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FINANCIAL FACTS - EMERGENCY LEVY RENEWAL

FINANCE

                                                                            

Financial Facts for March 17, 2020, Emergency Levy RENEWAL

On November 19, 2019, the Board of Education approved the second required resolution to proceed with the Emergency Tax Levy RENEWAL to be on the ballot on March 17, 2020.  This RENEWAL levy was recommended by the Financial Advisory Committee and the District administration.

As the Treasurer/CFO of the District, it is my responsibility to ensure that all Vandalia-Butler community members are informed and have the facts regarding the upcoming emergency tax levy renewal on March 17, 2020.

  • This is a levy RENEWAL that provides $4,447,000 annually
  • This amount represents nearly 12.5% of this year’s total revenue projections
  • The renewal of this levy is CRITICAL to maintaining current day-to-day operations
  • If approved, this levy will increase the length of the levy to 10 years from the current 5 years duration
    • The voters have previously approved a 5-year levy five times
    • Each ballot initiative costs the District. These costs can be as high as $80,000 depending on the number of ballot issues in the county and the election type.
  • The current 5-year levy is set to expire December 31, 2021, UNLESS it is renewed

So, why the March 17, 2020 ballot?

  • This is the opportunity to RENEW the levy
  • It is a Primary election and not a Special election, so it should be less expensive
  • Again, this levy is critical for operations, so the Board is acting to secure its revenue
  • It is important to know what revenue is available to plan for future operations and facilities

Unfortunately, the Ohio General Assembly’s recent legislation and budget bills have had a negative impact on the District’s finances.  The District continues to address issues created by the loss of the tangible personal property taxes and further declining State funding from being “capped.”  When you are capped, you do not receive the full amount determined by the State funding formula. The loss of state funding this year is nearly $1.1 million.  The current funding formula implies that Vandalia-Butler has a “higher capacity” to pay (on its own) and receive less State funding.  The current funding model increases the need for additional levy requests and/or renewals for many school districts in Ohio, including Vandalia-Butler City Schools.

 

The Board of Education, Superintendent O’Leary and I continue to advocate and fight for more funding, fewer unfunded mandates, less privatizing of education (while taking our local tax dollars), and more local control. However, at this time, this is the model we have to operate within.  We must use the resources available to educate our most precious commodities, OUR CHILDREN.  We are committed to spending each dollar responsibly and for what is in the best interest of our students. 

If you have questions or concerns regarding finances or any other area, please contact the Superintendent or me.  We are happy to help and want to be 100% transparent.  We encourage you to return to our site for additional and up-to-date information and facts for your knowledge.

Please keep in mind that this important levy RENEWAL will be on the ballot on March 17, 2020.

 

Eric K. Beavers, Treasurer/CFO                                                                      

937.415.6400, ext. 6407 ~ eric.beavers@vbcsd.com