Wednesday, October 11, 2006

Who checked the numbers?

I found more errors, does not surprise me at all. It is amazing how many errors there are in this Feasibility Report. Table T-8 has only two numbers that are correct! All the others are wrong! This table identifies the tax increase for every $1 million borrowed at 5%, 5.5% and 6% over a term of 21 years. It also goes onto identify an escalation rate of 6%, 7% and 8.28% in the Total Tax Valuation.

If you borrow $63.75 million at 5% over 21 years the yearly payment is about $4,972,252. If the TTV is $2,259,898,154 then to raise enough revenue each dollar of assessment needs to be charged $.0022 or more commonly 22 cents per $100 assessed. This means a home valued at $150,000 I calculate an increase of $330.03. This is no where close to the $213.96 identified on the Yellow Flyer nor at the June Board meeting.

I hope I made a math error, but I have been over it several times and have not found one. Maybe my bifocals are playing tricks on me. Maybe someone out there can see if I made an error. I sure hope soe, I do not want my taxes going up $330.

Did anyone bother to check the math! Did anyone on the school board review this report?


At 8:56 PM, Anonymous Anonymous said...

I really hope a group of people sue NACS . There's a lot of renters and taxpayers out there that couldn't sign.

Get this suit going! bastards


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