City Council Agenda and Packet 1979 03 20

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The average budget amount to educate each student in the school district is $2.064 in 1979. However, state and local funding only guarantees $1,785 or approximately 86.5% of this amount . The other $279 per student must come from other sources such as special edu- cation, vocational education. transportation. specific ownership. and fidaral impact aid monoy plus other sources not related• to -L - . assessed valuatioe.2 Exhibit 5 shows the estimated annual operating costs and revenues based on constant 1979 dollars for Centennial valley *orients by year through project completion. The total budget requirements for the 13 years is $16 623,456 with total state and _: .r local funding projected to be 414,374 390. The remaining $2,247,066 requires other funding as indicated above. The breakdown of the $2,064 current education cost per pupil by funding source is as follows: Current Education Percent of Total Cost per Pupil by Educational Cost Funding Source Federal .84% 17.34 State 42.44% 875.96 Local 55.00% 1 ,135.20 Cash Balance Less Reserve 1 .72 35. 50 Total 1a6.00X $1,064.00 The assessed valuation per pupil in RE-2 School District is $22,544 in 1979. This figure will increase to approximately $52.107 per pupil for the 1.056 students in Centennial Valley (constant 1979 dollars) and is higher than the school district average due to the amount of commercial and office space concen- trated in Centennial Valley (Exhibit 6) . Exhibits 4 and S (pages 44-47) estimate that Centennial Valley will enerate $37,881,678 in property taxes during its development. Of this amount, $22,094,162 will go to Boulder Valley School District. The breakdown of the 52.35 mill levy is shown in Exhibit 7. It indicates that $17,983•,426 will be generated for the general fund. However, the school district will only receive 514.376,390, because for each dollar raised due to increased assessed valuation, the state share of the finance act is reduced by one dollar_ Therefore, the Boulder Valley School District does not receive the additional $3,607,036 as a benefit; rather, the State of Colorado receives the benefit in the State General Fund since it will have $3,607 ,036 less 2Bill Kalous, Executive Director of Budget . Boulder Valley School District , January 22, February 12 and 20, 1979. 3Ibid. 28