ST. LOUIS COUNTY, MO (KTVI) – You Paid For It investigates a looming financial crisis over 5 North St Louis County School Districts. The crisis may be made worse by the Ferguson uproar over the shooting death of Michael Brown.
The hit to North County’s image may take a further hit as a result of the chaos that hit Ferguson and that might show up in property values.
Home values plunged in the crash of 2008. It hit North County especially hard. School districts derive a big part of their revenue from property taxes.
Since 2008 North County home values are down from 2 percent in some areas to over 23 percent in others.
North County school districts have lost an estimated $18 million dollars. They've been forced to slash administrative and teaching positions as well as curriculum to schools serving some 41,000 students.
Property values were starting to stabilize, then the Ferguson crisis hit.
A dire warning from the St. Louis County Assessor looms if the downward slide continues.
Investigator Elliott Davis talks to the Superintendent of the Ferguson-Florissant School District among others who are hoping for the best but preparing for the worse.