Community Priorities for ESPLOST |
1. Funding for Capital Improvements
Historically, the primary source of local revenue available to most school systems for renovating and modifying existing educational facilities and construction of new schools (capital improvements) was property tax. Two options were available to Local Boards of Education (LBOE):
1. The LBOE could ask the voters to approve issuance of General Obligation Bonds to be repaid from property tax revenues.
2. The LBOE had the option of using ad valorem tax revenues levied for the Maintenance and Operation (M&O) of schools to fund capital improvement projects.
Either of these options placed the burden for providing adequate local funding for capital improvements directly on property owners.
1. The LBOE could ask the voters to approve issuance of General Obligation Bonds to be repaid from property tax revenues.
2. The LBOE had the option of using ad valorem tax revenues levied for the Maintenance and Operation (M&O) of schools to fund capital improvement projects.
Either of these options placed the burden for providing adequate local funding for capital improvements directly on property owners.