The bill dedicates $100 million a year in sales tax revenue to the modernization effort. Should sales tax growth slow, the bill allows the city to dip into its reserves to fill any funding shortages.More in the Post.
The measure also allows the city to increase the deed recordation tax on commercial buildings beginning in 2008 if more funding is needed Â something Council Member Jack Evans, D-Ward 2, said should never happen.
Evans said he still expects tax revenue to increase enough to completely fund the effort without creating a hole in the budget. D.C. already has $39 million in new sales tax revenue certified for this year, with several more updates expected before the end of the fiscal year in October.
Council Member Vincent Gray, D-Ward 7, was able to push through an amendment to ensure the school system meets its deadlines. If DCPS does not meet 90 percent of the benchmarks it sets for itself, the city can withhold money until problems are remedied or the system gives oversight of the construction projects to an independent authority.
Wednesday, March 08, 2006
Council gives final approval for modernization funding
The DC Council gave unanimous, if hesitant, final approval of the bill to fund the modernization of DCPS's aging facilities.