A recent brochure from Greece schools proposes new capital spending — “estimated project cost $107,825,000.” Call this the “sticker price” … when paying cash. But, Greece won’t be paying cash according to a recent informational meeting. Total cost including finance charges: about $155 million. Spend $47 million more, and all without any pain — no tax increase! How can this be?
One explanation can be found looking back to June 2000, the mother of all capital spending — $119.5 million. Bonds issued then are nearly paid off now. The incremental tax increases from 15 years ago are scheduled to end unless, of course, new debt-costs are added to drive taxes back up. If timed quickly enough, there would be no appearance of year-to-year tax increase.
The veracity of the statement, “School taxes will not increase as a result of this project” requires voters to surmise facts about taxes and dates. Only GCSD knows and/or controls these, but they aren’t saying.
Ambiguous wording, and confusing or missing numbers about “no school tax increase” are disingenuous to taxpayers and misleading for voters. Also, voting midyear on Dec. 4 costs extra, attracts fewer voters and denies voters access to important tax information.
George Hubbard
Greece