Although the Board determines how Fulton County Schools will spend funds on capital improvements, the voters decide how the district will fund these improvements. There are three options for funding the Capital Plan 2022.
Levy Maintenance and Operation Millage
- Levy average of 5.993 mill increase
- $250,000 home value impact = An average increase of $599 per year in property taxes
Issue General Obligation Bonds
- Levy debt service millage to make payments on general obligation bonds
- Tax payers incur $311,000,000 in interest and origination fees over the term of the loan
- Millage rates would increase by 1.9 mills for first 5 years and 1.54 mills for the next 15 years
- $250,000 home value impact = An average increase of $190 per year in property taxes for the first 5 years, $154 for subsequent 15 years
SPLOST / Penny Sales Tax
- Pay-as-we-go - no long term debt is incurred
- All share in the costs, including visitors to the City of Atlanta and Fulton County
- No impact on millage rates
- Continuation of the current funding formula
After carefully evaluating the potential impact of each option, the Board believes continuation of the penny sales tax, or SPLOST, provides the least amount of burden for tax payers. Fulton County voters will be asked to vote on a continuation of the SPLOST on May 24th, 2016.