INDIANAPOLIS, Ind. – Two IPS referendums seeking $272 million for additional funding over the next several years has passed.
The capital referendum, which was listed at $52 million, is designed to enhance school safety.
The operating referendum, which was listed at $220 million, is designed to provide more competitive salaries for teachers and much more.
IPS sent the following statement after both referendums passed:
“Indianapolis Public Schools is pleased to announce that both questions on the general election ballot passed. We are grateful to voters who supported this effort and will continue our drive to invest in teachers, make our schools safer and provide our students with an inspiring and rewarding education.”
IPS originally asked for $930 million over eight years, but compromised over the summer with the Indy Chamber of Commerce.
According to IPS, the referendum passed will:
- Obtain a local property-tax levy of no more than $0.2806 on each $100 of assessed valuation.
- Provide employees with more competitive salaries and wages.
- Maintain competitive health care benefits for employees.
- Continue to provide excellent services for students with special needs.
According to a report by an accounting firm, the tax impact on a $75,300 home if both referendums are passed would be a hike of $4.36 monthly.
The firms broke down the rest of the potential tax hikes as follows in monthly amounts:
- $125,000 home -$12.82
- $150,000 home – $17.07
- $200,000 home – $25.56
- $500,000 home – $76.55
- $1,000,000 home – $170.81
- Commercial/rental property – $26.15
Both questions were listed near the top of ballots for Indianapolis voters.