Referendum Fact Sheet
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Referendum Tax Impact
The Madison Board of Education voted unanimously to put a question to the voters on November 4 to exceed the revenue limits. The BOE approved a recurring referendum to exceed revenue limits by $5 million during the 2009-10 school year, an additional $4 million for 2010-11 and an additional $4 million for 2011-12.
Without passage of a referendum, the district estimates that in order to comply with state-imposed revenue limits, $8.1 million would have to be reduced from the 2009-10 budget; $4.4 million from the 2010-11 budget; and, $4.3 million from the 2011-12 budget.
To address the remaining gap of $3 million for the 2009-10 school years, the district proposes to use $2 million of an estimated $4 million in savings from the 2007-08 budget. The district also recommends reducing the unallocated staff position for elementary schools by ten positions ($600,000) and additional cuts of $400,000 in various department budgets.
While voters are asked for authority to exceed the revenue limits, the district also has identified two changes to implement over the next school year that will help to mitigate the tax impact of the referendum. By using a different depreciation schedule for building maintenance, the district will receive more state aid and thus reduce the impact on the local property tax payer, if the referendum is approved by voters.
In addition, at the completion of the 2007-08 fiscal years the unaudited balance for the Community Services Fund (Fund 80) shows a $2.2 million balance. The district recommended, and the BOE embraced, returning $2 million of the balance to the taxpayers, reducing the projected 2009-10 levy from $12.9 million to $10.9 million.
The estimated impact to a $250,000 home in Madison would be $27.50 more for 2009 tax bills.