Learn about the intricacies of school bonds and their impact on educational funding with a focus on three key considerations. Understanding how school bonds function is essential for stakeholders involved in education finance and infrastructure development.
1. What Are the Current Needs?
When understanding what a school needs, it is key to consider the condition of the school. Are the buildings safe? Is there capacity for current enrollment? The school may hire architects or planners to estimate costs and determine potential costs.4 When you cast a ballot, you may want to ensure that the school has done its homework on what has been done in the projection process. It is not common knowledge that school buildings only have a 50-year life, so designs may need to be updated, replaced or changed for the safety of the students. There may be a true need for the bond to be issued.4
2. Does the School Have a Plan?
One may not agree with the details of the plan, but it is helpful to keep the big picture in mind. It is important to realize that the surrounding neighborhood will be affected positively or negatively by the plan and, moreover, that the change may be for the greater good of improving education for the entire school district and, thus, the community.4
3. What Is the Cost of the Plan?
The final consideration is the dollar amount needed. How will this cost affect one's taxes? One may argue that the beautification or modernization of a neighborhood school improves property values. Crossland notes that new and renovated facilities are safer and healthier for students, which improves student outcomes.4