Referendum Fact of the Day #27What if the Referendum doesn't pass?

We are never going to be able to take advantage of the incredible combination of: lowest interest rates in history, 64% reimbursement by the state, and an extremely competitive construction market all coming together at once. Remember, if we obtain a low interest rate now, that low interest rate will be LOCKED IN over the course of a loan – same thing if you lock in an interest rate on a fixed rate mortgage.

If interest rates go up just one percent, we add about $8 Million in interest. If construction materials go up, that’s additional loss of leverage of referendum dollars.

Ultimately, if the referendum does not pass, the district will not go back to the community asking for more money or more projects. If anything, it will be much less. Over $20 Million has been cut from our budget in the last four years. If we do not pass a referendum soon, we will not be able to:

  • Maintain and Improve all facilities
  • Realize ongoing savings in energy efficiencies related to investment in facilities
  • Keep the level of staff we currently employ to maintain lower class sizes

As someone once said, public schools are a tremendous societal tradition that has endured over the ages. We remember our school days with fond memories as we drive by our schools. Kids are being taught in the same classrooms their parents and grandparents were taught in. Unfortunately, that is the problem. We are updating technology and trying to renovate infrastructure in buildings that were built many decades ago (some buildings built before 1902!). Trying to give our students in this community a world-class education in a second-class learning environment is not the message we want to give our children, our residents, city leaders trying to change the image of Beloit, or to visitors. We can make a difference.

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