Page 12 - 2016 Budget, Bond and Innovation Recommendations

WHAT IS A BUDGET (MILL LEVY

OVERRIDE) ELECTION?

⊲ Local overrides are available to provide additional revenue for CCSD initiatives
and operational expenses. This funding is in addition to the school funding formula
determined by the State of Colorado.
⊲ Types of expenditures would include personnel costs to maintain class size;
curriculum and instructional supplies; computers and technology; and other
expenses related to Cherry Creek’s commitment to academic excellence and the
highest quality educational programs.
⊲ Requires approval by Cherry Creek voters.
⊲ Funded through personal and business property taxes.
⊲ Colorado State statute limits local overrides to 25% of Cherry Creek’s total
program.

WHAT IS A BOND ELECTION?

⊲ A Bond Election is to approve Cherry Creek’s issuance of general obligation bonds
to fund capital needs.
⊲ Capital needs are generally defined as assets that have a useful life over one year.
Types of expenditures include building new schools; equipping and furnishing
new schools; repairing, renovating, improving, and enlarging
existing facilities including updating heating and ventilation
systems, roofs, wiring, and plumbing; and other major
costs including larger technology purchases,
safety and security systems, and innovation
projects.
⊲ Requires approval by Cherry Creek voters.
⊲ Funded through personal and business
property taxes.
⊲ The Cherry Creek School District has a
strong credit rating and is able to issue
tax-exempt general obligation bonds at
a very low interest rate.

BUDGET DEVELOPMENT

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