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District Reviews Updates on Market, Capital Funding & General Budget
Market Update
Mr. Tony Misiti of PNC Capital Markets and Mr. Clifford Pastel, bond counsel with Dinsmore & Shohl, LLP, presented an update to the board about bond refunding and debt payment options. Click here for the presentation document.
Updated Capital Funding Plan
Some minor changes have been made to the capital funding plan since the last finance committee meeting. A few lighting upgrade projects were shifted between buildings for next year. In addition, playground mulch replacement was taken out of the capital funding plan because this was already included in the operational maintenance budget. Lastly, the timing of replacing two hot water tanks at the High School were shifted to future years.As previously discussed, there have been many positive financial decisions and factors in recent years (e.g., no millage change since 2013 – 2014, comparator metrics, refunding, contracts, demographics, structural budget shift, etc.). Those decisions have aligned with stable enrollment and disciplined spending to allow our first ever opportunity – in the current budget year – to support $1.7 million of capital projects within the operating budget. The district is positioned to discuss long-range budget strategies and a future-focused approach that may extend our current fiscal health far into the future. These considerations are directly tied to the strategic plan and mission/vision/values.
At this time, our fund balance is 24% of overall expenditures. The strategic question facing the district is whether it is time to consider a modest tax increase to help address capital needs and long-term goals. Identified revenues would be transferred to the Capital Reserve Fund for use within a five-year time period on items in our capital plan. By doing so, we would be able to fund these projects without incurring additional debt-related expenses.
See presentation materials.
Updated General Fund Budget for 2017-2018
An updated general fund budget document has been attached for reference. As noted on the Key Assumptions page, this has been based on trend information and many estimated values. Concurrently, the detailed budget information is being developed and refined.