Lake County Financing District…what is it???

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When I was looking at my real estate tax bill I noticed I was paying $182.24 every six months to some political sub-division called “Other”.  No longer willing to just accept “other” as an acceptable answer, I started to do some research.  I discovered that my money was supporting the “Lake County Financing District”, which was listed as the “Other” on my tax bill.

This “Lake County Financing District” taxing district was established in 1990 to spread the tax revenue from the Perry Nuclear Power Plant among school districts in Perry, Painesville City, Painesville Township, and Madison.  The Perry Plant paid significant taxes to the State of Ohio, and the State redistributed some of it back the the local communities.  In 2010 – 2011 timeframe, the school districts received about $1.7 million.  This is in addition to the 2.25 mill levy – $5.6 million received from the taxpayers.  The whole levy generated about $7.4 million each year.  So the politicians and school officials sold the taxpayers on the idea that they will see an even greater return on their “investment” in the schools because we will get to some of the largesse from the State.

However, since First Energy, owner of the Perry Nuclear Power Plant and Eastlake Coal Plant, recently received significant devaluations of their property and transmission of energy.  It will cause the lowering of the revenue to the schools in the Lake County Financing District.

This begs another question: If the State stops sending money back to the LCFD because of the property devaluation, will the LCFD really be needed, since there will be no “extra money” to be distributed?  Why should Lake County taxpayers be responsible for supporting schools outside of their taxing district?

Perhaps there is a answer that is escaping me, but you can be sure that we will ask the question of the Lake County Commissioners and the Auditor.   Stay tuned….we will report back to you next week.

 

 

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