Proposition 416 - General Maintenance and Operation Budget

SHALL THE GOVERNING BOARD OF MARICOPA UNIFIED SCHOOL DISTRICT NO. 20 OF PINAL COUNTY, ARIZONA (THE "DISTRICT"), ADOPT A GENERAL MAINTENANCE AND OPERATION BUDGET THAT INCLUDES AN AMOUNT THAT EXCEEDS THE REVENUE CONTROL LIMIT SPECIFIED BY STATUTE BY 10% FOR FISCAL YEAR 2027/2028 AND FOR SIX (6) SUBSEQUENT YEARS AS DESCRIBED BELOW? THE FISCAL YEAR 2027/2028 BUDGET OVERRIDE AUTHORITY REPRESENTS AN EXTENSION OF THE EXISTING BUDGET OVERRIDE AUTHORITY WHICH IS SCHEDULED TO PHASE DOWN BY ONE-THIRD FOR FISCAL YEAR 2027/2028, BY ANOTHER ONE-THIRD FOR FISCAL YEAR 2028/2029, AND WILL TERMINATE FOR FISCAL YEAR 2029/2030 IF THE VOTERS DO NOT APPROVE THE OVERRIDE. THE AMOUNT OF THE PROPOSED CONTINUATION OF THE BUDGET INCREASE OF THE PROPOSED BUDGET OVER THE ALTERNATE BUDGET FOR FISCAL YEAR 2027/2028 IS ESTIMATED TO BE $2,758,048. IN FISCAL YEARS 2027/2028 THROUGH 2031/2032 THE AMOUNT OF THE PROPOSED INCREASE WILL BE 10% OF THE DISTRICT'S REVENUE CONTROL LIMIT IN EACH OF SUCH YEARS, AS PROVIDED IN SECTION 15-481(P) OF THE ARIZONA REVISED STATUTES. IN FISCAL YEARS 2032/2033 AND 2033/2034, THE AMOUNT OF THE PROPOSED INCREASE WILL BE 6.67% AND 3.33%, RESPECTIVELY, OF THE DISTRICT'S REVENUE CONTROL LIMIT IN EACH OF SUCH YEARS, AS PROVIDED IN SECTION 15-481(P) OF THE ARIZONA REVISED STATUTES. ANY BUDGET INCREASE CONTINUATION AUTHORIZED BY THIS ELECTION SHALL BE ENTIRELY FUNDED BY A LEVY OF TAXES ON THE TAXABLE PROPERTY IN THIS SCHOOL DISTRICT FOR THE YEAR FOR WHICH ADOPTED AND FOR SIX (6) SUBSEQUENT YEARS, SHALL NOT BE REALIZED FROM MONIES FURNISHED BY THE STATE AND SHALL NOT BE SUBJECT TO THE LIMITATION ON TAXES SPECIFIED IN ARTICLE IX, SECTION 18, CONSTITUTION OF ARIZONA. BASED ON THE CURRENT NET ASSESSED VALUATION USED FOR SECONDARY PROPERTY TAX PURPOSES, TO FUND THE PROPOSED CONTINUATION OF THE INCREASE IN THE SCHOOL DISTRICT'S BUDGET WOULD REQUIRE AN ESTIMATED CONTINUATION OF A TAX RATE OF $1.39 PER ONE HUNDRED DOLLARS OF ASSESSED VALUATION USED FOR SECONDARY PROPERTY TAX PURPOSES AND IS IN ADDITION TO THE SCHOOL DISTRICT'S TAX RATE THAT WILL BE LEVIED TO FUND THE SCHOOL DISTRICT'S REVENUE CONTROL LIMIT ALLOWED BY LAW.