The district’s 5-Year “emergency levy” (legal term) is coming up for renewal, and will be placed on the ballot November 6th. This renewal levy will be for the same amount, so there will be no increase.
This levy has been in place for many years and currently brings in $1,679,000 (6.6 mills) for district operations, or about 12% of revenues, and is important to the financial stability of the district.
This renewal should continue to provide stability for at least the next 3 years, but hopefully longer. The financial condition of the district is based on many variables, and becomes much harder to project beyond 3 years. And there is always concern and uncertainty in our state funding over time.
One change to the levy from previous renewals is a switch to what is legally termed a “substitute emergency” levy.This levy option was created several years ago to allow for additional revenue growth from new construction in the district. So instead of the dollar amount always staying the same, the amount could grow over time from new homes being built in the district. School districts are starting to turn to this levy option as a way to generate additional revenue from new home construction.
Although we do not expect much from this change in the short term (1-2 years), longer term we should receive some additional revenue from new homes being built in the district, helping offset the operational costs of the district.
For questions about the renewal levy, please contact Fairbanks Local School District Treasurer, Aaron Johnson.