Lakota’s recent efforts to refinance its bonds will save local taxpayers a total of $900,000.
we saw the benefit of refinancing our bonds a few years ago and made
this a recurring process, the overall savings is up to $6.9 million
over the last few years,” said Lakota Treasurer Jenni Logan.
you’re dealing with a $149.5 million annual operating budget, it
might not seem like much,” Logan continued, “But every savings we can
manage on something like debt service payments gives us that much more
latitude to put our resources against opportunities for students.”
bonds originated in January 2006 after the community voted to approve
a bond levy. Bonds allow school districts to borrow funds, at a fixed
interest rate, to help pay for immediate, high-cost expenses, without
depleting its cash reserve. These have been used primarily to finance
construction of new schools.
Local tax collections tied to the
bond levy cover Lakota’s annual debt service payments on those bonds.
Now that the district’s payments are lower, taxpayers will see a
correlating difference in their own local tax payments.
proud of the fact that we are operating on balanced budget and have
been for quite some time now,” Logan said. “These kinds of savings
will help us extend that trend.”
Lakota Superintendent Dr.
Karen Mantia added, “This move is no different than what we do to keep
costs low in our own homes. I appreciate Ms. Logan making this type
of maintenance to our debt a priority.”