Financial Stewardship
As we plan for enrollment growth, our district also has a responsibility to be strong stewards of our community's investment. Throughout Tahoma 100, our district budget team will balance the importance of quality education and experiences for students, while considering the financial impacts of inflation, increased property values and the existing local investment that our stakeholders contribute to our schools.
Our Financial Glidepath
Click image to enlarge
The graph above shows the district's reserve fund balance (bank account) over the last decade and the 4-year projection through 2025-26.
History
After the community passed the 2013 bond measure that built Tahoma High School and Lake Wilderness Elementary School, the district began building the reserve fund balance (saving money) to plan for the opening of the new schools.
When the School Board began planning for the 2020 levy propositions, they decided that the district's fund balance should be gradually spent down so that the community's investment was allocated responsibly, and to ensure that available funds were being used to benefit students in our schools. The board identified a 10-12% fund balance as the district's target. Since the district passed the EP&O and Technology Levies in 2020, the district has begun spending down the fund balance, and is currently on track to meet the board's target during the 2023-24 fiscal year.
Forecast
The district is starting Tahoma 100 from a strong financial position. A quick glance at the fund balance shows that the bank account is declining, but remember, the district is intentionally spending down the fund balance to support student needs.
The projection for 2024-25 and 2025-26 assumes that the district will renew its current levies at the same tax rate. The local dollars that our community invests in students through EP&O and Technology Levies accounts for approx. 13% of district revenue.
The current levies expire in 2024. Learn more about the current levies.
General Fund Revenue per Pupil (King Co. School Districts)
2021-22 figures (OSPI)
Expenditures per Pupil (King Co. School Districts)
2021-22 figures (OSPI)
Tahoma has a long history of ranking among the bottom of King Co. districts in both expenditures and revenue per pupil. Lower revenue results from high state test scores, a low rate of families enrolled in free & reduced meals, and less commercial property taxes than many of our neighbors. Tahoma's School Board has also historically sought less per household in levy taxes than is permitted by the state.
With fewer dollars coming in, Tahoma also spends less per student than most county districts. As we consider our facilities, housing, program offerings and extracurriculars, our budget team must also be thoughtful of the limited resources available to our district.
Ad Hoc Budget committee
In early 2023, an Ad Hoc Budget Committee of students, parents, staff and community partners reviewed the district's revenue and expenditures, and the group developed questions and considerations for the School Board to utilize during the annual budget adoption process and during key financial decision-making. Some members are playing a continued role by bringing their high level of understanding to the current Bond Advisory Committee.
Additional Finance Information
Levies & Bonds Explainer & Panel
Click the video link for a 1-hour levies & bonds explainer with Tahoma School District staff and Board Director Pete Miller, and a Q&A panel led by Tahoma Schools Foundation President Bradley Hanson (recorded May 18, 2023).