Republican Candidate's Running for Public Office in November 2024
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President Donald Trump & Senator JD Vance Candidates for United States President #47 & Vice-President Website: https://www.donaldjtrump.com/ |
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Melissa Toomim Candidate for United States Congress, District 36 Donate: https://secure.anedot.com/toomim-for-congress/3d6c0789-9570-41b3-b002-d7123a2538bb Website: https://toomim4congress.com/ |
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Steve Williams Candidate for United States Congress, District 43 Website: https://steve4congress.com/ |
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George Barks Candidate for California State Assembly, District 66 Website: https://www.voteforgeorgebarks.com/ |
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Jeremy Vanderhal Candidate for Palos Verdes Peninsula Unified School Board Website: https://vanderhal4pv.net/ |
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Alexandria Kay Blumer Candidate for Palos Verdes Peninsula Unified School Board Website: https://www.blumer4pv.com |
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Desiree "Dez" Meyers Candidate for Palos Verdes Estates City Council Website: https://www.dezforpve.com Donations (Click Here)
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Hello Friends,
After reading the 200 plus comments, I edited this to add more facts for you to review.
The PVPUSD Proposed School Bond comes with a 27 year ~$1/2 Billion Debt Service.
Debt Service is the amount of cash that’s needed to pay back interest and principal amounts on outstanding debt(s).
Currently, Palos Verdes Homeowners are paying off PVPUSD’s Debt Service for Measure K, R and S. In addition, Homeowners are paying a forever Parcel Tax, known as Measure M. The Parcel Tax has “no sunset date,” meaning - it will never end.
The District has 17 Buildings plus a Distance Learning Program to manage.
In the last year alone, PVPUSD lost 200 students to private schools, homeschools, and many families have fled California due to politics and other personal reasons.
According to the District’s Local Control Accountability Plan for 2022 to 2023:
The District received $108.9 million from the LCFF Base Grant.
The LCFF stands for The Local Control Funding Formula.
The LCFF determines how much money a school district will receive from taxes and is based on Enrollment (number of students attending school), State Determined Needs (I.E. California prioritizes more funding for schools with a high number of non-English speaking students), and, in addition schools with a higher number of children in the foster care system - receive the most funding and PV receives close to the least amount of State and County aid.
Revenue brought into the District In 2022 to 2023 the District:
* $13.6 million in one time funding from the COVID Relief Funds/ESSER 3 funds.
* $2.7 million in Federal Funds
*$3.5 million in additional State Funding
*$8 million for special education
*$3.2 million from the State Lottery
* $5.6 million STRS - on “Behalf,” Entry,
* $6.5 million from enterprise programs,
*and an additional $4.5 million in donations and other income from rentals and miscellaneous sources.
TOTAL IN OTHER FUNDING SOURCES: $47.6 MILLION DOLLARS
The Elected Representatives, The School Board Members, make the final call on all budget decisions. The School Board decides on their personal priorities and their decisions should reflect the values of the community.
The Superintendent and School Staff make recommendations to the Board, but ultimately the final say on every penny spent must be approved by the Board of Education. They vote on whether or not kids can go on overnight fieldtrips, how many therapists are on campus, how many student resources officers are on campus and they vote on who to hire or fire for the position of Superintendent.
In June of 2024, the elected School Board Members voted, “Yes,” to placing a Bond Measure on the November 2024 ballot. This measure will only affect Homeowners and Property owners living in Palos Verdes and if passed, most likely Apartment Managers will raise rents to offset the cost of the property tax hike. The Board and the District blame the Local funding formula as the sole reason why they must pass a bond to fix the plumbing, the roofs, and the electrical system in many of the 18 buildings. However, it is the Board that gets to decided on how to spend the “Other Funding Sources.”
We saw the majority of the Board cater to a specific demographic of parents and students who demanded the Board approve contracts from an outside vendor offering Therapy, BrainPop Apps, and other programs like JumpStart that cost the District $200,000. When we refer to “luxury items,” a cartoon app for kids to watch at school is a luxury item. The Board did not focus on the single most important safety measure and that’s Building Safety.
There are several Activists on the YESONSOS side of the fence claiming we are spreading “falsehoods.” Everything we, on the No side, can be verified by watching school board meetings, reading through the school board agendas and reading direct links from the District.
According to page 25 of 26 *B-1 of the PVPUSD Resolution No. 28-2023/24, the Resolution states:
“Attention of all voters is directed to the fact that the foregoing information is based upon the District's projections and estimates only, which are not binding upon the District. The average annual tax rate, the highest tax rate, the final fiscal year in which the tax is anticipated to be collected and the year or years in which they will apply, and the actual total debt service, may vary from those presently estimated for a variety of reasons, including, without limitation, due to variations in the timing of bond sales, the amount or amortization of bonds sold, market conditions at the time of each sale, and actual assessed valuations over the term ofrepayment of the bonds. The dates of sale and the amount or amortization of bonds sold at any given time will be determined by the District based on need for project funds and other factors, including the legal limitations on bonds approved by a 55% affirmative vote. Market conditions, including, without limitation, interest rates, are affected by economic and other factors beyond the control of the District and will depend on the bond market at the time of each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process. The growth or decline in assessed valuation is the result of a number of economic and other factors outside the control of the District.”
In addition, the resolution states:
“The best estimate of the average annual tax rate that would be required to be levied to fund this bond issue over the entire duration of the bond debt service, based on assessed valuations available at the time of filing of this statement, is $29.37 per $100,000 of assessed valuation. The final fiscal year in which the tax to be levied to fund this bond issue is anticipated to be collected is fiscal year 2050-51 . 2. The best estimate of the highest tax rate that would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is $29 .49 per $100,000 of assessed valuation in fiscal year 2025-26 and such tax rate is expected to continue through fiscal year 2048-49. 3. The best estimate of the total debt service, including the principal and interest, that would be required to be repaid if all of the bonds are issued and sold is approximately $455,300,000.”
We calculated the total Bond Debt Service to be higher than the District’s Estimates.
The District cannot get the loan from the Bank to buy the bonds unless they have collateral. Our homes serve as the District’s levy.
We calculated the total cost of the Debt Service to be paid off within the next 20 years by taking:
~$298 million bond at 3.75% which comes out to equal $522 million. However, it is uncertain how long it will take to pay off the loan because it is not a FIXED RATE.
However, the District explained they plan to sell off $297,800,000 in bonds over the course of the next seven years. According to the Assistant Superintendent, Brenna Terrones, who responded to a request for more information. She provided the preliminary analysis provided by the District’s Financial Advisor, and stated, the draft assumed a lower assessed value growth in case figures don’t match exactly. The District assumes there will be a 4% annual average growth rate. Their advisor calculated the return of investments on the sale of four series of bonds. The District’s Financial Advisor assumes the District will receive proceeds from the sale of Series A Bonds in 2025, Series B Bonds in 2027, Series C 2030, and Series D 2032, totaling $297,791,804. The district states their Debt Service (the cost to repay the loan) is $455,300,000.
Whether you believe the NoONSOS or the YESONSOS or the District, it’s irrelevant because the language written in the Bond Resolution is clear:
*The growth or decline in assessed valuation is the result of a number of economic and other factors outside the control of the District.
“ALL VOTERS IS DIRECTED TO THE FACT:
THAT THE FOREGOING INFORMATION IS
BASED UPON THE DISTRICT’S PROJECTIONS,
WHICH ARE NOT BINDING.”
SO, why then is YESONSOS obsessively pursuing any skepticism of voters when we are reading the language in the bond resolution and stating the facts for voters to consider?
Birth Rates are declining and our kids, if they inherit our homes, will be stuck with the debt the District made.
For those who want to look at the Budget, you can find more information on the District website:
https://4.files.edl.io/094d/07/02/24/182006-d9b64977-7129-4f7e-8e5a-f8fe3c3efbf1.pdf -
To read the District Bond Resolution go to:
PVPUSD.NET and click on the link for Bond Measure.
It's under the tab:
Facilities Bond Measure:
https://4.files.edl.io/f9ba/07/23/24/190247-291699f1-ee1c-48f3-ac83-84d466143acf.pdf
Have a great day!
After reading the 200 plus comments, I edited this to add more facts for you to review.
The PVPUSD Proposed School Bond comes with a 27 year ~$1/2 Billion Debt Service.
Debt Service is the amount of cash that’s needed to pay back interest and principal amounts on outstanding debt(s).
Currently, Palos Verdes Homeowners are paying off PVPUSD’s Debt Service for Measure K, R and S. In addition, Homeowners are paying a forever Parcel Tax, known as Measure M. The Parcel Tax has “no sunset date,” meaning - it will never end.
The District has 17 Buildings plus a Distance Learning Program to manage.
In the last year alone, PVPUSD lost 200 students to private schools, homeschools, and many families have fled California due to politics and other personal reasons.
According to the District’s Local Control Accountability Plan for 2022 to 2023:
The District received $108.9 million from the LCFF Base Grant.
The LCFF stands for The Local Control Funding Formula.
The LCFF determines how much money a school district will receive from taxes and is based on Enrollment (number of students attending school), State Determined Needs (I.E. California prioritizes more funding for schools with a high number of non-English speaking students), and, in addition schools with a higher number of children in the foster care system - receive the most funding and PV receives close to the least amount of State and County aid.
Revenue brought into the District In 2022 to 2023 the District:
* $13.6 million in one time funding from the COVID Relief Funds/ESSER 3 funds.
* $2.7 million in Federal Funds
*$3.5 million in additional State Funding
*$8 million for special education
*$3.2 million from the State Lottery
* $5.6 million STRS - on “Behalf,” Entry,
* $6.5 million from enterprise programs,
*and an additional $4.5 million in donations and other income from rentals and miscellaneous sources.
TOTAL IN OTHER FUNDING SOURCES: $47.6 MILLION DOLLARS
The Elected Representatives, The School Board Members, make the final call on all budget decisions. The School Board decides on their personal priorities and their decisions should reflect the values of the community.
The Superintendent and School Staff make recommendations to the Board, but ultimately the final say on every penny spent must be approved by the Board of Education. They vote on whether or not kids can go on overnight fieldtrips, how many therapists are on campus, how many student resources officers are on campus and they vote on who to hire or fire for the position of Superintendent.
In June of 2024, the elected School Board Members voted, “Yes,” to placing a Bond Measure on the November 2024 ballot. This measure will only affect Homeowners and Property owners living in Palos Verdes and if passed, most likely Apartment Managers will raise rents to offset the cost of the property tax hike. The Board and the District blame the Local funding formula as the sole reason why they must pass a bond to fix the plumbing, the roofs, and the electrical system in many of the 18 buildings. However, it is the Board that gets to decided on how to spend the “Other Funding Sources.”
We saw the majority of the Board cater to a specific demographic of parents and students who demanded the Board approve contracts from an outside vendor offering Therapy, BrainPop Apps, and other programs like JumpStart that cost the District $200,000. When we refer to “luxury items,” a cartoon app for kids to watch at school is a luxury item. The Board did not focus on the single most important safety measure and that’s Building Safety.
There are several Activists on the YESONSOS side of the fence claiming we are spreading “falsehoods.” Everything we, on the No side, can be verified by watching school board meetings, reading through the school board agendas and reading direct links from the District.
According to page 25 of 26 *B-1 of the PVPUSD Resolution No. 28-2023/24, the Resolution states:
“Attention of all voters is directed to the fact that the foregoing information is based upon the District's projections and estimates only, which are not binding upon the District. The average annual tax rate, the highest tax rate, the final fiscal year in which the tax is anticipated to be collected and the year or years in which they will apply, and the actual total debt service, may vary from those presently estimated for a variety of reasons, including, without limitation, due to variations in the timing of bond sales, the amount or amortization of bonds sold, market conditions at the time of each sale, and actual assessed valuations over the term ofrepayment of the bonds. The dates of sale and the amount or amortization of bonds sold at any given time will be determined by the District based on need for project funds and other factors, including the legal limitations on bonds approved by a 55% affirmative vote. Market conditions, including, without limitation, interest rates, are affected by economic and other factors beyond the control of the District and will depend on the bond market at the time of each sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the District as determined by the County Assessor in the annual assessment and the equalization process. The growth or decline in assessed valuation is the result of a number of economic and other factors outside the control of the District.”
In addition, the resolution states:
“The best estimate of the average annual tax rate that would be required to be levied to fund this bond issue over the entire duration of the bond debt service, based on assessed valuations available at the time of filing of this statement, is $29.37 per $100,000 of assessed valuation. The final fiscal year in which the tax to be levied to fund this bond issue is anticipated to be collected is fiscal year 2050-51 . 2. The best estimate of the highest tax rate that would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is $29 .49 per $100,000 of assessed valuation in fiscal year 2025-26 and such tax rate is expected to continue through fiscal year 2048-49. 3. The best estimate of the total debt service, including the principal and interest, that would be required to be repaid if all of the bonds are issued and sold is approximately $455,300,000.”
We calculated the total Bond Debt Service to be higher than the District’s Estimates.
The District cannot get the loan from the Bank to buy the bonds unless they have collateral. Our homes serve as the District’s levy.
We calculated the total cost of the Debt Service to be paid off within the next 20 years by taking:
~$298 million bond at 3.75% which comes out to equal $522 million. However, it is uncertain how long it will take to pay off the loan because it is not a FIXED RATE.
However, the District explained they plan to sell off $297,800,000 in bonds over the course of the next seven years. According to the Assistant Superintendent, Brenna Terrones, who responded to a request for more information. She provided the preliminary analysis provided by the District’s Financial Advisor, and stated, the draft assumed a lower assessed value growth in case figures don’t match exactly. The District assumes there will be a 4% annual average growth rate. Their advisor calculated the return of investments on the sale of four series of bonds. The District’s Financial Advisor assumes the District will receive proceeds from the sale of Series A Bonds in 2025, Series B Bonds in 2027, Series C 2030, and Series D 2032, totaling $297,791,804. The district states their Debt Service (the cost to repay the loan) is $455,300,000.
Whether you believe the NoONSOS or the YESONSOS or the District, it’s irrelevant because the language written in the Bond Resolution is clear:
*The growth or decline in assessed valuation is the result of a number of economic and other factors outside the control of the District.
“ALL VOTERS IS DIRECTED TO THE FACT:
THAT THE FOREGOING INFORMATION IS
BASED UPON THE DISTRICT’S PROJECTIONS,
WHICH ARE NOT BINDING.”
SO, why then is YESONSOS obsessively pursuing any skepticism of voters when we are reading the language in the bond resolution and stating the facts for voters to consider?
Birth Rates are declining and our kids, if they inherit our homes, will be stuck with the debt the District made.
For those who want to look at the Budget, you can find more information on the District website:
https://4.files.edl.io/094d/07/02/24/182006-d9b64977-7129-4f7e-8e5a-f8fe3c3efbf1.pdf -
To read the District Bond Resolution go to:
PVPUSD.NET and click on the link for Bond Measure.
It's under the tab:
Facilities Bond Measure:
https://4.files.edl.io/f9ba/07/23/24/190247-291699f1-ee1c-48f3-ac83-84d466143acf.pdf
Have a great day!
