Created on Wednesday, 25 September 2013 Written by MANDY LOEHR
Riverside’s financial forecast hinges upon levy passage
Riverside Board of Education members were informed at their Tuesday evening meeting about the impact of the district’s upcoming renewal levy on future finances during a presentation on the five-year forecast.
Voters will be asked Nov. 5 whether to approve the five-year 1.75 percent income tax that represents a reduction from the current 2 percent income tax that residents pay through two operating levies.
If passed, the renewal levy would generate about $1.144 million per year for operating expenses.
During the financial forecast presentation, Treasurer Jennifer Blackford presented estimated figures that show how the district’s finances will look with and without these levy funds.
Without the renewal levy, the current levy funds expire at the end of 2014, and deficit year-end fund balances exceeding $1 million are predicted beginning in fiscal year 2016.
If levy funds are secured, the forecast shows positive year-end balances through fiscal year 2017.
“The future is extremely dependent on the passage of this levy,” the treasurer said.
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Issuance of bonds approved, construction process discussed
By NATE SMITH
Examiner Staff Writer
West Liberty-Salem school board in special session Tuesday approved resolutions dealing with its Ohio School Facilities Commission building project and conducted an extended discussion with its architects about the construction process.
The resolutions were largely a formality — necessary steps to keep the process moving as the school district works with OSFC.
Board members approved the issuance of bonds for both the property and income tax portions of the project. A 27-year, 3.62 mills property tax will raise $7.55 million. A 23-year .25 percent income will raise the remaining $3.45 million. State funds pay the $19.52 million balance.
Interest rates have ticked up since the board began this process. As of Sept. 23, 30-year rates were 4.17 percent, according to information presented by Stifel Nicolaus, the district’s investment firm. The district’s interest rate will be finalized Oct. 29, the projected date of the WL-Salem bond sale.
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