By Anna Johnson
The News & Observer
Wake County voters could see nearly $900 million in school, Wake Tech bonds this fall
RALEIGH, NC –
Wake County leaders want nearly $900 million in bonds for the Wake County Public School System and Wake Tech Community College. On Tuesday, the Wake County Board of Commissioners got an overview of how the $883 million would be spent between the two education systems. Commissioners voted unanimously to move the process forward.
Here’s what you need to know: FINANCIAL IMPACT If approved by voters, the general obligation bonds would result in a 1-cent property tax rate increase next year. That would cost someone with a home valued at $337,000 about $34 more a year in their county property tax rates. If the bonds are not approved by voters, the county would likely pursue limited obligation bonds which are slightly more expensive.
“Due to increased cost, (the) county may have to adjust its level of support for schools and Wake Tech respective capital programs and/or adjust its FY24tax levy,” according to the Wake County presentation. WCPSS BOND The school bond would include $530.7 million for new schools, school replacements and program requirements for Wake County Public School System. The bond amount would be coupled with $134 million in cash for a combined $664.7 million.