Amarillo Globe-News: Local News: Canadian ISD plans... -
[Cached Version]
Published on: 8/1/2001
Last Visited: 2/20/2002
The idea is to replace money generally taken out of the maintenance and operations tax and thereby hold revenues in the community that otherwise would be subject to recapture by the state, Superintendent Frank Belcher said.
"It allows us to do everything we can under the law to lessen the impact of recapture," Belcher said.The school has no bond debt, he said.
As a Chapter 41 school, Canadian is considered property rich and is required to give back a portion of its tax revenues to the state to give to property poor, or Chapter 40, districts.The district had to give back $1.2 million last year, and next year, the amount will jump to $3 million because of an increase of property values.
The maintenance and operations tax, currently at $1.40 for each $1,000 property evaluation, pays for capital expenditures like technology, classroom supplies and other equipment.
"Our goal is to keep taxes as low as we can."
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Frank Belcher, superintendent
If a bond issue passes, revenues from the bond would go to the interest and sinking tax fund, not subject to recapture, and saving the district up to $700,000 during the next four years, Belcher said.
Belcher said he did not know how the bond would affect current taxes.The school district is in the middle of the budget process and plans to determine the tax rate after it figures what the local taxable values are.
Another school district opted to hold a $6 million bond issue instead of paying out of their maintenance and operations tax for the same reason as Canadian.
Plemons-Stinnett-Phillips Consolidated School District wanted to replace a roof, upgrade computers and buy classroom supplies.If the district had used maintenance and operations tax money, it would have cost the district twice as much because it has to send about half of those tax revenues to the state.
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Canadian hopes to achieve the same result, Belcher said.
"Our goal is to always keep taxes as low as we can," he said.
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