The Good News

This past year the Sherburne Education Foundation and Killington property owners completed another successful campaign to minimize the negative effect o­n Act 60.  The statewide school property taxes provided basic funding for our school as well as other schools throughout the state.

Once again Killington Taxpayers' contributions and monies carried forward from prior campaigns were able to support our local education costs, thereby avoiding the costly participation in the "shark pool".

2003 Campaign Results

Voluntary Contributions .................	$424,615
Prior Campaigns Carry Over .........	$35,385
Total Donated to School 2003 ...	$460,000

Education Funding Changes Ahead

In 2003 the Vermont legislature passed act 68 which essentially replaces Act 60 in many respects.  Act 68 deletes the "shark pool" which we avoided over the last five years through your support to the Sherburne Education Foundation.  There is now an equalized flat State school tax rate of $1.59/$100 assessed value o­n second homes and businesses (PLUS the Town tax - this year $0.306/$100 assessed value).  The total rate o­n primary residences in Killington is estimated to be within pennies of that sum.  Unfortunately, contributing to the Sherburne Education Foundation will not save you tax dollars in Killington (even though you still would receive a charitable contribution deduction for tax purposes) and therefore we are not asking for contributions this year.

Over $19 Million Saved

Sherburne Education Foundation
Five Year (1999-2003)
Grand Total Results

Voluntary Contributions to S.E.F.	$2,168,976
Tax Dollars Saved as a result of the Sherburne Education Foundation	$19,400,000

 The Sherburne Education Foundation was successful in saving Killington Proeprty Owners more then $19,400,000 in taxes over the past 5 years.  Our success is due to the remarkable cooperation and participation of Killington's property owners.

The Sherbune Education Foundation and Board of Directors would like to thank all who participated in our fundraising efforts.

2003 Town of Killington Taxes

WITH Sherburne Education Foundation Fund Raising
	Tax Rate	Billed
Municipal	.306	$1,849,300
State Wide School Property Tax	1.028	$6,120,587
Local Share	.028	$165,606
Total:	$1.362	$8,135,493

WITHOUT Sherburne Education Foundation Fund Raising
	Tax Rate	Billed
Municipal	.306	$1,849,300
State Wide School Property Tax	1.028	$6,120,587
Local Share	.870	$5,184,350
Total:	$2.204	$13,154,237

What's Next?

There will be no fund raising campaign next year (2004) due to Act 68 which replaces Act 60.  Act 68 does not contain the notorious "shark pool" o­n which we focused our energy in the past.  The Sherburne Education Foundation will not, at this time, disband.  Instead we will meet periodically, keeping a watchful eye o­n what the Vermont Legislature may do in the future.  O­nly time will tell what they will do, much of which depends o­n the public reaction to the impact of Act. 68.

For further information and updates, contact:

Sherburne Education Foundation
P.O. Box 429 • Killington, Vt 05751
(802) 422-3243