Dr. Steve Endress, Superintendent
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- Anne Christina Walton
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1 Dr. Steve Endress, Superintendent
2 District has been deficit spending for last several years, selling working cash bonds in 2012 to support operational expenses. Philosophy of current superintendent and board is to stop borrowing for operations and set in place balanced budgets, beginning in Increase Revenues, Decrease Expenses Streamline facilities to reduce operational costs
3 Local Tax Levy: $800,000 General State Aid Poverty Grant: $100,000 Transportation Reimbursement: $25,000
4 Reduced Special Ed Tuition Costs: $50,000 Replaced Full- with Part-Time Staff: $50,000 Made Last Payment on Wind Turbine: $50,000 Savings on New Workers Comp Ins: $60,000
5 Operating Revenues 11,362,340 11,504,915 11,209,415 12,109,415 12,430,603 12,758,215 Operating Expenses 12,070,084 11,840,248 12,067,589 11,971,267 12,330,405 12,700,317 Operating Balance (707,744) (335,333) (858,174) 138, ,199 57,899 13,500,000 13,000,000 12,500,000 12,000,000 11,500,000 11,000,000 Operating Revenues Operating Expenses 10,500,000 10,000,000
6 In Summary, the District has made the necessary changes to be on sound financial footing for the near future by raising revenues and decreasing expenses. Now is the time for the District to make positive steps in ensuring building facilities are sustainable for the next twenty years.
7 HS Building Bond: Final payment of $1.3 million (Tax rate of 1.067) due in Working Cash Bond: Final regular payment of $1.3 million (Tax rate of 1.067) due in In order to maintain or reduce the tax rate for future obligations, any borrowing before 2017 would be interest-only payments until 2018 Similar process as was used when working cash bond was issued three years ago.
8 Option 2: $14.9 million Option 3: $10.4 million Option 4: $6.5 million Option 5: $9.1 million Option 6: $16.2 million
9 Commercial Loan from Bank Paid back with operating funds No new tax rate Very flexible lending structure Amount limited by decision of Bank The JH addition qualifies due to the district s ability to realize personnel cost savings by consolidating with HS. This savings allows district to pay back the loan. Requires simple board action and willing lender
10 Sell Bond and Use Proceeds for Construction Paid back with bond and interest levy, New tax rate levied to make annual payment Inflexible lending structure Amount limited by district s statutory debt limit All other construction projects in options 2-6 beside JH addition would require bonds of this type Requires simple board vote to open a 30-day petition period during which registered voters may petition the bond issuance. If 10% of voters sign the petition, the question goes for full referendum at the next election (in our case, spring of 2016). If not, the board can issue bonds and begin project.
11 Construction Cost: $14,886,000 Building/Funding Bond of $14,886,000 to fund construction, equal annual payments of $1,080,000 for twenty years paid with bond and interest levy. This payment amount would require a bond and interest levy tax rate of.885 (88.5 cents). Between 2017 (when bond and interest tax rate is $1.06) and 2019 (when new bond principal payments start) there would be a drop in the bond and interest tax rate of 17.5 cents.
12 Construction Cost: $14,886,000 Commercial Loan of $4,886,000 to fund the 6-8 addition, equal annual payments of $580,000 for ten years paid with operating savings as a result of consolidating buildings/staff. Building/Funding Bond of $10,000,000 to fund remaining construction, equal annual payments of $725,000 for twenty years paid with bond and interest levy. This payment amount would require a bond and interest levy tax rate of.59 (59 cents) Between 2017 (when bond and interest tax rate is $1.06) and 2019 (when new bond principal payments start,) there would be a drop in the bond and interest tax rate of 47 cents.
13 Construction Cost: $10,447,500 Building/Funding Bond of $10,447,500 to fund construction, equal annual payments of $757,500 for twenty years paid with bond and interest levy. This payment amount would require a bond and interest levy tax rate of.62 (62 cents) Between 2017 (when bond and interest tax rate is $1.06) and 2019 (when new bond principal payments start,) there would be a drop in the bond and interest tax rate by 44 cents.
14 Construction Cost: $10,447,500 Commercial Loan of $4,886,000 to fund the 6-8 addition, equal annual payments of $580,000 for ten years paid with operating savings as a result of consolidating buildings/staff. Building/Funding Bond of $5,561,500 to fund remaining construction, equal annual payments of $404,000 for twenty years paid with bond and interest levy. This payment amount would require a bond and interest levy tax rate of.33 (33 cents) Between 2017 (when bond and interest tax rate is $1.06) and 2019 (when new bond principal payments start,) there would be a drop in the bond and interest tax rate of 73 cents.
15 Construction and maintenance costs (including financing costs for twenty-year terms) are JUST 20% of the total 20- year costs of operating schools. Personnel costs, and how they are affected by facilities configurations, account for 75% of the total 20-year costs of operating schools. With the HS building bond and working cash bond being paid off in the near future, Now is the time for the District to make positive steps in ensuring building facilities are sustainable for the next twenty years. All options before the board have acceptable funding paths. Contact with Questions: Dr. Stephen Endress, Superintendent
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