2006 Referendum Fact Sheet - November 7, 2006

The Madison Board of Education voted unanimously to ask the voters to consider a $23.5 million referendum question on November 7. The single question on the ballot is composed of three parts.

Build a new elementary school in Linden Park — far west side of Madison, west of Highway M

Alleviate overcrowding in schools on the rapidly-growing west side.
Capacity will be approximately 650 students, depending on the type of programming decided for the school
Abides by the recommendations of the Memorial/West long range facility needs task force. See task force report

Fiscal Impact: $17.7 million construction costs will cost the owner of an average-priced home ($239,400 — based on current assessments) about $16.15 more per year for 20 years.

Location of Proposed School — Rendering of Proposed School

Move the financing for the addition to Leopold School from underneath the revenue cap.

The $2.76 million project involves building a new cafeteria/ kitchen and converting the current cafeteria/kitchen into classroom space.
Leopold is at 107% capacity, with enrollment increases projected due to growth in the Fitchburg area of the district.
If the referendum fails, the finances for the construction may come from the general operating budget, which could result in cuts to current programs/services offered.

Fiscal Impact: Removing this debt from underneath the revenue cap, thus freeing the funding for other uses, will mean an increase of $3.17 per year for 16 years to the owner of an average-priced home.

Rendering of Leopold Addition

Move the refinancing of $3.1 million from underneath the revenue cap.

Will provide revenue cap relief, thus reducing the required budget cuts by an average of $516,000 per year for 6 years.
Consolidation of the loans allows the district to capture a more favorable interest rate.
Saves $97,000 in interest costs.

Fiscal Impact: Removing this debt from underneath the revenue cap, thus allowing the Board of Education to save programs/services, will cost the owner of an average-priced home $9.89 per year for 6 years.

TOTAL COST: Using the 2007 home assessment average of $239,400 for the City of Madison, the property tax impact for 2007 is $29.21. The actual cost to taxpayers will vary, based on the property's assessed value.

From 1996 to 2006, the school property taxes on the average-priced home in Madison have increased less than 1% ($14), while the average-priced home has increased 80% in value.

The day to vote on this referendum is Tuesday, November 7

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