Under the Five Point Plan $3,047,000 was allocated to the North High Stabilization during the last year budget season (FY17).
In 2008, North High originally had $27,000,000 of debt and payments began on the 30 year notes. Last year Councilors Gaffney and Lukes questioned, why we were putting $3,047,000 into this fund when it already had $13,000,000 accumulated. This was enough money to cover the annual payments on the debt for the next ten years.
Why tax people $3,047,000, when we were sitting over $13,000,000? In the end these monies were cut:
Vote for tax cut:
Voted against the tax cut:
For this budget (FY18) we are not sure what will be allocated in the Five Point Plan for North High Stabilization, but we do know that the City Manager wants to creates a New High School Stabilization Fund for Doherty and South starting at $2,750,000 in FY18 and increasing 10% per year (page 27 and page 28).
- 2018 2,750,000
- 2019 3,025,000
- 2020 3,327,500
- 2021 3,660,250
- 2022 4,575,313
- 2023 5,719,141
- 2024 7,148,926
- 2025 8,936,157
Bottom line is the $3,000,000 that was cut is back in FY18 budget.