Almost a quarter of all property tax paid in Santa Cruz County is redirected from its schools to satisfy the State's debts. Over $40 million is taken each year, of which at least $16,810,678 will not be repaid to Santa Cruz County's K-12 Schools before the end of this school year (June 2014). Another $5 million of deferrals will not be repaid on a timely basis to the Cabrillo Community College District.
The Santa Cruz Assessor-Controller's Tax Book shows 56% of county property taxes going to schools (page 145) -- shown graphically to the right.
In fact, only 33% of Santa Cruz County property taxes get to its K-12 schools and community colleges, as shown below:
Pajaro Valley Unified will find itself waiting for $9,608,891 of this redirection to repaid after the end of the school year (June 2014).
In Santa Cruz County, a total of $40,797,267 was taken out of school-allocated property taxes to pay State obligations in 2010-2011. $33,623,876 was redirected to satisfy the State's VLF backfill obligation. $7,173,391 was redirected to pay for the State's 2004 Economic Recovery Bonds.
In 2011-12, the total was $40,183,951, of which $33,561,158 reflected the VLF backfill, and $6,622,793 was the 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.)