Financial Information
OBJECTIVES...
•To finance long term facility improvements,including
–Iron Forge Renovation Project
–District-wide roofing renovations
–5 -10 year district-wide projects, especially security
•To maintain our District's long term financial security
–Because the district has planned ahead, no tax increase is needed to fund these capital improvements.
HOW...
•Issue 3 separate bond issues in amounts up to $22,400,000
–$10,000,000 on 3/3/14
–$10,000,000 (or amount necessary) on 3/1/15
–$2,400,000 (if necessary) on 1/15/16
•Refinance (defeasance) of 2009 bonds
•Commit $5,300,000 of the district's fund balance to financing the capital projects/program. (January 2014 presentation)
RESULTS...
•$400,000 available through bond issues via the 2014-15 budget process
–Provide $400,000 to Capital reserve for projects in the 5-10 year facilities plan
•Provide up to $22,400,000 for the Iron Forge Renovation Project
–Any amount the project comes in under $22,400,000 is committed to the 5-10 year facilities plan
Bond Issue Yields $1 Million in Savings
This article from The Sentinel on March 6, 2014 highlights the savings that will be yielded over the next 20 years.