Smart budgeting to fund our school’s future
The Haworth Board of Education can use bond funding to pay for large-scale improvements over time and tap into state aid that is only available to districts with a voter-approved referendum.
Embedded Files
Strategic Budgeting
Strategic Budgeting
Voter approval of the bond referendum means:
Up-front funding for additions and renovations
Funding costs spread over time, like a mortgage
State aid to help cover project costs
Building for the Future — FOR THE KIDS
Project costs are estimated at $8,227,479. This includes a contingency in case prices rise, and the district cannot spend more than voters authorize in the bond referendum.
To reduce the impact on taxpayers, the district plans to use $2,000,000 from capital reserves. This “down payment” takes a big chunk out of the amount the district would need to borrow.
State aid that is only available through a bond referendum would cover an additional $478,000, or nearly 8 percent of the remaining project costs. The Department of Education has committed to paying the state aid over the next 20 years as the bond is paid back. This is money that Haworth residents already paid to the state, but can only get back for voter-approved, bond-funded projects.
Tax Impact
Tax Impact
The tax impact would be $24.79 per month for a home assessed at Haworth's average value of $630,681.
“The district believes in continuous improvement and sees the bond referendum as a fiscally responsible strategy to achieve that. Improving and growing the footprint of our schools will help us achieve excellence for our students now and in the future.”
- Dr. Peter J. Hughes
Superintendent
The ballot explained
The ballot explained
Haworth voters will decide whether the school district is authorized to issue bonds to finance the projects outlined in this proposal.
The Board of Education presents these projects as a package for voters to consider as a whole. Voters will see one question on the ballot.
Bond borrowing is a strategy to make improvements upfront and spread the costs over time, while also accessing state aid to help cover project costs.
What is Assessed Value?
What is Assessed Value?
A home’s assessed value is used to calculate taxes and is listed on a homeowner’s annual property tax bill. Assessed value is different – usually much less – than the amount a home might sell for in today’s market.
Page updated
Report abuse