Adrianne Sanchez, finance director for Coconino County Unified School District No. 1, told school trustees last week that it will file a preliminary notice to hold an override election in November. The Flagstaff district may seek voter approval for a budget override for maintenance and operations.
Filing the notice of intent does not require the district to set the election.
District officials last year did not renew the five-year M&O override approved by voters in 2004. As a result, the district lost $1.9 million in property tax revenues as the override fell this year to 7% from 10%.
Arizona law limits the amount that local school systems can generate from property taxes, but voters can allow a district to increase its budget by up to an additional 10%. If voters district approve a full override, the property tax would generate an additional $6 million a year.
Revenues from the override can be spent for district-wide student programs, services and personnel. The district may include a K-3 override in the program, which dedicates the money to improvements in the primary grades.
The district’s bonds are rated A1 by Moody’s Investors Service and AA-minus by Standard & Poor’s.
