GILBERT UNIFIED SCHOOL DISTRICT BUDGET OVERRIDE

Shall the Governing Board of Gilbert Unified School District No. 41 of Maricopa

County, Arizona, adopt a General Maintenance and Operation Budget which includes an amount that exceeds the revenue control limit specified by statute by ten percent for fiscal year 2013-2014 and for six subsequent years as described below? The 2013-2014 budget override authority represents a continuation of the existing budget override authority which is scheduled to phase down by one-third for fiscal year 2013-2014 if the voters do not approve the continuation.

The amount of the proposed continuation of the budget increase of the proposed budget over the alternate budget for fiscal year 2013-2014 is estimated to be $5,541,667. In fiscal years 2013-2014 through 2017-2018 the amount of the proposed increase will be ten percent of the District’s revenue control limit in each of such years, as provided in Section 15-481(P) of the

Arizona Revised Statutes. In fiscal years 2018-2019 and 2019-2020 the amount

of the proposed increase will be six and two-thirds percent and three and one-third percent, respectively, of the District’s revenue control limit in each of such years, as provided in Section 15-481(P) of the Arizona Revised Statutes.

Any budget increase continuation authorized by this election shall be entirely funded by a levy of taxes on the taxable property in this school district for the year for which adopted and for six subsequent years, shall not be realized from monies furnished by the state and shall not be subject to the limitation on taxes specified in Article IX, Section 18, Constitution of Arizona. Based on the current assessed valuation used for secondary property tax purposes, to fund the proposed continuation of the increase in the school district's budget would require an estimated continuation of a tax rate of $0.99 per one hundred dollars of assessed valuation used for secondary property tax purposes and is in addition to the school district's tax rate that will be levied to fund the school district's revenue control limit allowed by law.

A “yes” vote shall authorize the Gilbert Unified School District Governing Board to continue the existing maintenance and operation budget authority and resulting tax, which exceeds the District's revenue control limit by up to 10% per year for seven years.

A “no” vote shall not authorize the Gilbert Unified School District Governing

Board to continue the existing maintenance and operation budget override authority and resulting tax.