Bond - Written promise, generally under seal, to pay a specified sum of money (face value) at a fixed time in the future (date of maturity) and carrying interest at a fixed rate, usually payable periodically; often used by school districts to raise construction money.
Capital Project Levy - This is a request of voters to increase taxes for the purpose of providing maintenance of district buildings and grounds including roofs, brick tuck pointing, case work, athletic facilities, windows and doors, plumbing, parking and drives, signage, siding, and mechanical systems. Additionally, Capital Project Levy can be used for maintaining safety and security, providing district technology including acquisition, installation, replacement, support and maintenance of software, improved technology, technology systems, network and infrastructure, and related training.
Fiscal Year - A 12-month period between settlements of financial accounts. The school district fiscal year runs from July 1 through June 30. For example, fiscal year 2024 is equivalent to the 2023-2024 school year (July 1, 2023 - June 30, 2024).
Levy - (Verb) to impose property taxes or special assessments on property. (Noun) the total of property taxes or special assessments on property imposed by a governmental unit.
Operational Levy - This is a request of voters to increase taxes for the purpose of providing for the day to day costs of operating a school district. Operating levies include funding teachers, support staff, classroom materials and school operations. “Levies are for learning and bonds are for building” is a phrase that describes the difference between operating levies and bond referendums.
Referendum - A vote by the whole of an electorate on a specific question(s) put to it by the school board.
Taxes Payable Year - Taxes payable refers to one or more liability accounts that contain the current balance of taxes owed to government entities. Once these taxes are paid, they are removed from the taxes payable account with a debit.
