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Flowers & Gifts Columbia Utilities GAS LEAK or GAS SMELL Contact Numbers 24 hrs/ 365 days 270-384-2006 or 9-1-1 Call before you dig Visit ColumbiaMagazine's Directory of Churches Addresses, times, phone numbers and more for churches in Adair County |
Supt. Darrell Treece: Better schools for Adair County students SCHOOL DISTRICT FUNDING: First in series of four articles on funding for the local schools. This article clarifies where school funds come from and how restrictions on how it can be spent School districts receive funds from several sources. The local property tax is one source of revenue along with personal property and motor vehicle taxes. Federal grants for specific uses such as special education and Title I also make up a portion of the budget. Over 65% of school budget is from state funds The largest source of funding, which amounts to 65 - 70 % of the budget, comes from the state. Many of the funds are restricted use funds. This means they are for a specified service and cannot be shifted for other purposes. For example, funds that come to the preschool grant cannot be used for anything other than preschool even if you have excess funds in the preschool budget. Federal stimulus funds are very specific in their use. The same holds true for the building fund for facilities. Any money that comes into the building fund can only be used for building and maintaining facilities and for no other purpose. The state sets aside money to help districts make the bond payments on construction projects. This along with the local building funds allows school districts to pay for needed facility construction over time. This way the local district does not have to pay cash from local funds for the projects. Nickel tax is restricted (set aside) for building, maintaining facilities The state requires all districts to have a nickel tax restricted (set aside) for building and maintaining its facilities. This has been in effect since 1990. The second nickel is allowed, subject to recall, to all districts. Approximately 60 - 65 schools districts (such as Russell County) have at least the second nickel and some have even more. Adair County currently has state funds available to help bond approximately $6.5 M in construction. The cost of building a new elementary school is approximately $9.5 - $11 M. $349,000 in new taxes would give additional $4 million plus bonding power The funds from the additional nickel tax would be approximately $349,000 per year. This would provide an additional $4 - $4.5 M in bonding which would allow a new school to be built. Additional state money would pay for other needed projects without more local money. By acting now there is also a window of opportunity to have significant savings during construction and over the payoff period. Construction costs are down and the architect feels that $1 - $2 M could be saved up front. There is also the opportunity to get federal dollars that would pay the interest on the bonds over a 15 year period. This could amount to an additional $1 - $2 M in savings over the payoff period. The district would also be in line for additional state funds during the upcoming legislative session that could amount to almost another $1 M over the next 2 years. It is vitally important to support our students! This story was posted on 2009-11-12 14:32:22 Click Here for a printable version of the article. Have comments or corrections for this story? Use our contact form and let us know. Bookmark: Facebook | Del.icio.us | Suggest To sponsor news and features on ColumbiaMagazine, or for information about web hosting and design, please use our contact form or call 384-3979. |
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