Overview of BONDS, ELECTIONS & PROPERTY TAXES. Bryan E. Lundberg, Director February 8, 2011

Transcription

1 Overview of BONDS, ELECTIONS & PROPERTY TAXES Bryan E. Lundberg, Director February 8, 2011

2 Table of Contents SECTION ITEM PAGE A Arizona School Bonds & Elections Overview 1 5 B Property Taxes Overview Arizona School Districts 6-7 C Sunnyside USD Secondary Property Values and Taxes 8 13 D Sunnyside USD Bonding Analysis APPENDIX Selected Elections Materials Overview of BONDS, ELECTIONS & PROPERTY TAXES

3 Section A - Arizona School Bonds & Elections Overview Overview of BONDS, ELECTIONS & PROPERTY TAXES

4 Capital Financing Alternatives Summary 1. PAY-AS-YOU-GO Lease Purchase Repaid with following pay-as-you-go sources Generally limited to 5 years without voter approval Not a debt, must be subject to annual budget appropriation Capital Outlay and Soft Capital Budget Funds (State formula) SFB Building Renewal and New Facilities funding (State formula) Gifts and Donations Capital Override (November election and limited to 7-year and 10% of RCL) 2. LONG TERM DEBT / INVESTMENT Voter approved long term leases repaid through pay-as-you-go-sources Bonds (November election and limited to 10% of SAV for USD, or $1,500 per student if greater) Page 1 Page 1

5 Page 2 Comparison of Class B Bonds and Capital Outlay Overrides Class B Bonds Capital Outlay Overrides Allowable Almost all capital items: Any capital item Projects Some attorneys say yes and others say no to books and vehicles other than pupil transportation All say no to retrofitting school buses with air conditioning Ideal Use Land New construction and major renovations School buses if a district is not growing rapidly Equipment and technology Small capital projects Practical Use Any allowable project Any item if capital overrides are easy to pass in this district For capital items that can t be included in a bond Advantages Disadvantages Similarities Much easier to pass Debt service can be folded around existing debt to create desired levy Voters are given average annual tax impact which takes projected growth into account Money is usually available sooner Can spread tax impact over more years (maximum 20) Issuance and interest costs District must provide information to issue bonds and there are other reporting requirements Bonding capacity is decreased when property values decline Voter pamphlet and ballot requirements Allowable election dates (November only) Impact on state funding for facilities Source of funding (secondary property tax) No interest or issuance costs Less paperwork for District Good for districts with no or limited bonding capacity Much harder to pass Tax is usually new Voters are only given first year tax rate Money comes in annually Limited to 7 years and 10% of RCL 2555 East Camelback Road, Suite 280 Phoenix, Arizona (602)

6 Bonds Frequently Asked Questions What is an Arizona School District Bond? A municipal debt security sold to investors, proceeds of which are used for capital projects. Principal and interest are repaid through secondary property taxes. Don t Bonds Require Voter Approval to be Issued? Yes. Bonds require a simple majority at an election held only on the November election date. How much in Bonds can a District Sell? The amount voters can approve is not limited by statute, but statutes currently limit the sale amount to the greater of $1,500 per student and 10% of current district secondary assessed value (5% for elementary and high school districts). Senate Bill 1263 recently introduced would raise these limits through 2014/15 to 17% for unified districts (and 10% for elementary and high school districts) among other things. Does a District have to Sell the Bonds Approved at an Election? Statutes do not require that all (or any) of the bonds be sold. However, the bonds may be sold in one or more phases until the voter authorization expires ten (10) years after the election date. Page 2 Page 3

7 Bonds Frequently Asked Questions What can the Bond Proceeds be Used for? Use of the proceeds is limited to the projects and estimated costs listed in the voter pamphlet, except 10% can be used for cost overruns or other capital projects (that are included in the ballot question). Bonds are not limited anymore to just bricks and mortar and buses, but can now be used for most soft capital items (FF&E and technology) if a related amount of bond principal is retired within 5 years issuance. Who Determines the Payments? The governing board determines the amounts and maturity years for principal (up to 20 years) and an underwriter sets the interest rates for the sale, but market conditions determine the prices investors will pay. Who Buys the Bonds? U.S. investors including money managers, investment funds, corporations, banks and high net worth individuals that benefit from interest that is typically exempt from federal and Arizona income taxes. What are the Typical Terms for Bonds? Principal is sold in $5,000 denominations maturing on July 1 in years up to 20 years after issuance. Interest is set at a fixed annual rate but repaid semiannually on January 1st and July 1st. Early optional principal redemption for bonds has been typically available 10 years after the sale without penalty. Page 3 Page 4

8 Bond Election Timeline Summary Previous Years by March by May by June 10 th by July 11 th by July 21 st - District capital planning efforts and needs assessments - Investment banker, bond counsel and project consultants procured. - Stakeholder committee formed, educated and assigned objectives. - Stakeholder committee recommends action to Governing Board (GB). - GB determines projects, costs, bond amount and amortization period. - GB dissolves stakeholder committee. - GB calls for special bond election. - Publish request for pro / con statements (due 1st week of August). - Info for Voter Informational Pamphlet (VIP) sent to County / printer. by September - VIP is mailed. Early voting begins October 13 th. November 8 th by Feb. / March - Election day, the Tuesday after the first Monday in November. - First bond sale can be completed under normal circumstances. Page 4 Page 5

9 Section B - Property Taxes Overview Arizona School Districts Overview of BONDS, ELECTIONS & PROPERTY TAXES

10 Property Taxes for Arizona School Districts Two-Tier Property Tax System - Primary and Secondary Primary property taxes fund operations for most municipal jurisdictions and are generally comprised by the Qualifying Tax Levy, adjacent ways levy, desegregation levy and career ladders levy for school districts. Primary taxes are limited for residences to 1% of the primary assessed value. Secondary property taxes fund voter approved tax measures (bonds and overrides) for school districts. Homeowner Rebate The State pays the lesser of 40% or $600 of the school district primary tax levy for owner-occupied homes. Property Tax Collections County Treasurers levy and collect taxes on behalf of school districts. Taxes are due October 1st and March 1st each year and delinquent November 1st and May 1st unless the year is paid in full by December 31st. Delinquent taxes accrue at 16% interest and can ultimately lead to the loss of the property if taxes remain unpaid. Full Cash Value (FCV) and Limited Property Value (LPV) Full cash value is determined by the County Assessor and generally ends up to be 80% to 85% of market value for residential property. Growth in FCV is not limited for secondary tax purposes. However, LPV growth (value used for primary taxes) is limited to the greater of 10% of the previous year s LPV and 25% of the difference between current FCV and previous LPV. Page 5 Page 6

11 Property Taxes for Arizona School Districts Assessed Value The amount of a property s value that is taxed (the assessed value) depends upon the property s type. 10% of residential property value is assessed, whereas 21% of commercial and utility property value and 16% of agricultural and vacant land value is currently assessed. (Note: The commercial / utility percentage will reduce by 1.0% per year until it is 20% for Tax Year 2011 and after.) [Note: Secondary assessed value is utilized in both establishing secondary property tax rates (for bond and override levies) and general obligation bonding capacity. Therefore, the measure of secondary assessed value per student is a key indicator of the ability of a school district to raise debt and taxes on a per student basis.] Property Tax Rates Tax rates are stated per $100 of assessed value and established on the 3 rd Monday each August by the County Board of Supervisors. Primary property tax rates for residences are held by statute at or below $10.00 through State funding for schools (including the Homeowner Rebate). Secondary tax rates are only limited by that established by the governing body for funding voter approved tax measures (and delinquency rates for a bond levy). Property Valuation Dates Property values are finalized by the County Assessor by December 31 st each year, but are not utilized for determining general obligation bonding capacity or tax rates until a year after the following August (i.e., a 20 month lag). Page 6 Page 7

12 Section C Sunnyside USD Secondary Property Values and Taxes Overview of BONDS, ELECTIONS & PROPERTY TAXES

13 SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Historical and Projected Secondary Assessed Value* $800 Historic Secondary Assessed Value ($s in millions) Annual Percent Change Projected Secondary Assessed Value ($s in millions) 20% $700 15% $600 10% $500 5% $400 0% $300-5% $200-10% $100-15% $ Fiscal Year Ending -20% * Dollars in millions. Historical values through 2010/11 are actual. 2011/12 preliminary value provided by the County Assessor. Stone & Youngberg 1/28/2011 Page 8

14 SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Secondary Assessed Value by Property Type Industrial / Commercial (21% assessment ratio*) Residential (10% assessment ratio) All Other (1% - 16% assessment ratio) 80.0% 70.0% 60.0% 55% 53% 58% 62% 50.0% 50% 40.0% 30.0% 30% 33% 32% 29% 25% 20.0% 15% 18% 15% 14% 14% 10.0% 0.0% Fiscal Year Ending * Commercial / industrial assessment ratio reduced to 20% for 2011/12 and thereafter. Source: Based on parcels and secondary values obtained in the Abstract of the Assessment Role, ADOR. Prepared by: Stone Youngberg 1/28/2011 Page 9

15 SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Average Residential Full Cash Value $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 9% AVERAGE ASSESSOR'S FULL CASH VALUE 5% 5% 9% 6% 9% * Fiscal Year Ending 21% ANNUAL % CHANGE 17% 2% -10% -23% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% * Based upon preliminary 2011/12 abstract provided by the County. Source: Based on parcels and secondary values obtained in the Abstract of the Assessment Role, ADOR. Stone & Youngberg 1/28/2011 Page 10

16 SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Ratio of Average Home to District (Secondary Assessed Value) Ratio of Residential SAV to Total District SAV (in millionths) Annual Percentage Change 30 9% 25 7% 4% 5% 7% 5% 20 1% 2% 3% 1% 15-3% -3% -2% -3% -1% -3% -5% 10-7% * Fiscal Year Ending -11% -14% -9% -11% -13% -15% * Based upon preliminary 2011/12 abstract provided by the County. Source: Based on parcels and secondary values obtained in the Abstract of the Assessment Role, ADOR. Prepared by: Stone Youngberg 1/28/2011 Page 11

17 SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Historic Property Tax Rates* COMBINED PROPERTY TAX RATE $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 $4.42 $4.23 Primary $3.46 $5.69 $3.46 $4.69 $3.20 $4.60 Secondary Fiscal Year Ending $2.97 $4.12 $2.97 $3.99 $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 $2.06 $2.36 Bond SECONDARY PROPERTY TAX RATE $2.06 $1.87 $1.40 $1.59 M&O Override $1.72 $1.59 $1.48 $ Fiscal Year Ending $1.58 $1.40 * Tax rates stated per $100 of assessed value. Provided by the County Treasurer's Office. Prepared by: Stone Youngberg 1/28/2011 Page 12

18 SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Estimated Secondary Tax for an Average Value Home $450 $425 $400 $375 $350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 EXISTING BONDS OVERRIDE * Fiscal Year Ending Source: Based on secondary tax rates and parcels and secondary assessed values for owner occupied residential property (Abstract of the Assessment Role, ADOR). * Estimated using the preliminary 2011/12 abstract provided by the County, the 2011/12 existing bond payment and assuming the same override levy as in 2010/11. Stone & Youngberg 1/28/2011 Page 13

19 Overview of BONDS, ELECTIONS & PROPERTY TAXES Section D Sunnyside USD Bonding Analysis

20 SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Outstanding Bond Issues* (1) (2) (3) (4) (5) (6) (7) (8) (9) (8) (9) (10) $21,570,000 $7,625,000 $10,270,000 $1,975,000 Refunding Refunding Refunding Refunding Fiscal Bonds Bonds Bonds Bonds Year Series 2001 Series 2003 Series 2004 Series 2010 Ending Dated: 7/15/01 Dated: 6/15/03 Dated: 4/1/04 Dated: 11/23/10 Combined (July 1) Prin. Rate Prin. Rate Prin. Rate Prin. Rate Principal Interest Total 2011 $4, % $ % $1, % $ % $6,045 $853 $6, , % % % 6, , , % 2, % % 4, , , % % 1, , , % 1, ,840 $11,910 $2,445 $3,460 $1,975 $19,790 $1,917 $21,707 * Dollars in thousands. No remianing principal is eligible for early redemption. Outstanidng bonds were originally authorized at the 1993 and 1998 bond elections. Stone & Youngberg 1/28/2011 Page 14

21 THEORETICAL NOVEMBER 2011 BOND ELECTION SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Timing of Bond Proceeds and Bonding Capacity ($88 million Bond Program)* $35 Eligible for FF&E and Technology Available Bonding Capacity (after each issue) Only for Longer Average Life Projects $30 $25 $20 $15 $10 $5 $ Fiscal Year Ending * Dollars in millions. Bonding capacity for a unified school district is 10% of the district's current secondary assessed value. Stone & Youngberg 1/28/2011 Page 15

22 THEORETICAL NOVEMBER 2011 BOND ELECTION SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Historic and Projected Bond Levy* LEVY FOR EXISTING CLASS A BONDS LEVY FOR $88 MILLION NEW BONDS** $9 $8 $7 $6 $5 $4 $3 $2 $1 $ Fiscal Year Ending ** Dollars in millions. Exclude the impact of earnings, rebate and delinquent taxes. 2010/11 and before are actual. ** Assumes six sale phases from March September 2021, average annual interest at 6.0% and amortization 15 years following final sale. Stone & Youngberg 1/28/2011 Page 16

23 THEORETICAL NOVEMBER 2011 BOND ELECTION SUNNYSIDE UNIFIED SCHOOL DISTRICT NO. 12 Historic and Projected Bond Tax Rate* $1.90 $1.80 $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 TAX RATE FOR EXISTING CLASS A BONDS TAX RATE FOR $88 MILLION NEW BONDS Fiscal Year Ending * Tax rates per $100 of secondary assessed value and exclude the impact of earnings, rebate and delinquent taxes. 2010/11 and before are actual. Assumes changes in secondary assessed value as indicated earlier herein.average annual tax rate for new bonds is estimated at $0.97 and the estimated average annual impact to the current average value home of $76,723 is $ Stone & Youngberg 1/28/2011 Page 17

24 Overview of BONDS, ELECTIONS & PROPERTY TAXES APPENDIX Selected Election Materials

25 Preparing for Bond and Override Elections Seminar December 6, 2007 Preliminary Efforts and Stakeholder Committees Page 18 Hire Consultants (by January / February) Investment Banker (Arizona School District Municipal Finance Expert) Bond Counsel (Arizona School District Municipal Finance Legal Expert) Facilities Planning Professional (Project Manager, Architect, etc.) Demographer, Election Research Consultant, etc. Educate Key Administrators (by February / March) Elements of Effective Capital Improvement Planning Capital Financing Alternatives for AZ School Districts Bond and Override Basics Practical Elements and Strategic Use Election and Pamphlet Requirements the Do s and Don ts of AZ School District Elections AZ Property Tax Basics for AZ School Districts Financial Policies for Debt and Taxes Community Outreach and Research Efforts Demographic and Election Research Consultants Formation of Political Action Committees (PACs) Prepare a Capital Improvement Plan (March / April) Comprehensive in Scope and Easy to Read Current and Long Range Needs (5+ Years through build-out) Reliable Cost Estimates with Contingencies and Inflation Adjustments Repair and Replacement Needs Scheduled and Quantified Funding Sources Identified and Prioritized Impact on M&O Identified and Integrated with Long Term M&O Forecast Form and Educate a Stakeholder Committee (by March) Governing Board Representatives Key District Administrators Site Personnel (administrators, certified and classified) Parents and Other Residential Representatives Business Representatives Other Community Leaders Local Media Stakeholder Committee Goals to Consider (by May) Recommend a CIP to Governing Board Become Educated with Enough Pertinent Facts to Assist Voters District Long Range Plans for Bond and Override Elections District Financial Policies on Debt and Taxes Recommend Use of Oversight Committee(s) for CIP, Elections, Debt and/or Taxes Governing Board Dissolves Stakeholder Committee. Community Members May Form PAC East Camelback Road, Suite 280 Phoenix, Arizona (602)

26 11/8/2011 DEADLINE DAYS RESPONSIBLE PARTY / ACTION STATUTE SCHOOL DISTRICT - can call for an election at this time or earlier.school DISTRICT notify County School Office of call for election as soon as resolution is /11/ adopted. 07/11/ /11/ /11/ /11/ /11/ SCHOOL DISTRICT County School Office with resolution signed by the governing board. Resolution to include ballot language and the board minutes SCHOOL DISTRICT provide written request to County School Office if the County School Office is to prepare the United States Department of Justice submission Federal or advise that the SCHOOL DISTRICT will be responsible for submission. Regulation 28 SCHOOL DISTRICT GOVERNING BOARD sends written request for County School Office to (1) order district precinct registers from Recorder or advising that the SCHOOL DISTRICT will be responsible for ordering and delivering to polling sites; (2) request mail list of registered electors in the district from Voter Registration and (3) arrange for mailing of information pamphlet. County School Office notifies Elections, Recorder and Board of Supervisors of call for election. The County School Office arranges for printer, certified translator, labeling company and a mailing company. County School Office publishes pro/con notice in area newspapers upon receipt of the resolution and call for election. Response deadline will be approximately 88 days before the election. 07/21/ SCHOOL DISTRICT - Submit required information to be included in the bond pamphlet. 07/21/ County School Office - Prepare Notice of Election for posting SCHOOL DISTRICT - provide mail permit number if SCHOOL DISTRICT's permit is to be used for mailing of Information Pamphlet OR request to use county 07/21/ permit. If district mail permit number will be used, verify that the annual permit fee has been paid for the year and sufficient postage is available. 07/31/ County School Office requests mail list from Pima County Recorder BOND ELECTION CHECKLIST AND TIMELINE Office of the Pima County School Superintendent ELECTION DAY: 11/8/ /05/11-95 Start preparing U.S. Department of Justice Submission (County School Office or SCHOOL DISTRICT) 08/10/11-90 SCHOOL DISTRICT - Post election notices and file affidavit of posting with County School Office /10/11-90 * * * BALLOT QUESTION DEADLINE* * * 08/12/11-88 Approximate deadline for area residents and district governing board to submit their signed 200 word PRO/CON statements to County School Office. PLEASE NOTE: the deadline date is subject to change. Verify deadline date with the County School Office. 08/15/11-85 Proposition Numbers assigned 08/15/11-85 SCHOOL DISTRICT submit ballot question to Arizona Legislative Council for review. The Arizona Legislative Council shall notify the SCHOOL DISTRICT within 10 calendar days if the ballot language does not comply with ARS H. 08/22/11-78 SCHOOL DISTRICT - final approval of Information Pamphlet 08/23/11-77 County School Office sends Information Pamphlet to printer B ; ; /08/11-61 DEADLINE TO MAIL U.S. DEPARTMENT OF JUSTICE SUBMISSION 09/14/11-55 SCHOOL DISTRICT - Money for postage permit should be delivered to Post Office if SCHOOL DISTRICT permit used. If county permit is to be used County School Office verify there is sufficient postage. 09/19/11-50 County School Office - verify mail list request with Pima County Recorder. Information needed 10 days prior to pamphlet mail deadline date 10/04/11-35 INFORMATION PAMPHLET MAIL DEADLINE / H 10/13/11-26 Early voting starts / Early Ballots will be mailed to voters on the Permanent Early Voting List B 10/10/11-29 LAST DAY TO REGISTER TO VOTE /28/11-11 LAST DAY TO REQUEST AN EARLY BALLOT D 11/01/11-7 Elections Department - perform Logistics and Accuracy test. County School Office will send a representative to observe the L&A test on behalf of the SCHOOL DISTRICT. SCHOOL DISTRICT may also send a witness to observe the L&A test H Page 1 of 2 Page 19

27 11/04/11-4 Last day to vote early D 11/07/11-1 Emergency early voting ends at 5:00 p.m F 11/08/11 0 * * ELECTION DAY* * 11/14/11 6 First day to CANVASS ELECTION RETURNS. The canvass is not complete until it is presented to the Board of Supervisors /493 11/14/11 6 County School Office - Provide Bond Information Pamphlet to the Pima County Treasurer 11/13/11 5 County School Office - Provide Report of Special Election Results to SCHOOL DISTRICT 11/23/11 15 SCHOOL DISTRICT - DEADLINE to submit Report of Special Election Results to Arizona Department of Education and to County School Office 11/28/11 20 Last day to canvass returns C 11/28/11 20 County School Superintedent declares results of election 11/29/11 21 Provide pamphlet and canvass to Pima County Treasurer 12/08/11 30 County School Office submits the Information Pamphlet to the Arizona Department of Revenue A.2 Contact Information: Susan Hankinson, Pima County School Superintendent's Office, phone: Revised December 2010 Page 2 of 2 Page 20

28 Summary of Class B Bond and Capital Outlay Override Election Results Class B Bonds Capital Outlay Overrides* Annual Difference Between No. of Percent Amount No. of Percent Amount Bond Yes and Year Questions Approved Approved Questions Approved Approved Override Yes % $ 179,145, % $ 10,055, % % $ 77,900, % $ % % $ 167,538, % $ - 3.2% % $ 352,335, % $ 1,802, % % $ 403,010, % $ 12,736, % % $ 753,585, % $ 5,300, % % $ 1,133,955, % $ 40,175, % % $ 1,227,255, % $ 4,050, % % $ 496,610, % $ 21,351, % % $ 356,615, % $ 9,785, % % $ 210,030, % $ 4,600, % % $ 513,080, % $ 1,100, % TOTAL % $ 5,871,058, % 10.8% Even Yrs 87 97% 29 34% Odd Yrs 82 88% 46 57% Total number of districts that have passed at least one bond or capital override since 1999: *Includes only overrides funded by property taxes. Beginning in 2005, amounts include renewals of previously-approved overrides East Camelback Road, Suite 280 Phoenix, Arizona (602) Page 21

29 Class B Bond and Capital Outlay Override Election Failures Page 22 District Year Amount Class B Bonds Capital Outlay Override (1) Percent Yes P/F Amount Percent Yes Cave Creek USD 1999 $ 15,775, F $ 1,640, F Scottsdale USD 2001 $ 155,000, F $ 10,107, F Peoria USD 2002 $ 10,000, F Saddle Mountain USD 2002 $ 1,500, F Cave Creek USD 2003 $ 15,000, F $ 2,700, F Glendale ESD 2003 $ 1,500, F Glendale UHSD 2003 $ 4,485, F Peoria USD 2003 $ 16,000, F Tolleson UHSD 2003 $ 1,357, F Deer Valley USD 2004 $ 7,500, F Tucson USD 2004 $ 7,000, F Wickenburg USD 2004 $ 500, F Cave Creek USD 2005 $ 4,750, F $ 2,345, F Concho ESD 2005 $ 1,225, F Sahuarita USD 2005 $ 1,000, F West MEC JTED 2005 $ 25,000, F Wickenburg USD 2005 $ 500, F Agua Fria UHSD 2006 $ 3,635, F Fountain Hills USD 2006 $ 750, F Glendale ESD 2006 $ 2,200, F Pendergast ESD 2006 $ 2,125, F Sahuarita USD 2006 $ 1,000, F Scottsdale USD 2006 $ 11,880, F Wickenburg USD 2006 $ 500, F Agua Fria UHSD 2007 $ 3,897, F Cave Creek USD 2007 $ 123,470, F $ 4,668, F Chino Valley USD 2007 $ 38,000, F Littlefield USD 2007 $ 2,500, F Littleton ESD 2007 $ 300, F Mayer USD 2007 Pendergarst ESD 2007 $ 2,300, F Roosevelt ESD 2007 $ 1,300, F Tempe UHSD 2007 $ 6,000, F Coolidge USD 2008 $ 1,000, F Amphitheater USD 2009 $ 2,000, F Fowler ESD 2009 $ 500, F Gila Bend USD 2009 $ 7,500, F Thatcher USD 2009 $ 500, F Tucson USD 2009 $ 9,000, F Gila Bend USD 2010 $ 4,900, F Kyrene ESD 2010 $ 8,000, F Laveen ESD 2010 $ 1,995, F Saddle Mountain USD 2010 $ 900, F Santa Cruz Valley UHSD 2010 $ 301, F Tolleson ESD 2010 $ 1,500, F Willcox USD 2010 $ 15,000, F Williams USD 2010 $ 5,500, F Total Failed: P/F Stone and Youngberg LLC Page 1

30 Summary of M&O and K-3 or SP Override Election Results March May September November No. of No. Percent No. of No. Percent No. of No. Percent No. of No. Percent Year Questions Approved Approved Questions Approved Approved Questions Approved Approved Questions Approved Approved % % % % % % % % % 1 0 0% % % % % % % % % % % % % TOTAL % % % % GRAND TOTAL ALL MONTHS % 2003 Through May % November 2007 and Later % 2555 East Camelback Road, Suite 280 Phoenix, Arizona (602) Page 23