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Superintendent Message | July 8

Last Updated: 7/19/2021 1:46 PM

July 8, 2021

Dear Black Tiger Family:

In finance, it’s been said that it’s not how much money you make, but how much you keep. As a district, we’ve worked very hard to maximize and stretch the tax dollars you’ve entrusted us with by spending smartly and investing wisely. As a result, I have some great financial news to share.

First, I’m proud to report that our original estimated interest rates (4.5%) that we predicted for our new 6-12 building are actually coming in much lower than expected (2.72%). This will translate into a savings in of over $29 million dollars over the life of our loan. Ultimately, it is our taxpayers who will see a reduction in property tax collections.

Second, proceeds from the sale of over $80 million in bonds, because of the passage of our 6-12 building bond levy, have been invested with Red Tree.  Interest generated from our investment will be used to support our Master Facilities Planning.  Needless to say, the market has been very good to us. 

We take being good stewards of your tax dollars very seriously. And, I hope you take this into consideration in November, when our district will ask your support of our 9.97mill renewal levy (which does NOT cost taxpayers any additional money). This levy, in place since 1991, generates almost 12% of our entire general fund annual budget, covering operating expenses like curriculum, staffing etc.   

Due to increased property valuations in our district, the effective millage rate has decreased from 9.97 to 8.15 mills. This means that the owner of a $100.000 home will now pay $285.00 a year in taxes, rather than $348.98 paid previously. 

Should the levy fail, the district would have to ask for another levy (at a potentially higher millage) to fill the gap in the general fund budget. Also, homeowners will lose their rollback and homestead exemption which is approximately 12.5% that is currently paid by the state on operating levies originally passed prior to 2013.

Your continued support of this levy would be key to our strong financial position now and in the future. Please help keep our positive momentum growing – so we can continue to support many generations to come.

Thank you for all you give to our families, community and district. Be well, stay safe, and as always, Go Black Tigers!

Dr. T. M. Nichols
Superintendent/CEO
Cuyahoga Falls City Schools