Measure S is Smart Return on Investment

By Vince Muselli

Measure S is a sound investment for our community and the value of our property. The Santa Monica-Malibu Public Schools are terrific by any standard. The district has consistently delivered excellent education through strong leadership and inspired teaching, resulting in high academic achievement, and accomplished sports and cultural programs.

Most people in our cities take seriously their responsibility to provide a quality public education to our next generation. They also understand that the District’s current financial problems are a direct result of the State’s budget crisis and not District mismanagement of funds.

The Santa Monica-Malibu Board of Education cares deeply about our children and together with the district administration works hard to manage money and prioritize effectively. They are assisted in that effort by an exceptionally well qualified citizen oversight committee headed by Michael Rich, Vice-president of the prestigious RAND Corporation.

Consequently, outside auditors have consistently rated the district as “outstanding” in its financial management practices. In response to the State budget meltdown, a broad cross-section of our community members have rallied together to try to preserve the excellence of our public schools.

We are fortunate that our community leaders had the foresight to recommend that the School Board place Measure S on the ballot on June 3. A district-wide parcel tax, Measure S will restore approximately 50 percent of funds lost by State cuts.

Altruistic reasons abound to justify voting yes on Measure S. The most compelling financial reason belongs to Santa Monica-Malibu property owners: A cut in the quality of public education is a cut in value of our real estate. Quoting a Princeton professor in a recent “Forbes” magazine article: “the attractiveness of schooling helps prop up property values. The two are completely intertwined.”

We know that in Santa Monica-Malibu good public schools do, in fact significantly increase the value of residential real estate prices. The same house that costs $300,000 in Mar Vista will cost $500,000 in Santa Monica, a short distance away.

There is also a direct correlation in Malibu between the resurgence of families moving into the community due to the excellent reputation of the public schools, property values. Savvy homebuyers, whether they have children or not, ask: “How are the public schools?” A positive answer results in increased property and homes values.

According to a January 2003, National Bureau of Economic Research paper, a $1 increase in per pupil spending increases housing values by $20. At $225 per parcel per year for just six years, Measure S will not only maintain our schools’ core curricula, but also the economic value of our homes. Measure S is a very smart return on investment.