The $120 Million 30 Year George Mason School Bond

Gambling with the Future of the City and Schools

Referendum Proposes

Highest Per Capita Debt in Northern Virginia

Many Impacts on Our City

• Enormous Debt & Operating cost restricts future funding for teachers & police
• City’s debt per citizen will triple, greatly exceeding the rest of Northern Virginia
• Reduces ability to borrow for other city and school needs
• Denies voters a choice of renovation vs a larger GMHS designed to justify growth
• Tax rate escalation that will affect the sale value of homes
• GMHS Development plan would add 1,000 more new apartments
• New apartments will generate 200 more students and 2,000 more citizens
• Development removes potential for future recreational and park land forever

Your Vote Will Seriously Impact the Future of Our City and Schools

It’s Up to You to Choose Carefully

\Source: Falls Church City Manager (Wyatt Shields) and Superintendent of Schools (Sept 10, 2017 Information Session)

Past History is Clear

Accepting the City Council’s Assumptions Is Not a Good Choice

• City Council proposes building a school for a student population in 20 years based on several mixed development projects not yet approved
• Arlington County Public Schools is projecting student growth only through 2026 because of normal increases in expected errors the further out projections are made
• Projected City tax rates based on dubious assumptions and fiscal sleight-of-hand
  • City assumes that it will receive $40M++ for 10 acres of land
  • Recent actual sales of commercial property in the city show the School property will likely sell for some $20 Million
  • Unclear whether City or developer would pay for required infrastructure costs
• City claims 10 acres will reap great tax revenues
  • City estimates only $3.2M per year revenue from the 10 acres
  • Full tax revenue flow from 10 acres would only become available in 2031
  • But the $120 Million bond service charge is $7.5M per year
  • Citizens will have to pick up the remaining bond costs
• No strategy for dealing with rapidly increasing school operating costs
• Schools have a track record of cost overruns
  • Mount Daniel Elementary: 20% over budget and years delayed
  • TJ Elementary: School administration does not install new HVAC during renovation and later requests $2M for new HVAC
  • Will cost overruns be the same for a new GMHS?

Join in on the referendum question:

Email: forstudentsandtaxpayers@gmail.com

Facebook: Committee for Students and Taxpayers