CAPITAL PROJECTS FUND
The Capital Projects Fund is used for equipment, maintenance, construction and repair of buildings, land acquisition, and fees for professional services. This includes many maintenance contracts, and the contract for our copier machines. We also pay over a million dollars each year from this fund for utilities.This fund also provides for part of our technology programs. It funds most of the technology staff, as well as a part of the hardware and software.
More than 99% of the revenue in this fund comes from property tax and other local taxes.
Property Tax Impact:
This fund has a property tax rate limit that is established by a complicated formula. Because of the complexity of the formula, it has been the subject of legislation to change the calculation in 2011 and again in 2015. Conceptually, this formula causes the tax rate to go down when the assessed value goes up, effectively limiting the revenue in this fund.