The Yuba Community College District is seeking a whopping $228.4 million bond on the March 3 Primary Election Ballot.
One of the most financially mismanaged college districts in California has found a solution to their financial challenges – borrow more money, and let the voters pay more in property taxes.
Measure C now proposes to authorize use of the next borrowed money on projects that were supposed to be accomplished under the 2006 and 2016 bond measures.
In recent years, enrollment in the Yuba Community College has dropped. What has increased is the number of retirees. Local (and state) retirees are mounting. State and local taxpayers are liable for pensions and various post-retirement benefits that will cost millions of dollars. Yuba College currently has at least a $48 million Unfunded Pension Debt.
Who’s going to pay for this fiscal mismanagement?
If approved, the district could collect $25 per $100,000 in assessed property value, the maximum allowed for community college districts in California. That would tack on $50 to the annual tax bill for a $200,000 home.
It would give the college district administrators and their board members vast discretion in spending or squandering the money.
Currently, the highest compensated employee in the district is the “chancellor” whose total package was $302,336 in 2018 up from $261,569 in 2012. There are at least 10 Administrators making $200,000+ and 175 making $100,000+ in the District. See the “Transparent California” website for all California local government employees.