The city of Portland will use more than $ 6 million in additional government money to offset property tax increases and pay off future debts.
The additional funding comes from the recently approved budget, which increases the state’s share of education spending to 55%. Several districts, including Portland, are using some – or all – of this money to lower property taxes.
Portland Superintendent Xavier Botana says about a quarter of that funding will be used to clean up tax hikes in this year’s budget.
“Now that we have this lucky break, we can now bring that into the budget and not appear as an increase in tax obligations,” says Botana.
The district is putting an additional $ 3.4 million into a relief fund to offset debt payments for a $ 64 million home renovation bond passed in 2017 for four schools.
“By setting up this reserve, we hope that we can only moderate these increases so that they do not lead to large tax increases in the coming years,” says Botana.
The city will also spend $ 1.3 million to cover guard salaries paid from federal funds for the coronavirus relief funds.
Schools across the country received more than $ 180 million in additional school funding from the recently approved budget.