Master Facility Plan
10 Reasons Why it is the Right Plan for Duval County
The Duval County School Board approved the Master Facility Plan on July 2, 2019. Earlier this year, the School Board approved a resolution to ask voters for a half-cent sales tax to implement this plan. The School Board’s request to place it on the ballot on Nov. 3 was approved by the City Council on April 14, 2020, as part of a legal settlement.
Financial Implications: How a 1/2 Penny Adds Up to Great Schools for Duval
Duval County Public Schools has engaged with financial advisors from PFM LLC to forecast revenue projections and debt service costs of a half-cent sales tax to fund the school district’s master facility plan. PFM is a company that also advises the city.
The School Board has discussed bonding (borrowing) $500 million to jump start the highest priorities in the facility plan in each of the seven district board member regions, from Mandarin to the Northside and from the beach to Baldwin.
PFM analyzed the debt service expectations and the 15-year revenue expectations and presented this information to the School Board on June 19, 2019.
Using estimates from the 2018 Local Government Financial Information Handbook, PFM demonstrated that the proposed tax would generate more than $1.7 billion in revenue. In addition to the sales tax revenue, the district would have significant savings from the elimination of maintenance backlog costs. These savings may also be used to fund the plan.
The details of the financial plan are in this report.