Over $14 million will be taken out of Nevada County schools' local property taxes to fund the state's debts this fiscal year. Nevada County K-12 school districts will see at least $4,262,316 still owed to them when the school year ends (June 2014), according to the First Principal Apportionment, with up to 50% more on the statute books for the Second Principal Apportionment. Hopefully, it will end below the $8 million and $5.6 million in the previous two years. In the most recent available data (2011-12), $14,312,131 was taken out of Nevada school-allocated property tax, $11,727,826 for the VLF "Swap" and $2,584,305 to pay for the 2004 Economic Recovery Bonds.
Can Nevada County schoolchildren afford to finance the state's debts? According to the new Local Control Funding Formula, Nevada County needs 47% more funding to adequately educate its student population than it's getting this school year.
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.
In Nevada County, a total of $14,502,083 was taken out of school-allocated property taxes to pay State obligations in 2010-2011. $11,983,180 was redirected to satisfy the State's VLF backfill obligation. $2,518,903 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.)