Come November 2012, Richfield residents will have the option to vote on a measure that would call for an increase in the amount of marginal cost-per-pupil spending—thereby increasing property taxes.
The approved a special election ballot Monday night that would revoke the current referendum per-pupil number—which is $301.40—and authorize $717.40 as the new amount, a net increase of $416. The referendum would be effective for taxes paid in 2012 and would be applicable for 10 years. The ballot approved by the board states that voting "yes" on the ballot means voting for a property tax increase.
If the referendum was approved this fall, said the new annual costs to taxpayers per household, with an average home value of $185,800, would be $119.
Without the increase, Shwartz estimated that funds from the existing referendum would expire in June of 2013. If that were to occur, the district is projecting a fund balance of only $200,0000—which is well below a sustainable balance. In addition, the district would face additional, deep cuts.
, board Chairman Peter Toensing said it will be money well spent and they have a strong case to bring it to the community.
was also in attendance on behalf of the city Monday, to show her support for the measure.
Before closing the meeting, said: "I want everyone to know administratively whatever money we have, we will work with it and do the very best job we can."
The special election will be held in conjunction with , taking place Nov. 8.