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What will the bond issue cost? Market Annual Monthly Value Tax Increase Tax Increase Residential $ 50,000 $ 22 $ 1.83 Homesteads 90,000 47 3.92 100,000 55 4.58 125,000 78 6.50 150,000 98 8.17 200,000 141 11.75 250,000 184 15.33 300,000 230 19.17 Commercial/ $ 100,000 $ 130 $ 10.83 Industrial 250,000 430 35.83 500,000 932 77.67 1,000,000 1,935 161.25 Agriculture $ 100,000 $ 32 $ 2.67 Homestead 300,000 103 8.58 500,000 190 15.83 How can the district cut the operating budget AND open a new school? Through the state education funding formula, District 834 receives $3,150 for each student attend- ing its schools. These dollars "follow the student," and will be spent regardless of where the student is located. Therefore, if a new elementary school is opened, these dollars will go with the addition- al students enrolled there and will cover the cost of teachers, administration, support staff and mate- rials. However, the addition of another school will increase building maintenance and operating costs, paid out of the general fund, by an estimated $202,500 (90,000 square feet @ $2.25). Money from the operating fund cannot be used for constructing new schools and money from the building construction fund cannot be used for general operating costs. It is this sep- aration of funds that leads to a situation such as the one faced by District 834: • the need for additional space to accommodate a growing number of students AND, AT THE SAME TIME • the need to cut $1.4 million from the operating budget due to a freeze on education funding (the $3,150 per student noted above) by the state What happens if the bond issue fails? In the face of continuing enrollment growth, if no new space for elementary students is available, the School Board will be forced to consider the following alternatives to stretch the space that currently exists: X Increased class size X Increased use of portable classrooms X Use c. site locations (churches, commercial property, etc.) X Incre: ransportation costs X Incre:,. :osts if construction is dt .i X Schools operating on split shifts; fc: _-ample, 7 a.m. to 12:30 p.m. and 1-6:30 p.m. X Continual boundary changes and student movement X Multi -track year round school for space purposes Education is a criti- cal element in deter- mining the quality of life in any community. The St. Croix Valley prides itself on its out- standing quality of life, and District 834E has a reputation of being one of the best school dis- tricts in the state. Quality schools attract citizens who value education- peo-ple who have strong family values and make valuable contributions to the community. Quality schools attract businesses that want productive, well educated employees. From a purely finan- cial standpoint, a good school system helps keep property values strong. Quality education is not inexpensive. However, when costs are weighed against benefits, education is the single most impor- tant element that affects quality of life — for the individual and for the community. Quality schools and quality communities truly depend on each other.