What is the Budget for These Projects?
The budget for these projects has been estimated with the assistance of local design and construction professionals based on past project data and current market analysis. The breakdown of the types of projects and their associated budgets are listed as follows:
How will these projects impact my tax rate?
Fort Wayne Community Schools has carefully structured these projects so that funds are borrowed as past debts are paid off, thus creating a level, consistent tax rate impact for their taxpayers. This maximum rate was originally set with the referendum that was passed in 2012 at a maximum level of $0.3028 per $100 of assessed property value. This referendum continues that initiative, so taxpayers would continue to pay the same maximum rate of $0.3028 or less. The graph below shows the current approved debt service/referendum tax rates in green, yellow and red. The blue bars indicate the tax rate impact due to the proposed projects.
The ballot question indicates an increase of $0.1486 but you state that the rate does not change. Why?
Per the legal requirements of referendum ballot language in Indiana, the question must state the maximum tax rate impact during the payoff period for these projects. However, this language does not provide the full financial picture of how the financing is structured. You can see on the graph above that this maximum increase actually does not occur until 2039, once other debts have been paid off and the net tax rate is actually lower.
How does FWCS' debt service tax rate compare to other public school districts?
Of the 4 public school districts in Allen County, FWCS has the 2nd lowest debt service rate. When compared to other large public school districts in the State of Indiana, has consistently had one of the lowest debt service rates over the past 6 years, even with the previously approved referendums in 2012 and 2016.