Voters will be asked next month to support a maintenance and operations override and bond to support the Madison Elementary School District.
On Nov. 5 voters will be asked to authorize the district to adopt a general maintenance and operations budget that includes an amount up to 15-percent over the revenue control limit for the fiscal year 2020/21 for six subsequent years. Board-authorized and voter-approved bonds leverage property tax dollars to pay back a bond “loan” under the best negotiated terms possible.
In 2015 voters in the Madison district approved a $94 million bond that paid for renovations at Madison Simis, as well as a cafeteria renovation, arts center, new district warehouse and other work. An M&O override offers additional money above that provided by the state-funding formula to support district operations including salaries, curriculum and student and staff support, according to the Madison Elementary School District.
The total budget override amount is predicted to be more than $4.8 million and would be paid for by an estimated 45-cent tax rate per $100 dollars of net assessed valuation, which is about equal to the current tax rate levied for the existing override.
Students will benefit from the override and bond as the measures will pay for construction and renovation of schools, safety and security improvements, technology upgrades, school buses and transportation vehicles, recruitment and retention of highly qualified education professionals and energy-efficient enhancements.
To learn more about the Nov. 5 bond and override election, visit madisonaz.org/community/elections.