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Mercer Island School District No. 400 Proposition No. 1

Replacement Educational Maintenance and Operations LevyThe Board of Directors adopted Resolution No. 662 concerning educational funding. This proposition authorizes the District to levy the following excess taxes, to replace an expiring levy, on all taxable property within the District, to support the District’s educational maintenance and operations not funded or fully funded by the State:Collection YearEstimated Levy Rate/$1,000 Assessed ValueLevy Amount2019$1.00$11,750,0002020$1.00$12,000,0002021$1.00$12,300,0002022$1.00$12,750,000subject to legal limits on levy amounts and rates at the time of levy. Explanatory StatementPassage of Proposition No. 1 would replace an expiring levy and allow the levy of $11,750,000 in property taxes within Mercer Island School District for collection in 2019, the levy of $12,000,000 for collection in 2020, the levy of $12,300,000 for collection in 2021, and the levy of $12,750,000 for collection in 2022. In accordance with Resolution No. 662 approving this proposition, these taxes would be deposited in the Mercer Island School District’s General Fund to pay part of the general expenses of operating the District. General expenses of the District include employee costs (such as salaries), instructional materials, special programs, activities and sports, technology systems operation, transportation costs, maintenance of facilities and other non-capital expenses of operating the District schools. If authorized by the voters and based on projected assessed valuation information, the estimated levy rate per $1,000 of assessed value would be $1.00 for collection in the years 2019 through 2022, inclusive. The exact levy rate shall be adjusted based upon the actual assessed value of the property within the District and the legal limit of the levy amount at the time of the levy.
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