From the Jeffersonville News and Tribune:
The final resolution for the $2 million general obligation bond to improve technology infrastructure in the district was passed unanimously at the New Albany-Floyd County Consolidated School Corp.’s board of trustees meeting Monday night.
At its last board meeting in August, the preliminary resolution for the bond was passed. The final resolution allows the board to move forward and sell the bonds.
The measure — which has a tax impact on residents of 6 cents per $100 of assessed valuation on their property — will fund improvements to wireless Internet access to all of the corporation’s buildings. The board hopes this will pave the way to put wireless devices in the hands of students to expand learning with technology.
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The board also held a public hearing on the budget it will request from the state.
In its general fund — which manages salaries and other operating expenses — the board expects a loss of about $1 million. Fred McWhorter, chief business officer, said part of that loss comes from an estimated loss of 120 students.
That defect is offset from a $2 million appropriation from the district’s capital projects fund — which manages building and infrastructure costs — into its rainy day fund.
However, the deficit from expenditures to revenue has decreased by $1.2 million. McWhorter said hopefully, that deficit will continue to decrease as the district seeks to balance its budget.
But he said the district’s woes aren’t over yet. With a fifth consecutive year of enrollment declines, more state revenue cuts and federal grant support, there’s still work to be done to keep the district in the black for years to come.
He also said pension costs and retiree health insurance continue to drag on the budget, as well as the rising costs of fuel.
Also, while the district has advertised a tax rate of 1.5081 percent, it anticipates an approved rate of 1.1283 percent. However, the estimated rate is still higher than last year’s, at 1.0395.
McWhorter said part of that was due to an error on the part of the state in calculating the CPF budget from last year. He said rather than borrow the money to make up the difference — which he said would have been a double hit to taxpayers — they adjusted for the error.
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http://newsandtribune.com/floydcounty/x1052803631/NA-FC-School-Board-passes-bond-sale
