I recently had a chance to attend an informational meeting at the school concerning the upcoming resolution on the April ballot. First of all let me be very specific in saying this post is neither for or against the said resolution. I will not display my personal opinion of this on this forum. I simply would like to try and place the information in very simple terms for those who could not attend. I would gladly speak to anyone, one on one, on this matter.
First, if you are a property owner in the Greenview School District and you pay any form of property tax, this resolution affects you.
The debt service extension base is a base line number that affects the borrowing capability of the entity it is associated with. It is not the total number of dollars an entity can borrow, but rather a number that reflects what the maximum payment amount can be each year on, any single or combination of, loans that entity may wish to enter into.
In the case of the school, right now the extension base is slightly over $24,000.00. This means that the school can borrow in a manner that the yearly payment will not exceed $24,000.00. What the resolution would do if passed is it would give the school the capability of borrowing money in the amount so as the yearly payment would not exceed $300,000.00. This gives the school greater borrowing capacity. The money borrowed can be used for anything the board wishes it to be.
How does this affect the property owner? If this resolution passes and the school decides to borrow money, the money will have to be payed back by an increase in property tax. The tax increase will depend on how much money is borrowed and the length of the said note. Once the borrowed money is paid back, the tax increase is dropped. How much will this cost you? This will ultimately depend on the amount of money borrowed, the length of the loan, and how much you presently pay in taxes. Farm ground will be affected differently than residential property. The school can provide you with estimates on how much this tax could affect you personally.
What can the borrowed money be used for? The answer is anything the school board votes to borrow it for. At the presentation we were taken on a tour of the school. Possible high ticket repair items were reviewed. This included the boiler systems at both the high school and elementary. The presentation did not give any price points as to what these might cost to replace.
Again this post is designed to inform you not to sway you in any direction. I encourage you to talk to your elected board members. Talk to the superintendent or the principal. Do your research and see how it will affect you and ultimately this will allow you to make an educated decision on election day.
Thank you- Daniel Horn- Village President