2012-043 - Laserfiche WebLink

Home Browse Search

E. The School District has experienced a decline of more than $18.4 million dollars or 37% in state revenues since fiscal year 2007/08. F. The School District has experienced a decline of more than $29.3 million dollars or 20% in local revenues since fiscal year 2007/08. G. The School District continues to experience a severe 6% reduction in property values for the 2011-2012 fiscal year, and there is every indication this decline will continue in the 2012-2013 fiscal year and beyond. H. The School District received nearly $9 million dollars per year for fiscal years 2009/10 and 2010/11 in federal stimulus funding. In addition, the School District received $3.6 million dollars in federal "edujobs" funding in fiscal year 2010/11. These funds were appropriated by the federal government and specifically designed to partially offset the loss in local and state revenues due to the deepening economic recession. However, the School District no longer receives these federal dollars after the 2010/11 fiscal year. I. In November 2010, the electorate of Indian River County approved via ballot referendum a Critical Operating Needs Millage of 0.25 mills for fiscal years 2011/12 and 2012/13. This voter approved millage referendum generates approximately $3 million for the School District of Indian River County. However, the authority granted for the voter approved millage expires at the end of fiscal 2012/13. J. In November of 1990, the electorate of Indian River County, approved via ballot referendum a General Obligation Bond of $61.4 million for the construction of a north county high school and a south county middle school, acquisition of a site for a south county high and middle school, improving and remodeling of the District's elementary and middle schools including a special education center, and connecting several schools to water and sewer infrastructure. This voter approved general obligation bond millage, currently set at 0.35 mills, generates approximately $4 million for the School District of Indian River County. However, the authority granted for the voter approved millage, expires at the end of fiscal 2012/13 when the final payment on the bond obligation will be made. K. The School District needs sufficient revenues to maintain and improve its high quality public schools. L. Section 1011.73(2), Florida Statutes, provides electoral authorization of ad valorem millage for four (4) years for operating purposes pursuant to a voter referendum. M. Section 1011.71(9), Florida Statutes, authorizes a School District to levy, by local referendum, additional millage for school operational purposes up to an amount that, when combined with the non-voted millage levy, does not exceed the 10 mill limit established under the Florida Constitution. N. The School Board has determined that it is in the best interests of the students in Indian River County to submit to the voters the question of approving an ad valorem millage continuation of 0.6 mill for essential operating needs such as teachers, instructional materials, Page 2 of 5