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From: Mac McIntyre
Category: General Discussion
Date: 22 Oct 2002
Time: 22:38:45 -0400
Remote Name: 12.251.130.11
Greetings…
According to public data the DeKalb School District’s operational expenditures per pupil for the 2000-2001 school year was $6,715 (http://www3.niu.edu/dcedc/econprof/schools.html). I do not know, and I’m asking for help here from school administrators and or media on this list, how much of this per pupil expenditure is recaptured from State education funding sources. I found where the State reduced its funding to DeKalb Schools by an estimated $400,000, due to rising property values and the state’s decision not to increase the “foundation level.” (http://www.daily-chronicle.com/archives/index.inn?loc=detail&doc=/2002/August/09-681-news02.txt), but I have not been able to find what the State’s per pupil funding is.
The following does NOT include State education funding.
It is estimated that the total residential property value of the completed Savannah Green project will be $140-million – a total residential EAV of $46.7-million. Total residential property tax would be $3.97-million annually. The school district would receive $2.46-million annually from its share of the property tax. It would also receive a one-time payment of around $1.5-million from school impact fees.
Suhadolnik projects that 270 students will live at the completed DeKalb project based on historical data from his projects in Normal and Urbana. If his numbers are accurate, and if it is assumed that every single one of those children will be new move-ins, then it will cost an additional $1.81-million annually to educate those children. This would leave an annual surplus of $1.65-million or would provide a cushion for a total of 366 students.
It would also appear to me that an influx of some-860 residential taxpaying homes could lessen the per taxpayer burden for the referendum, if passed. It would either reduce the amount paid per home in five years or it would generate additional income for the schools after the project is completed. I am not sure how new homes are factored into the formula used for the referendum.
It would seem to me, then, that the Savannah Green project would have a positive economic impact on the school district.