School Board Hears Presentation of Proposed June Ballot Measure

Posted by: Jennifer Landry 3 years, 11 months ago

School Board Hears Presentation of Proposed June Ballot Measure

Last week's State of the District address by the Superintendent featured a recommendation to the School Board to approve a local ballot measure. If approved by the Board, this ballot measure would be placed on the June 3, 2014, Gubernatorial Primary Election. If the measure does not succeed, all schools in the district will be faced with severe cuts to their award-winning programs.

The Board will conduct a special financial workshop to discuss the Superintendent's recommendation on February 6th at 4:30 PM. The meeting will be held at the District Office Board Room at 201 Sixth Street in Coronado. The meeting will be open to the public. The meeting will not be taped or broadcast.

Initial polling conducted in November 2013 with Coronado residents indicated that there is the possibility of success for a Proposition 39 ballot measure, which requires 55% voter approval.  A bond proposal can provide relief to the District's General Fund structural deficit by using proceeds to make capital expenditures and debt service payments.  An independent Citizen's Oversight Committee would guarantee accountability during the bond program.

The District has looked at options including rates from $40-$50 per $100,000 in assessed valuation, which would mean that 69% of Coronado homeowners would pay less than $40 per month for these bonds.  Due to the short-term nature of the bonds being considered, the total cost of borrowing is projected to be less than $1.05 for every dollar borrowed, much less than the typical home mortgage which has a payback ratio of closer to $1.75 for every dollar borrowed.

Presenters at the Board Workshop will include Bonnie Moss, Principal of CliffordMoss and Tim Carty, Managing Director of Piper Jaffray & Co.  Ms. Moss is a communications expert specializing in working with school districts to prepare for bond elections, and Mr. Carty has vast experience in structuring sound, responsible financial structures for school bonds.

Please join us for this important Board Workshop on Thursday, Feb. 6th from 4:30 PM - 6:00 PM in the District Office Board Room.