At its Monday, May 4th financial workshop, the Board of Education (BOE) heard a presentation summarizing the current FY15 budget, from Wayne Krueger, Assistant Superintendent for Support Services. Krueger stated, "the district will end the 2014-2015 fiscal year in sound financial condition, but we are facing a budgetary trend that must be reversed in the coming years, especially if kindergarten classes remain below 200 students." Krueger also presented the projected FY16 budget which is based on an increase in assessed valuation of 1.5%, 69 additional students, and similar local, county, and Federal funding as the previous year. The final FY15 and FY16 budget will be presented for consideration at the June 17th BOE meeting.
Also, at the workshop, Mr. Greg Bricker, with George K. Baum, the district's bond consultant, presented the BOE with an opportunity to refinance callable debt issued in 2007. The first was a general obligation bond issued in 2007. Through the refinance opportunity, the interest rate will be lowered from 4.91895% to1.938033% saving the district $880,770.15 in debt obligations, Krueger pointed out that the savings will be realized over the next 12 years and will not produce any additional operational funds but will lower the district's debt. The second item presented was a refinance of a 2007 lease purchase which funded a energy conversation project. An estimated savings of $212,065.24 was illustrated by lowering the obligation's interest rate from 5.21268% to 2.5850%.
The BOE voted to go into open session and approved each resolution to refinance the two 2007 debt obligations. The vote passed unanimously