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Don't know where you vote? Find your polling location at http://boe.cuyahogacounty.us/boe/pollingloc/PollLocations.asp
2004 Bond Issue Facts SHAKER HEIGHTS CITY SCHOOL DISTRICT The Board of Education of the Shaker Heights City School District has voted to put a joint school/library bond issue on the ballot on November 2, 2004. A bond issue raises funds for building improvements and repairs. Monies are not used for general operating expenses. Q: Why do we need this bond issue? A: Our schools and public libraries range in age from 50 to 90 years old. They are heavily used and in need of repair. The bond issue will help protect these historic structures and our community's investment in them. Q: How much will the bond issue raise and how will the money be used? A: The bond issue will raise approximately $23,500,000 and will fund projects such as the following:
Q: How much will the bond issue cost? A: The cost will be approximately 2 mills, or $61.25 per year for each $100,000 of value. For a home valued at $200,000 for tax purposes, the cost will be $122.50 per year. Q: When was the last bond issue? A: The last bond issue, also a joint venture between the School District and Public Library, was passed in 1996. It was to provide funds to finance repairs and maintenance for a 5-year period. However, through good stewardship the School District and Library have managed to go three additional years before asking for another bond issue. Q: Why do we need this bond issue now? A: Without ongoing maintenance, small problems quickly become larger and more expensive to repair. For example, a roof leak may do minimal damage if it is attended to quickly, but may cause major damage to interior walls, flooring, and equipment if allowed to continue. An ongoing program of preventive maintenance is less costly to the taxpayer. Q: Why was the 2-mill figure selected? A: Initially, the consulting architects and engineers' estimate of District needs totaled over $30 million. The School District directed the architects to pare the request down to the essentials - repairs and equipment replacement that are absolutely necessary to the continued functioning of the schools, the integrity of school buildings, or to effecting ongoing savings through energy conservation. These top-priority needs, together with the Shaker Heights Public Library's needs, totaled about $23.5 million. The bond issue, if passed, will authorize the School District to borrow this amount. The two-mill figure is the estimated amount needed to service the debt. Q: Why is this bond issue larger than the 1996 issue? A: There are two principal reasons:
Q: How long will this bond issue last? A: Barring unforeseen circumstances, the School District is committed to stretching the proceeds over a minimum of five years but anticipates the funds will last for eight years or longer. Q: Why doesn't Shaker get state funds for construction and maintenance? A: State funds for capital purposes are allocated according to "equity rank," meaning that poor school districts are funded first. Shaker Heights is number 538 on this list and may be eligible to begin receiving some state matching funds in 2010, 2011, or 2012. Q: How will bond issue expenditures be accounted for? A: Since the 1996 bond issue, the Board of Education has received a detailed monthly accounting of all expenditures, including the type of project, location, and cost. This information is and has been available to the public. The District anticipates continuing this practice with future capital issues. Q: Where can I learn more? A: The Finance & Audit Committee, an independent advisory group made up of residents with expertise in business, finance, and economics, studied the need and issued a report recommending a bond issue. Download the full report
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