5 reasons why school levy is a smart financial move | Letters
October 24, 2012 · 10:30 AM
The Federal Way Public Schools capital levy that is on the ballot Nov. 6 is one of the smartest financial proposals for rebuilding a public school that I’ve ever come across.
Here are five reasons that approving this levy is a smart financial move for this community:
1. By combining savings from the last bond measure, state matching funds and local taxpayer dollars, the district will be able to complete $110 million worth of work while collecting just $60 million from local taxpayers.
2. The district will collect $10 million less in taxes in 2013 than was predicted last February, for a couple of reasons. First, the state Legislature backed away from its plan last year to cut levy assistance funds for school districts, meaning that the district doesn’t have to fill that $8 million hole through the local levy. In addition, the board has authorized a refinance of older construction bonds. This means that the district’s total collections will not increase in 2013, even with the approval of this levy.
3. Construction costs are still low, but as the housing market recovers, they will increase again. Industry experts estimate that construction costs could go up 20-30 percent in the next 5 to 6 years. Now is the time to get moving on this project.
4. This levy will collect $10 million a year starting in 2013, for six years. The estimated tax rate is 92 cents for each $1,000 your home or business is valued by the assessor. According to the assessor’s office, the average home in Federal Way is valued at $240,000. This homeowner would pay $219 a year, or 60 cents a day, toward this levy.
5. Your neighborhood and community will benefit from the improvements to its schools in a multitude of ways. Whether you hope to sell your home in a few years, or plan to live out your days in Federal Way, approval of this levy is a great investment.
Vote yes on the FWPS capital levy Nov. 6.
Lori DeVore, Federal Way