Per President Elliott there are no more bonds to be issued, and most capital projects will be funded through operating income, which is primarily taxes.
Upcoming Referendum
There is talk of a potential referendum in 2028 in which voters will be asked to approve of lifting taxing/spending limits on community colleges. If this will not happen until 2028, I don’t see the need for more details until the Board approves the language of the referendum. I’ve been told that there is a document outlining it but haven’t seen it. I’ve also heard from a Board Member in public meetings that this will free up $90 million dollars for CAC, but we don’t know what for. As discussed in my reply letter to the CAC attorney, if you want authorization for an extra $90 million you need to be transparent about how the money is currently being spent. Ms. Elliots’ explanation of the issue is here.
Mr. Walker is referring to expenditure limitation. The Board will have to vote if they decide to take it to the voters. This would not occur until 2028, if the Board wants to ask to have CAC’s 1980 base reset. The base is the formula used to determine the expenditure limitation for any revenue CAC generates. It restricts what we can spend from revenues generated.
I only heard the $90 million figure from the Board member, not the administration, as well as the statement that the referendum would not increase taxes, again not from the administration. It has to come from somewhere, so if it doesn’t immediately increase taxes, it can necessitate the need down the road or preclude a tax cut now.
CAC Monitor 