The notice of the 7:30 p.m. Tuesday, August 19, public hearing for setting the tax levy, which was printed in the classified section of today's Joplin Globe, shows that the district is anticipating $3,264,000 in delinquencies.
The proposed levy is $3.66 with $3.05, or an estimated $21,259,000 going into the general fund and 66 cents, or an estimated $7,035,000 going into the debt service fund.
Not one cent will be dedicated will be placed in the capital improvements fund since that money will go toward repaying the $8 million loan the district is taking out to cover what CFO Paul Barr referred to as "might-as-well" spending during the May Board of Education meeting. The "might-as-well" spending included artificial turf and lighting for all fields, press boxes for the football and soccer fields, four additional tennis courts, and a track at the high school.
This could end up being a major problem for the school district since it still has older schools that are likely to need work and there is no firm date on when the capital improvements fund will be restored.
An administration source tells the Turner Report that the $8 million in "might-as-well" debt and the $3.2 million mentioned in the tax levy hearing notice are just the tip of the iceberg.
The $8 million in long-term financing, which will be done through the sales of certificates of participation, a relatively recently created tool, which allows governmental entities to incur debt without taking it to a vote of the people, appears to have an open-ended elastic quality, which will enable the district to borrow four or five times the $8 million, the administration source said.
8 comments:
Wait a minute!!!! Four-to-five times more? What?!?!?!
How in the hell is this happening? I know Joplin's math scores stink, but can the people in finance, AKA Barr and Smith, not add and subtract? Did it never occur to the Board to say "no"? Is this going to be discussed at the meeting? Or will they just take out the loans and not leave it to public opinion.
Auditor? Are you paying attention? We would be so much better off with the state.
Randy,
I've heard, but don't have the documentation to prove it, that the 3.2 mil will come out of classroom spending. Once again, the kids and their teachers take the hit. I bet not one sacrifice is made at MODOT. Can we prove this? Parents and teachers need to know what this coming year is going to look like beyond ribbons and festivals.
And once again we learn why we so desperately need the auditors and some intervention.
This is a public hearing, correct? Then it's open to all in the public who wish to address the topic of the levy. No one has to go through CJ and the cheerleading captain to get a chance to address the topic, as I recall. So, folks, here's your chance to tell CJ Huff and his PomPom shakers how you feel about their latest financial debacle. Make it count. It'll be recorded, too, so make them answer up.
If I understand this correctly, assessed property values will be taxed at a higher rate to pay for Huff and Company's frivolous and out of control spending. And, it's the Board of Education that gets to decide whether we will be taxed at the higher rate. Hmmm, I wonder how they will vote.
If they raise taxes, then it IS time for a recall election. This kind of out of control spending cannot continue.
If I am understanding this correctly, the increase to the tax payer will be a little higher than 10%.
$3.66 - $3.31 = $.35 / 3.31 = 10.574%
How could the Joplin Globe have printed this information in the "Classified" section of the newspaper and not have a follow up story explaining the cost impact to the readers?
Let's see, we've borrowed $8 million already, will fall 3.2 million short with this tax levy, and we are going to be asked to foot the bill for another, 4-5 times larger, loan? Do I have this down correctly? And what, pray tell, is this major loan going to be used for? More construction? More administrators and programs? You can bet we will be watching Tuesday night as they attempt to justify all that they have done and will do. Perhaps someone should tally how many times they say "tornado."
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