Former Cary Grade School District 26 Board President Scott Coffey offers the following observations on the Board’s proposal to take every property tax dime possible:
I attended the Cary D-26 board meeting on 10/26.
The levy presentation proposed taking the maximum increase allowed under PTELL which was 2.3%, plus new construction, for a total increase of $597K.
I got up to speak and indicated that it might be helpful to break the total down into its components of a $520K increase applied against existing property owners and $77K coming from the new construction coming onto the tax rolls.
The following slide was presented indicating the total loss in levy revenues to the district over the next 10 years if the Board were to adopt a zero-increase levy this year.
The graph represents the accumulated total of the operating levy increase compounded over the next 10 years.
I stated in the meeting that this slide means that if the Board were to take the maximum increase in the operating levy for next year, they are essentially voting to approve a $6.5 million tax increase.
(Of course the accumulated total is far more than the $6.5 million indicated as this increase will essentially compound in perpetuity.)
Last year, the Board took the maximum increase allowed for the operating levy with a 4-3 split vote.
The Board will vote on its levy in November.