Public School Finance: Prospectus Paper :: essays research papers

Public School Finance Prospectus PaperOklahoma utility companies be before long protesting the amount of revenue enhancementes thatthey must pay. The dispute came about because of the difference between whatutility companies and other commercial properties and other entities such asrailroads and airlines must pay. The utility companies originally protested allof the taxes that they had to pay. They are forthwith protesting the percentage oftaxes that they must pay above what the commercial properties pay. The money iscurrently going into escrow accounts until a decision over the taxes has beenmade. According to Oklahoma Tax deputation estimates, the protests could affectmore than $63 million in funding for schools and counties across the state. Themoney will not be allocated into the schools until the dispute has been settled.A large sort of Oklahoma superintendents has been meeting with the big fourutility companies (Public Service Company of Oklahoma, Oklahoma Natural Gas,O klahoma Gas and Electric and Southwestern Bell) to try to lapse a compromise.The most recent meeting occurred on Monday, November 28, 1994. At that meetingMarvin Stokes, Superintendent of Byng Schools, proposed that the utilitycompanies be assessed at 25 mills and that commercial properties be assessed at20 mills. This would generate around $100 million in new revenue for Oklahomaschools. Eugene Chitwood, Okemah County Assessor, suggested that public servicecompanies be assessed at 23 mills and that commercial properties be assessed at15-19 mills. This would generate around $50 million in new revenue for Oklahomaschools. The utility companies are currently paying 22.85 mills and commercialproperties are paying 11 mills. Private advalorem property is assessed at 11-14mills. The utility companies were receptive to the suggestions. They do notcare if their taxes are increased as long as commercial properties are assessedat a higher level as well. Another idea proposed to the utility c ompanies fortheir tax rate to decrease to 21.85 mills. This would free up around 58 milliondollars immediately if the utility companies agree.The group of Oklahoma superintendents will meet with Glen Johnson ,Speaker ofthe House, on Monday, declination 5, 1995. The superintendents feel that it wouldbe to their advantage to have there concerns heard by the House even though the severalize Equity board has the final say. The State Equity Board is comprised ofthe Governor, Lieutenant Governor, State Superintendent of Schools, StateTreasurer, the State Auditor, and the State Secretary of Agricultural. In orderto get a measure passed by the State Equity Board, a measure must receive fourof the 7 votes.