Pay attention to the Edison School Districts 2% Tax Levy Cap - there's a Loophole Called the Cap Bank

 Well, you remember that 2% hard cap they put in year's ago that's not really hard. There are exceptions for increases in healthcare, pensions and enrollment. and you had to get voters approval to raise it above 2%.

But who is anyone kidding? There's a loophole called the Cap Bank. If you use less than 2% in a previous year, you can exceed 2% in subsequent years (3 year limitation) without voter approval.

Now, why is that important? Because this School District has been flushed with state aid and mis-spending all that money over the past few years and for sure, that state aid won't continue over the next 3 years.

Here's the State Aid for the past few years:

Now, they like to tout over there on Mythomania Lane that they held the tax levy flat over the past few years but what they don't tell you is the difference is always being banked to use in a subsequent year. 

So, as soon as that State Aid starts to dwindle, and you know it will - they will go to the 'Banked Cap' where the only thing that is banked is the ability to raise property taxes by more than 2% in future years without voter approval - a deferred property tax increase if you will.

And we still haven't properly addressed the Overcrowding problem.

Here's the Cap Bank Eligibility on Page 29 of their 367 million Bloated and Out-of-Control $pending 'User-Unfriendly' 2024-25 Preliminary School Budget:

That's some $25 million sitting there that can hit your property tax bills over the 2% Cap without your approval over the next 3 years.

Anyhoo, don't you just like these loopholes to try and fool the taxpayers?