The current five year levy in place is for 7.3-mills and generates $7.3 million annually for operating funds. It expires at the end of the year. The current levy, although passed five years ago at 7.3-mills, is being collected at 8.05-mills. According to Summit County Fiscal records, an 8.05-mill tax costs the owner of a $100,000 home about $250 annually.
The millage for the renewal is higher than when it first passed and it is for 10 years, not five. The renewal levy, if passed Nov. 6, will still generate $7.3 million annually for the district. It would begin in 2013 with collection starting the following year.
District Treasurer/CFO Catherine Bulgrin said "it's premature to talk about potential cuts if the renewal levy doesn't pass because we will have another opportunity ask for the renewal."
This levy is a continuation from a new tax first passed in the early 1990's by Stow voters, she said.
"It is critical for us to continue to receive these funds," Bulgrin said.
If passed in November, the renewal levy would cost the owner of a $100,000 home:
- $240.10 a year
- $20 a month
In the treasurer's latest five-year financial forecast, the financial situation for the district if the renewal passes and if it does not pass are included in the projection.
In line 10 of the treasurer's report, she expects the district to be $-5.3 million in the red in 2016 and that number more than quadruples to $-24.2 million in 2017 if the levy fails.
In line 12, the treasurer calculates to be in the black by $15.3 million in 2016 and by $8.4 million in 2017 if the levy passes.
Are you "for" or "against" the district's renewal levy?
In an unscientific Patch poll, 50 percent of those who voted in the poll plan to vote against the levy and 46 percent plan to vote for it (as of Oct. 28).