Over $22 million will be taken out of Madera County schools' local property taxes to fund the state's debts this fiscal year. Madera County K-12 school districts will see a minimum of $18,232,983 still owed to them when the school year ends (June 2014), including $11.5 million to Madera Unified, and $1 million to Golden Valley Unified. In the most recent available data (2011-12), $19,608,796 was taken out of Madera County school-allocated property tax, $19,608,796 for the VLF "Swap" and $3,338,653 to pay for the 2004 Economic Recovery Bonds.
Can Madera County schoolchildren afford to finance the state's debts? No. According to the new Local Control Funding Formula, Madera County needs 65% more funding to adequately educate its student population this year than it's getting this school year -- in the neediest quartile for the state.
Sources: State Controller's Office, Local Government Reporting Section. (City and county detail shown in the reports, totals upon request from the SCO.) California Department of Education, First Principal Apportionment.
But who's to know? Even the Madera County Treasurer-Tax Collector announced on December 30, 2013, "Of the 79 million collected in property taxes, more than 85 % will be apportioned to the various Madera County School Districts and the two cities, Madera and Chowchilla." However, 21% of Madera County property taxes -- including its entire Educational Revenue Augmentation Fund -- are redirected away from its schools to satisfy the state's debts. So nowhere near 85% is even available to go to its schools.
In Madera County, a total of $25,245,424 was taken out of school-allocated property taxes to pay State obligations in 2010-2011. $19,431,360 was redirected to satisfy the State's VLF backfill obligation. $5,814,064 was redirected to pay for the State's 2004 Economic Recovery Bonds.
Source: State Controller's Office, Local Government Reporting Section. (City and county detail shown in the reports, totals upon request from the SCO.)