By NANCY PORGES | Truckee
As a Truckee resident since 1995, I have serious concerns about the Tahoe Truckee Unified School District’s general obligation bond (Measure U on November’s ballot) and its financial impact on our community. Truckee area schools want to borrow $114 million; whether you own or rent your residence, own or lease commercial property to operate a business, this affects you. Repayment of the $114 million borrowed represents less than half the $254,486,398 total cost to pay off Measure U. Projected interest costs $140,486,398. Those are big numbers. Let me put this plainly: Every $1,000 our school district spends on building materials or man hours, Truckee area property owners are taxed $2,232.
Another big concern is TTUSD’s plan to issue the $114 million in five equal amounts of $22,800,000 spread over 10 years. Such long-term building and labor cost estimates are unreliable and put projects promised in Measure U at risk of being downsized or eliminated.
TTUSD’s estimated tax of $48.25 per $100,000 of assessed property value is not a fixed rate throughout the bond’s 33 years. Factors influencing tax rate changes include dollar amount scheduled yearly to repay bond investors’ principal and interest; assessed value growth estimates for 2015-2048 determined by TTUSD; and assessed valuation of properties reset when sold.
Our aging school facilities need a rehab plan that doesn’t overtax our community’s future financial resources. We currently pay for Alder Creek Middle School’s bond (1999-2025) whose tax payment increased 43 percent over the last five years; two additional school bonds; and Measure A, a flat parcel tax of $135 per year through 2019, which funds all our area schools. I urge Truckee area voters to reject Measure U.
