You really have the audacity to expect Coronado homeowners to pay ANOTHER $29 Million in property taxes? That’s an ADDITIONAL $9300 for every student in Coronado, including $2.8M alone to support the 300+ Inter-district Transfers!
You already got $17M from Prop KK in 1998, which homeowners will pay for until 2026. Then you borrowed another $11M and mortgaged the entire Middle School, plus $100M+ from CDA and other sources, to fund the best school buildings, classrooms, auditorium, world class athletic fields and pools anywhere in San Diego, most built since 2000. I’ve been paying School Tax Assessments for 25 of my last 33 years in Coronado, and enough is enough!
So what CUSD facility projects could possibly justify $29 Million MORE taxes from Prop E? Unfortunately, your vague and ambiguous project descriptions for facilities, maintenance and technology is just a blank check laundry list that could include ANY ad hoc projects which CUSD dreams up for the next ten years. And finally the truth comes out (but only in a website cartoon), stating Prop E funding WILL be used for DEBT SERVICE, as we suspected all along, to repay other loans and bonds at taxpayer expense.
In addition to 2014-15 school funding increases projected by our Governor, CUSD clearly is banking on a huge windfall from local taxpayers. But the amount and timing of Prop E couldn’t be worse, given the sorry state of our economy, jobs and housing. Coronado already has a glut of homes for sale (147), and foreclosures in process (19), most likely due to job loss or reduced income. CUSD, do you think those homeowners will welcome your Prop E taxes, on top of Prop KK taxes?
CUSD claims a $2.5M deficit next year, but Prop E could generate $3.3M in the first year alone. So why does CUSD expect home owners to pay Prop E taxes EVERY YEAR for a full TEN YEARS? Because Dr. Felix said he wants a fixed “source of revenue over 20 years”. Regardless of short term deficits, or other future funding, if Prop E is approved the taxpayers will be on the hook for the entire $29M, probably double that with interest and fees. CUSD will continue issuing bonds up to that limit, will spend every dollar available, and will never refund any excess revenue to taxpayers. And it won’t be long before they come back to homeowners with another School Tax Proposal to repay Prop E.
Wake up Coronado! CUSD has a serious addiction to OUR money. They’ve even stated that Coronado homeowners are an “Alternative Funding Source”, and that Prop E “Could serve the CUSD as a Bridge Loan”. (News flash for CUSD and Prop E supporters “loans” get repaid, property tax “assessments” do not!)
It is time to soundly defeat Prop E, and terminate the CUSD “money grab”.