We sent an email to the Riverside School officials and inquired how the funds received from the Lake County Financing District were spent, and what impact will the Perry Plant devaluation have on the schools in the district. Here is the response we received:
A county school financing district is a group of independent local school districts that agree to pool their valuation and request a levy to support specified educational programs across the entire group of districts. The Lake County Financing District is made up of Riverside Schools, Perry Schools, Painesville Schools and Madison Schools. The tax is levied only in those four school districts and distributed among those same four districts. Funds are used for the provision of necessary personnel, materials, supplies, and transportation for instruction in language arts, social studies, mathematics, fine and practical arts, health and physical education, science and business education. The funds are divided based on the proportionate share of the student enrollment for each district. In the case of Riverside, we receive just over $2.2 million each year that is used to support approximately 33 teacher salaries in those core subject matters.
We received the attached letter from the county auditor last October stating the financing district will lose $153,761 per year due to the First Energy devaluations. Since Riverside receives 36.14% of the revenue, the effect to Riverside will be a loss of approximately $55,570 annually.
Thanks,
Gary A. Platko, CPA
Gary A. Platko, CPA
Treasurer/CFO
Riverside Local School District
585 Riverside Drive
Painesville, OH 44077
Update 1/11/18 3:00 pm
I have received an email from Mr. Zupancic, and he assured me that the tax revenue lost by Auburn and Lake County Financing District due to the Perry Plant devaluation will NOT be collected from the Lake County residents. The confusion appears to be that the school highlighted the Auburn and the Financing district and not the Auditor’s office.
Here is my email back to Mr. Platko:
Mr. Platko,
I just received an email from Mr. Zupancic confirming that Auburn and LCFD will lose the revenue because of the Perry Plant devaluation.
The confusion stems from the form that you sent to me had Auburn and Financing District highlighted in yellow, which I now assume was highlighted by the school to designate that you get funds from those two taxing districts, and not the Auditor’s office indicating that the taxpayers will be charged for the lost revenue.
Thank you for you help. I am sure that we will have more contact. My concern is this: If Lake County continues on the path of ever increasing real estate taxes, will will start pricing seniors and others living on fixed incomes out of their homes that they have worked all of their lives to achieve. My taxing districts (8,9,10) have experienced a 41% increase in the eleven years that I have lived in the home. This is not sustainable.
The debacle over the proposed school in Concord is not giving me confidence that the school officials are being good stewards of the taxpayers money. I will start to follow what is happening in the Riverside school district.
Categories: Concord, Education, Lake, Lake County Cities & Townships, Real Estate Taxes, Tax Levies
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