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|Paynesville Press - July 6, 2005|
School board approves budget, discusses boiler financing
The Paynesville Area School Board took the following actions at their meeting on Tuesday, June 28.|
*The board approved a budget for the 2005-06 school year. The budget projects a deficit of $354,751, with a general fund deficit of $243,496.
Because the state has not passed a K-12 budget, the district's budget assumes that current per pupil funding levels will continue. Revisions will be made to the budget once it is known whether or not an increase from the state will occur. If there is no increase from the state, cuts will be made in the school's expenditures, superintendent Todd Burlingame told the board.
*The board accepted a bid from Wells Fargo Brokerage Services, LLC, for $1.1 million in aid-anticipation certificates for the 2005-06 school year. Net interest on the certificates - which the district borrows each year against its pending state aid - is 2.8933 percent. This bid was the lowest of four received.
*The board approved an increase from 800 to 1,000 hours for technology specialist Jim Decker for the 2005-06 school year.
*The board approved advertising for bids for the removal of an old boiler and installation of a new boiler in the middle/high school. Sealed bids will be accepted at the district office until 2 p.m. on Tuesday, July 26.
*The board heard options regarding financing of the boiler replacement from a representative of the district's financial firm. Five options were discussed, three of which would increase district revenue and require voter approval: a building bond (general obligation bond); an increase in the current operating referendum (creating additional revenue by increasing property taxes); and a capital projects levy (additional tax with specified rate and number of years).
One of the remaining options, a capital facility bond (general obligation bond to mature within ten years), would not require voter approval, unless 15 percent of registered voters submit a petition. This would not give the district additional levy authority.
A lease-purchase (paying a financing entity over a number of years and purchasing when the term ends) would not require any voter approval and also would not increase revenue.
*The board approved a contract with Brooke Johnson as a Title I and English as a Second Language teacher for the 2005-06 school year.
*The board approved a contract with Amy Jech as an Early Childhood Family Education and Learning Readiness teacher for the 2005-06 school year.
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