What is the Peoria Unified Bond?
Voters will decide on the Peoria Unified bond question in the November election to authorize Peoria Unified to sell up to 120 million dollars in bonds to maintain existing facilities, increase safety and security, upgrade technology, and purchase school buses. The bond will include funds for a new elementary school. The school district has solicited input from the community to determine the capital improvements included in the bond program. This was to ensure the bond focused on necessities for the district and approached it in a fiscally responsible way by not increasing the tax rate.
What does the bond fund?
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Safety and Security
Improving the safety features on campuses to ensure safe learning environments for all students including front office remodels, fencing, and cameras.
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Repairs and Maintenance
Upgrade and maintain schools with updated heating, air conditioning, roofing, electrical, plumbing, foundation repairs, parking lots and related projects.
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New Elementary School
Construction of a new elementary school on an existing parcel of land that is owned by the district to provide for the needs of our students.
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Technology
Technology, equipment, and infrastructure related to access and connectivity to equip district campuses with the most up-to-date technology.
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Transportation
Student transportation and campus support vehicles including yellow school buses.
Details of the Bond
This past May, the Peoria Unified Governing Board voted to follow the recommendation of the Citizens’ Advisory Committee to call for a bond authorization in the 2024 General Election.
If approved, the bond is not expected to be a tax rate increase.
The Citizens’ Advisory Committee (CAC) provided their recommendation to the Governing Board after conducting public meetings and a study of current and future, facility and capital needs. With voter approval, the Peoria Unified School District may issue bonds, similar to a mortgage or line of credit, to fund projects that have a useful life longer than five years.
Spending per category
Category details
Why is there no expected tax rate increase if the bond is approved?
Bond programs and M&O Overrides that are approved by the voters are supported by secondary property taxes in the district. The district has had a priority focus on the district’s property tax rate, which has been declining in recent years.
The chart below shows how the district has had a decreasing tax rate over time:
The tax rate related to current outstanding bond sales in FY 2025, will be .58 per $100 of Limited Assessed Value, which continues the property tax rate decline detailed in the above chart. This is due to outstanding bonds sales continuing to be paid off and the assessed value of property in the district continuing to increase. If the new bond program is approved by the voters, the FY 2026 property tax rate with be .57 per $100 of Limited Assessed Value and is based on current and projected property values and the district’s current plans for issuance of new bonds.
FREQUENTLY ASKED QUESTIONS
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Voters will decide on the Peoria Unified bond question in the general election to authorize the sale of up to $120 million in bonds to maintain existing facilities, increase safety and security, upgrade technology, and purchase additional school buses. The bond also includes funds for a new elementary school.
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Election day is on November 5, 2024. Mail-in ballots will be sent out the first week of October.
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The proposed $120 million bond authorization is structured so that there will be no expected tax rate increase to the community. The combined tax rate of outstanding and proposed new bonds is projected to be at $0.57 per $100 of limited assessed valuation. Taxpayers can use the district’s property tax calculator for an estimate specific to their property.
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Bond programs and M&O Overrides that are approved by the voters are supported by secondary property taxes in the district. The district has had a priority focus on the district’s property tax rate, which has been declining in recent years.
The tax rate related to current outstanding bond sales in FY 2025, will be .58 per $100 of Limited Assessed Value, which continues the property tax rate decline detailed in the above chart. This is due to outstanding bond sales continuing to be paid off and the assessed value of property in the district continuing to increase. If the new bond program is approved by the voters, the FY 2026 property tax rate with be .57 per $100 of Limited Assessed Value and is based on current and projected property values and the district’s current plans for issuance of new bonds.
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The district will be unable to fund certain safety and security enhancements, maintain all current assets, build a new elementary school, upgrade district facilities, or fund additional technology and transportation needs. Without bond funding, many major projects focusing on school safety, security, and growth cannot be initiated, potentially putting the district years behind residential growth trends.
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Detailed allocations include improvements in safety and security, priority repairs and upgrades to schools, construction of a new elementary school, district facility upgrades, technology enhancements, and transportation (including school buses).
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Each October, the district makes an annual presentation to the community detailing how bond funds were spent.