As you have seen from several of my previous posts the Triangle area is growing in leaps and bounds. As a part of the growth our schools are seeing a large influx of students as well.
In order to support this growth we will need new schools. There is currently a proposed bond amendment for $980 million that will need to be passed in order for our school system to support the projected growth over the next five years. There has been a lot of information passing back and forth. Here are the main reasons you should support the bond vote in November.
WHY IS THIS IMPORTANT TO YOU AS A MEMBER OF THE COMMUNITY?
A strong and well-recognized public school system plays an integral role in recruiting the best and brightest minds to our companies. Take a look at these accolades--important validation as individuals and families consider Wake County:
August 2006 - #3 Top Metro Overall
-- Expansion Management
June 2006 - #2 Highest Graduation Rate in the Country (82.2%)
-- Education Week
May 2006 - #2 Best Place for Business
-- Forbes
January 2006 - #3 Most Educated City
-- US Census Bureau
December 2005 - #1 Best Public Education System in the Country
-- Expansion Mgmt, "2006 Education Quotient"
Nov. 2005 - Top 20 Best Places to Live, Work & Play
-- Homebuilder.com
May 2005 - #2 Best Places for Business & Careers
-- Forbes
April 2005 - #2 Best Public Education System in the Country
-- Expansion Management
* To stay competitive over the long haul, our businesses will be highly dependent upon the next generation of knowledge workers-innovative thought leaders in math, science and technology. Other countries, such as India and China, are moving ahead of us in this realm, and we must not allow a lack of funding to prevent us from taking responsible measures to prepare our children for the future. Before we can focus on technology advancement, we have to have the bricks, mortar and seats in place.
WHY DO WE NEED MORE SCHOOLS?
* The Wake County School System is growing faster than any other system in the state, with 5,099 additional students in 2004, 6,436 added in 2005, and 7,566 added in 2006. This year Durham County added only 262 students, Orange County added 301 students and Johnston added 1,568.
* Using our forecasting software, the school board is predicting Wake County will add an additional 8,348 students next year, 9,231 in 2008 and 10,227 in 2009, so the growth will continue for many years to come.
* It is Wake County's legal obligation to provide adequate learning accommodations for every student. With crowded classrooms and more than 1,000 mobile units already in place, we have no choice but to add more new schools. This is why Wake County Commissioners put the bond issue on the Nov. 7 ballot.
WHAT WILL WE GET IN THE $970 MILLION BOND PLAN?
* 17 new schools
* 13 comprehensive renovation projects
* Repairs and maintenance projects at nearly 100 other schools
* Funding for land and startup design of 13 future schools (7 elementary, 4 middle, 2 high)
* 5-year technology replacement and upgrade program
WHAT WILL IT MEAN TO VOTE "YES"/"NO" TO THE BONDS?
I believe this is possibly one of the most misunderstood aspects of the bond proposal issue. The bonds are about financing, pure and simple. Bonds are the only way we will cover the cost of growth, and a "no" vote does not mean there will be no bonds. It simply changes the type of bonds Wake County is able to secure, and most likely the amount of the bonds.
* A "yes" vote on Nov. 7 will allow Wake County to secure funds through the issuance of general obligation bonds. These bonds carry the lowest interest rates for local governments, especially when sought by a county like Wake with its AAA bond rating. (Wake County is one of only 22 counties in the country to hold this rating). $970 million will be available for the projects listed above.
* A "no" vote sends the School Board and Wake County Commissioners back to the drawing board. It will cost valuable planning and construction time (it takes an average of 34 months to build an elementary school from site acquisition to completion, and 50 months for a high school). Commissioners are likely to focus first on new construction and can borrow about $625 million without increasing taxes. That means they will likely delay projects such as renovations, repairs, maintenance and technology upgrades. Bonds issued by the County Commissioners are called certificates of participation, and they will carry a higher interest rate (about 0.2% higher) than general obligation bonds.
WILL THE BOND RAISE PROPERTY TAXES?
Yes. You will pay 4.7 cents more for each $100 of your home's assessed value. For example, if your home is assessed at $200,000, you would pay $94 more in property tax per year. It's important to point out, however, that Wake County property tax rates are currently below the state average of .6520 and significantly lower than those of neighboring and comparable counties. Consider the 2006-07 rates for each of these counties:
* Orange: $0.9030
* Mecklenburg: 0.8189
* Durham 0.8090
* Johnston: 0.7800
* Wake: 0.6340
Adding the proposed 4.7 cents still keeps Wake County well below our neighbors at $0.6810.
You can learn more at www.WakeBonds2006.com or www.wcpss.net/bond/. If you are interested in viewing my slides from Wednesday's press conference , those are also available. I encourage you to learn all you can about the 2006 Wake County School Bond Referendum, share what you learn with your families and neighbors, and vote on Nov. 7.
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