San Diego County School Pay
This is a follow-up to yesterday’s post (California Real Estate Armageddon) about the Poway school district passing a school improvement bond that in 20 years, repayment will run approximately $1 million per month!
Below are a couple of facts that I did not mention in yesterday’s post:
To cover this almost $1 billion school bond bill (due in 20 years), one estimate was that the total value of all property within the Poway California school district, would have to quadruple to cover the repayment of this one bond.
Currently the Poway school district receives approximately $11 million a year from homeowners towards paying off its bonds. But, in 20 years, the district will have to collect $50 million a year just to pay off this one bond!
It’s interesting to note that San Diego County school superintendent, presidents and administrators are currently very well compensated. One report, shows that over a dozen of these government employees average $227,000 in compensation as of the most current reporting period in 2010! Also, the superintendent of the San Diego County office of education in in 2010 earned over $286,000 in base pay!
