Why We Built What We Built
Becoming ONE Waltham
Advisory Question; Why We Built What We Built
In November 2016, the taxpayers of Waltham School District were asked, "Should Waltham School use every possible effort to use funding sources to build one new Waltham School building without increasing property tax rates?
- Results from the advisory question:
- 901 Yes and 432 No
- The above advisory question guided further decisions on what funding was available to build without impacting local taxpayers.
- Intergovernmental agreements with the City of LaSalle and Village of Utica were re-negotiated and extended.
- The District sold funding bonds that were paid through TIF agreements with municipalities.
- Legislation was needed in order to bond more than the $6.6 million dollar debt limits the district had.
- The superintendent negotiated with legislators resulting in Senate Bill 1290, passed into law in 2017, that increased our debt capacity from $6.8 million to $9.5 million in order to fund the building project.
- The District took out a fourteen (14) year general obligation building bond for the current Waltham School building.
- Spending limit for our current building was set at $9.5 million.
- 88% of our bonds will be paid for through the TIF intergovernmental agreements due to the creative financial planning of the superintendent and Board of Education.
- We are in year seven (7) of our payment obligation.
- Waltham School District #185 asked our community what they wanted, listened to the feedback, and followed through on the promise of using the maximum funding that could be secure at the time.
Waltham District #185 Tax Rate History
- In Tax Year 2018, Waltham began making bond payments on the new building. The tax rate actually decreased for tax payers.
- In Tax Year 2022, the tax rate increase was due to the loss of EAV as a result of Covia-Utica closing. (This is a loss of $350,000+ per year for the school district.)
Per Pupil Expenditures
The Per Pupil Expenditures have increased over the last few years due to increased student needs, supports required, and the cost of education/supplies in general. This has had an additional impact on the tax rate as illustrated in the table below.
As of July 2024, Waltham School's new building has not increased the tax rate.
Waltham Elementary School
www.wesd185.org