Twenty-three schools over 5 years for $671 million dollars — incredible!
It’s such a staggering amount of money.
Charlotte Observer: Draft envisions 23 new schools
From the story:
As expected, the plan outlines the number of new schools the district believes it needs in the next few years, and you’ll need more than your fingers and toes to count them. In the plan:
â€¢ 23 new schools. Six are already under construction.
â€¢ Classroom additions to 12 schools. Five are under construction.
â€¢ Miscellaneous projects, including widening part of N.C. 200 near the entrance to the Central Academy of Technology and Arts, increasing the size of Weddington High’s stadium, and land acquisitions.
The capital improvement plan does not include monies to fund school operation which is a separate expense and funded in the annual county budget.
When you consider the forecast chart, keep in mind that our school enrollments have increased yearly by 7-10 or more percent the last few years and 2007 fall enrollment has been forested for another 13%. Given a continued pace of growth of 8 to 10% per year, construction cost inflation, a bond life of 20 years — how long will it take for the the county’s debt load to double? $2.2 billion in eight or ten years?
|Current Bond Debt||$493,000,000|
|Projected Capital Improvement Plan (23 schools)||$671,000,000|
|Total Bond Debt by 2012 ((Figure includes only school CIP))||$1,167,000,000|
Debt per capita
Now consider this: Union County taxpayers are paying 63.7¢ (per $100) today, which includes servicing our existing bond debt of $493 million. Care to forecast what our tax rate when we triple our debt by 2012?
$1.1 billion dollar debt by 2012 — According to three of our commissioners, growth pays for itself.