Savings account for the district’s small facilities improvements/upgrades
Funded by local taxes
Not enough to cover all the projects included in the bond referendum
BOND REFERENDUM
BOND REFERENDUM
Used to generate upfront funding for large-scale projects
Projects qualify for state aid toward project costs
Must be voter approved
STATE AID
Certain types of projects are eligible for state aid when approved through a bond referendum. Mount Olive has carefully chosen projects to maximize the amount of state aid they qualify to receive. If voters approve both questions in the bond referendum, Mount Olive will receive $11.5 million in state funding toward the total project costs.
>>>This is money Mount Olive residents already paid to the state that can only be brought back to invest in Mount Olive schools through a voter-approved referendum.
Projects being proposed in the referendum will still need to be done whether or not the bond referendum is approved by voters. Without that approval, they would have to be done without the advantages of upfront funding and $11.5 million, or 18.7% of the total project costs, in state aid. Without an approved referendum, 100% of the project funding would come from local taxes.
HOW WOULD THIS IMPACT TAXES?
BOTH QUESTIONS = MAXIMUM STATE AID
Updates to Benefit the Health, Safety and Modern Instructional Needs of Students
$61,775,289 in Improvements | State Pays $11,538,910
If voters approve both Question 1 and Question 2, residents would pay $328.12 per year, or less than $28 per month, for a home assessed at Mount Olive’s average of $322,121.
QUESTION 1
Infrastructure Updates and Upgraded Spaces
$52,802,178 in Improvements | State Pays $11,100,476
If voters approve Question 1, residents would pay $273.44 per year, or about $23 per month, for a home assessed at Mount Olive’s average of $322,121.
QUESTION 2
Improvements to Transportation and Athletic Facilities
$8,973,111 in Improvements | State Pays $438,433
If voters approve Question 2, residents would pay an additional $54.68 per year, or about $5 per month, for a home assessed at Mount Olive’s average of $322,121.
*Question 2 can only go into effect if voters also approve Question 1.
MARKET VALUE VS. ASSESSED VALUE
Assessed value, typically much less than market value, can be found on a homeowner’s property tax bill and is used to determine how much that person pays for taxes. Assessed value can also be found by visiting this site and inputting an address or name.
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