As you probably heard, the school board would like to double your taxes in the next ten years. But I am afraid that they will be unable to double the performance of the students. Sorry about that.
For those interested in what will the tax increases pay for, here is a breakdown for the ten-year plan:
(Current Wake County rate = .604)
Scenario 1 (All year-round elementary and middle schools)
Cost: $4.2 billion
New Schools: 67
Tax increase for capital expenses: 19.9 cents
Tax increase for operating expenses (To FY 2011): 4.6 cents
Tax increase for operating expenses – growth: 20.1 cents
Tax increase for operating expenses – programs: 5.9 cents
Tax increase – total: 50.5 cents
Scenario 2 (Maintain current percentage of 12% year-round elementary and middle schools)
Cost: $5.6 billion
New Schools: 106
Tax increase for capital expenses: 29 cents
Tax increase for operating expenses (To FY 2011): 4.1 cents
Tax increase for operating expenses – growth: 20.1 cents
Tax increase for operating expenses – programs: 5.9 cents
Tax increase – total: 59.1 cents
One of the assumptions built into the projections is that libraries, open spaces, park, public safety, and regional centers would receive no dollars after 2011 and that Wake Tech would receive no dollars beyond their current $40 million authorized in 2004. These public agencies would have to subsist on/pray for COPS (Certificates of Participation) for additional funding.
Basically, it is a debt party and everybody’s wallet is invited.
