The Villages Charter School Sports Facilities

[Altavia]

Toiur of the beautiful new sports facilities coming to completion at The Villages Charter High School

[https://youtu.be/lkLzvuHMtj0

[village dreamer]

the best that money can buy.......cant wait for the maintenance bills

[billethkid]

It would be nice if the advocates for the new facility would see fit to budget their teacher compensation as "modernized" and up to date as the new, wonderful, amazing facility.

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:censored:

[Goldwingnut]

the best that money can buy.......cant wait for the maintenance bills

You’ll not pay any of it, it will be paid the same as it always has been with the north end schools, the developer pays it all. They consider it just another part of the investment they make to get quality employees to come to work for the various companies involved with making The Villages.

[Papa_lecki]

It would be nice if the advocates for the new facility would see fit to budget their teacher compensation as "modernized" and up to date as the new, wonderful, amazing facility.

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:censored:

Facilities are paid with debt; salaries are paid with the annual budget - apples and oranges.

[Altavia]

It's a beautifuly thought out community for families which will change the dynamic here in positive ways.

The buyers love it already and many more planning to join. I know of at least two people who plan to move their business here from up north once their existing lease expires.

Thousands of homes to be built there for hard working people in the area will add over a billion dollars to the property tax base so they will pay (maybe more than) their fair share of taxes.

[Bill14564]

It's a beautifuly thought out community for families which will change the dynamic here in positive ways.

The buyers love it already and many more planning to join. I know of at least two people who plan to move their business here from up north once their existing lease expires.

Thousands of homes to be built there for hard working people in the area will add over a billion dollars to the property tax base so they will pay (maybe more than) their fair share of taxes.

EDIT: The quoted post mentions property tax base and not property tax income. The calculations below are for tax income but that is not what was mentioned. As pointed out in a post below, 4,000 homes at $350K would at $1.4B to the property tax base.


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Are you sure of the $1B number? At $2,000 per year in property tax for a $385K home:

$1,000,000,000 / $2,000 = 500,000 homes

If the $1B comes over time then:
500,000 homes / 20 = 25,000 homes

That seems like a lot of growth and some optimistic projections.

[Michael 61]

You’ll not pay any of it, it will be paid the same as it always has been with the north end schools, the developer pays it all. They consider it just another part of the investment they make to get quality employees to come to work for the various companies involved with making The Villages.

I’m grateful to live in a retirement community that sees value in providing schools for the employees and families that serve us. I’m not aware of any other 55+ community that does so. This is so important that TV is able to attract and retain high caliber employees to serve us now, and as we continue our expansive growth.

[Bogie Shooter]

Facilities are paid with debt; salaries are paid with the annual budget - apples and oranges.
Does this mean Don is wrong?

[Altavia]

Are you sure of the $1B number? At $2,000 per year in property tax for a $385K home:

$1,000,000,000 / $2,000 = 500,000 homes

If the $1B comes over time then:
500,000 homes / 20 = 25,000 homes

That seems like a lot of growth and some optimistic projections.



LOL, the only thing I'm sure of is that I'm never sure of anything :-)


I said tax base.

4,000 homes @ $350K avg = $1.4 billion added to the tax base.

Make sense?

I'll let you do the math for the incremental tax revenue.

BTW - Who pays only $2K a year in property tax here?

These younger buyers likely will not qualify for any exemptions so may be paying more than their fair share compared to a home bought 10yrs ago.

[Bill14564]

LOL, the only thing I'm sure of is that I'm never sure of anything :-)


I said tax base.

4,000 homes @ $350K avg = $1.4 billion added to the tax base.

Make sense?

I'll let you do the math for the incremental tax revenue.

BTW - Who pays only $2K a year in property tax here?

These younger buyers likely will not qualify for any exemptions so may be paying more than their fair share compared to a home bought 10yrs ago.

Yep, I read that wrong. Tax base and your 4,000 homes makes sense (I will correct my post shortly)

The proposed property tax rate for Sumter County in 2023-2024 is 5.194 mils. A home with a taxable value of $385K will pay $2,000 in property taxes. (If the home will be in one of the incorporated areas (likely) then the effective rate and taxes paid will be higher. I had to start somewhere) Even without my exemptions I would have paid less than $2,000 in property tax last year.

Don't confuse property taxes with the bottom line on the annual bill. The bottom line includes Sumter County property taxes plus other taxes and fees including school taxes, maintenance fees, fire protection fees, bond payment for some, and a water management district fee.

[Goldwingnut]

Does this mean Don is wrong?

I thought I was wrong once, but I was mistaken.

[Altavia]

Yep, I read that wrong. Tax base and your 4,000 homes makes sense (I will correct my post shortly)

The proposed property tax rate for Sumter County in 2023-2024 is 5.194 mils. A home with a taxable value of $385K will pay $2,000 in property taxes. (If the home will be in one of the incorporated areas (likely) then the effective rate and taxes paid will be higher. I had to start somewhere) Even without my exemptions I would have paid less than $2,000 in property tax last year.

Don't confuse property taxes with the bottom line on the annual bill. The bottom line includes Sumter County property taxes plus other taxes and fees including school taxes, maintenance fees, fire protection fees, bond payment for some, and a water management district fee.

Thanks, I was thinking total Ad Valorem Tax which for those who are not aware, is roughly double property tax.

[gbs317]

I took a ride through Middleton to look at the houses and schools. What came to my mind was I wanted to go back to school again, the place was beautiful.

[Papa_lecki]

Does this mean Don is wrong?

No, the developer is still paying for it.
But more than likely (just my guess), the developer is financing the construction of the buildings/facilities.
They are not borrowing money to pay for salaries, salaries are in the annual operating budget (that the developer is paying).

I also would guess, they put the schools into a different company, that the developer owns.

[Rzepecki]

I’m grateful to live in a retirement community that sees value in providing schools for the employees and families that serve us. I’m not aware of any other 55+ community that does so. This is so important that TV is able to attract and retain high caliber employees to serve us now, and as we continue our expansive growth.

Ditto. Thank you.

[Altavia]

No, the developer is still paying for it.
But more than likely (just my guess), the developer is financing the construction of the buildings/facilities.
They are not borrowing money to pay for salaries, salaries are in the annual operating budget (that the developer is paying).

I also would guess, they put the schools into a different company, that the developer owns.

No need to make stuff up, here's the financials:

Business Operations / Finance: Budget & Accounting (https://www.sumter.k12.fl.us/Page/251)

The Villages Charter Schools - Central Office (https://www.tvcs.org/centraloffice/budget.asp)

[Ktygrett]

Ditto. Thank you.
Agree. This is o nice

[spinner1001]

No, the developer is still paying for it.
But more than likely (just my guess), the developer is financing the construction of the buildings/facilities.
They are not borrowing money to pay for salaries, salaries are in the annual operating budget (that the developer is paying).

I also would guess, they put the schools into a different company, that the developer owns.

The Villages Charter School, Inc. is a 501(c)3 non-profit organization, incorporated in Florida. Its operations run through the The Villages Charter School, Inc. and it leases buildings from the for-profit The Villages of Lake Sumter, Inc. associated with the Morse family.

In 2021, the charter school collected about $15M made up of $8.5M from the State education department funding, $1.8M in government grants, $2.4M in other contributions, grants, and gifts, and other revenue from childcare fees, athletic events, other sources.

That year it had $15.6M in operating expenses made up of $9.7M in salaries and benefits (the director of education receiving $114,000 and no one else higher), $2.8M in occupancy costs (e.g., lease, janitorial, landscaping, repairs and maintenance), $455,000 in food, $293,000 for athletic events, $363,000 in depreciation expenses, $393,000 for information technology, plus other items.

The school had $4.5M in assets at that time.

All of this information is public and available on the internet. The financial information above is from the charter school’s IRS tax return form 990 also on the internet.

Simply speaking, the charter school operations are self-funding and the buildings are owned by the Morse family, leasing them to the charter school. The IT group supporting the Developer provides IT services to the school.

[rickaslin]

How dare the developer do something nice!! There will always be nay sayers on this site. Beautiful facilty.

[hrenner]

No, the developer is still paying for it.
But more than likely (just my guess), the developer is financing the construction of the buildings/facilities.
They are not borrowing money to pay for salaries, salaries are in the annual operating budget (that the developer is paying).

I also would guess, they put the schools into a different company, that the developer owns.

This seems to indicate that the developer pays salaries thru the budget. Not true. The developer does not pay for salaries ( as indicated on an earlier post)

[Papa_lecki]

The Villages Charter School, Inc. is a 501(c)3 non-profit organization, incorporated in Florida. Its operations run through the The Villages Charter School, Inc. and it leases buildings from the for-profit The Villages of Lake Sumter, Inc. associated with the Morse family.

In 2021, the charter school collected about $15M made up of $8.5M from the State education department funding, $1.8M in government grants, $2.4M in other contributions, grants, and gifts, and other revenue from childcare fees, athletic events, other sources.

That year it had $15.6M in operating expenses made up of $9.7M in salaries and benefits (the director of education receiving $114,000 and no one else higher), $2.8M in occupancy costs (e.g., lease, janitorial, landscaping, repairs and maintenance), $455,000 in food, $293,000 for athletic events, $363,000 in depreciation expenses, $393,000 for information technology, plus other items.

The school had $4.5M in assets at that time.

All of this information is public and available on the internet. The financial information above is from the charter school’s IRS tax return form 990 also on the internet.

Simply speaking, the charter school operations are self-funding and the buildings are owned by the Morse family, leasing them to the charter school. The IT group supporting the Developer provides IT services to the school.

Thank you for making my point.

The post to which i responded suggested if the school didn't spend so much on such nice athletic facilities, they could pay teachers more.
I suggested that’s not the case - building/facilities are capital; salaries are operational.

[maistocars]

Just another reason why TV rocks!

[Lancer]

Would love to see an open house for TV residents to tour the new facilities.

[Bogie Shooter]

Would love to see an open house for TV residents to tour the new facilities.

That most likely will happen after it’s up and running……