I have been following the WakeEd blog (from the Wake County News Observer); recently, T. Keung Hui posted noticed that the school board passed a resolution to ask for $939.9 million in funding. That’s right, $940 million.
I did some digging around to put things in perspective. First, I knew that Wake County was much larger than Champaign Unit 4 – like two orders of magnitude larger. Their 2012-2013 projected enrollment is 149,508. So I asked how such a large referendum ($810 million, not the full $940) translates to property tax increases, and Keung replied it is about $55 on a $100,000 home. Get this, Wake County (WCPS) has been passing bond referendums on a fairly regular schedule, its actually quite impressive:
* Using the 2013 tax rate of $55.3 per $100,000 on a $810 million bond – these are not actual values. If you know them, please let me know.
With that money, they have built, on average, 14 new schools and renovated, on average, 21 schools per referendum. Or for a total of 42 new schools and 62 renovated schools, prior to 2013. Wow! And that cost $139 per $100,000 in property taxes (again, subtracting out the 2013 value). Not too shabby.
In comparison, Unit 4 wants $180 per $100,000 in 2014 and another $70 in 2018. The working cash bond of 2012 works out to roughly $16.67 per $100,000. There is already controversy about the 2014 referendum; there is even not much consensus on what direction to head in.
The point of this post is to look at other school districts and see how they do capital improvements. I just happened to watch WCPS because they are tied up with Alves “Controlled Choice” thing as well, just played out on a much larger scale. I wonder what other school districts are doing. How do they get to the point that they can pass referendums every so often, backed by a well-thought out plan?
- Wake County school board requests $810 million school construction bond referendum
- WCPS Capital Improvement Program
- Proposed planning assumptions for WCPS CIP
- NG article on 2012 Working Cash Bonds
- NG article on proposed 2014 referendum