From the Evansville Courier & Press:
Property tax caps will cost the Evansville Vanderburgh School Corp. $6 million this year.
That was the message that EVSC Superintendent David Smith told school board members Monday night the district’s auditor delivered last week. The loss represents an increase of 145 percent compared to last year.
For EVSC, Smith said the property tax cap impacts the capital projects plan with a loss of $3.2 million and the transportation operating fund which is cut $2.3 million.
“This simply means that projects and maintenance for 39 schools will be delayed,” he said.
It’s vital to find a way to eliminate the $2.3 million from the transportation fund, or Smith said those remaining expenditures will come from the general fund or Rainy Day Fund once the transportation fund has been exhausted.
“As you all know, we have been very diligent in our efforts to increase our efficiency of expenditures from those funds as this allows to transfer unused funds into our rainy day account,” Smith said. “Unfortunately this year’s dramatic increase in property tax caps also means that the latitude that we’ve had in the past for transferring unused funds has been lost.”
Over the past three years, the EVSC has lost more than $40 million due to reductions in state and federal funding, as well as the loss of property tax revenue.
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http://www.courierpress.com/news/2013/apr/08/36pt-hed1-15-inches-of-story-one-line/
