Question 2: Osborn Elementary School District, Arizona, Override District Additional Assistance Budget Limit Measure

Shall the Governing Board of Osborn Elementary School District No. 8 of Maricopa County, Arizona (the “District”), adopt a budget that includes an amount for capital purposes that exceeds the district additional assistance budget limit by the lesser of $2,000,000 or 10% of the District’s revenue control limit per fiscal year for fiscal year 2027/2028 and the six (6) fiscal years thereafter? The budget override authority and projected tax rate represent an extension and increase of the existing budget override authority and resulting tax. As required by statute, the district additional assistance budget override amount is limited to 10% of the revenue control limit for each year.

The amount of the proposed increase of the proposed budget over the alternate budget for fiscal year 2027/2028 is estimated to be $500,000.

Any budget increase authorized by this election shall be entirely funded by a levy of taxes upon the taxable property within this school district for the year in which adopted and for six (6) subsequent years, shall not be realized from monies furnished by the state and shall not be subject to the limitation on taxes specified in Article IX, Section 18, Constitution of Arizona. Based on the current net assessed valuation used for secondary property tax purposes, to fund the proposed increase in the school district’s budget would require an estimated tax rate of $0.35 per $100 of net assessed valuation used for secondary property tax purposes and is in addition to the school district’s tax rate which will be levied to fund the school district’s district additional assistance allowed by law.

The capital improvements that are proposed to be funded through this override election are to exceed the State standards and are in addition to monies provided by the State.

Osborn Elementary School District No. 8 is proposing to increase its budget by not more than the lesser of $2,000,000 or 10% of the District’s revenue control limit to fund capital improvements over and above those funded by the State. Under the Students FIRST capital funding system, Osborn Elementary School District No. 8 is entitled to State monies for new construction and renovation of school buildings in accordance with State law.