Local media are reporting about the announced school funding plan from Mayor Stoney that should satisfy the 2017 School Modernization Referendum. The WRIC report includes these highlights of the plan:
Successfully provides $800 million of school capital investment over 20 years;
Does not rely on any real estate tax increase;
Includes $150 million of school capital investment funding based on the recently enacted 1.5% meals tax that is dedicated to Schools;
Allows for full compliance with all of the city’s existing Debt Policy Guidelines;
Provides significant capital funding for general non-school projects over the same 20-year time frame;
Relies on 2% growth in the city’s debt service budget commencing in FY 2024, a rate that is below that of historic inflation and is a fraction of the city’s recent growth in taxable real estate assessed valuation.
Paul Goldman, who was the author of the Put Schools First campaign and subsequent referendum (as well as the new one!) had this say:
Media/Stoney/Council/Democrats/Chamber finally understand the citizen led 2017 School Modernization Referendum. The Referendum effort had and has only one public spirited goal: Getting long denied RVA children out of decrepit, intolerable, immoral buildings conditions and into clean, modern, worthy facilities necessary to teach a true 21st century education. I knew – as did Richmond Crusade for Voters and Sierra Club – that City Hall, City Council, editorial writers, columnists, and Chamber of Commerce would not do it without putting the proverbial political gun to their heads. And if in the end City Hall, Council, editorialists, columnists, Chamber, et al join together to do the right thing, I will be cheering the loudest for them and give them all the credit.
So, wishing good fellowship for the holidays. We shall see more of the details of the Mayor’s plan when he presents it to City Council on January 14th. Let’s hope it includes lots of vision on including historic preservation, green building, and solar for our ailing school system.
