Dearest reader,
"No tax increase" sounds wonderfully simple.
But there is another number St. Charles Community Schools taxpayers may want to see:
What happens to the tax if the new bond does not pass? Because that tells a rather different story.
St. Charles currently levies 3.75 mills for its existing debt.
According to the district's own financial adviser, if no additional debt is added, that millage is projected to start falling next year:
2026: 3.75 mills
2027: 2.41 mills
2028: 2.40 mills
2029: 2.40 mills
2030: 2.20 mills
2031: 2.15 mills
2032: 2.15 mills
2033: 2.05 mills
2034: 1.99 mills
2035: 0.00 mills
In other words, without another bond, the existing debt is projected to be paid off and the debt millage goes to zero in 2035.
But St. Charles is asking voters to approve another $10.475 million in bonds. Under that proposal, as the old debt rolls off, new debt takes its place.
The district's financial adviser projects the total debt levy remaining at 3.75 mills through 2031 before gradually declining. The new debt continues through 2046.
And that is where "0.00 millage increase" deserves a little context.
Is it a 0.00 mill increase compared with the 3.75 mills taxpayers are paying today?
Yes.
But is the cost $0 compared with what taxpayers would pay if the new bond did not pass?
No.
Using the average 2026 residential taxable value in the St. Charles school district of approximately $68,137, the difference in 2027 alone is about $91.
Without the new bond: 2.41 mills.
With the new bond: 3.75 mills.
Then look at 2035.
Without the new bond: 0.00 mills.
With the new bond: an estimated 3.22 mills.
At today's average residential taxable value, 3.22 mills would equal
approximately $219 per year.
Of course, taxable values will change over time, so that $219 is simply an illustration using today's average. But the difference in the millage schedules is right there in the district's own financial documents.
The proposed bonds total $10.475 million in principal. Estimated interest is another $6.84 million, bringing estimated total debt service to approximately $17.3 million.
So perhaps the question for St. Charles voters is not simply:
"Will my tax rate increase?"
Perhaps it is:
"What would my tax rate become if we did not add another bond?"
Because there is a rather important difference between a tax not increasing... and a tax that was scheduled to decrease being replaced with new debt.
As always, Lady B merely brings the receipts.
You decide what they mean.
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