Refinancing Saves $336,000 in Interest Payments
Thanks to the District’s upgrade to an “A+” rating by Standard & Poor’s for good financial practices and the decrease in interest rates, recent refinancing of District debt resulted in a savings to taxpayers of more than $336,000 over the next seven years of repayment of the bonds originally issued in 1999. This will mean an estimated decrease in the District’s annual mill rate of 75 cents ($75 on a $100,000 property) through the 2016 tax year.
This is GREAT news for the district. The savings to the district is a DIRECT result of the A+ rating.
Referendum Questions Placed on April 7 Ballot
The Ripon Board of Education voted to place three referendum questions on the April 7 ballot. Question 1: $500,000 bond for replacing the RHS boiler and roof maintenance at various schools; Question 2: $500,000 annual revenue limit override for 6 years to be used for purchasing textbooks, updating curriculum, updating technology, performing maintenance, and replacing vehicles;
Question 3: annual revenue limit override for 3 years to be used for classroom staffing and related instructional expenses for $575,000 in 2009-10, $725,000 in 2010-11, and $850,000 in 2011-12. Taking into account the recent debt refinancing, if all three referendum questions are passed by the voters, it would mean a 93 cent increase ($93 on a $100,000 property) in the mill rate above the 2008 level—but still more than $1.00 less than the 2004 mill rate and the rates of prior years. Currently, the District is annually spending $240 per student less on education costs than the Wisconsin average which translates to a shortfall of nearly one-half million dollars per year.
I simply do not see how this referendum, in its entirety, will pass, not with the economy in the shape it is in. I can see #1 passing, but #2 and #3 will be hard. Such a large increase in expenditures does not cure what ails this and most districts in Wisconsin - a more-than-generous benefits package, no-bid health insurance, a flawed school funding formula, and the lack of putting EVERYTHING on the table when the budget is tight
Revenue Limit Threatens 2009-10 Budget
State-mandated revenue limits will force the District to cut $545,000 in annual operating expenses for 2009-10. The Board is studying budget calculations that will force the layoff of an equivalent of 4 teachers for next year, an additional 9 teachers the following year, and an additional 13 teachers in 2011-12. This would represent a 20% cut in the teaching staff in three years. With the equivalent of another 18 teaching positions required to be cut in 2012-13 due to state budget restrictions, Ripon would experience the loss of 30% of its teachers in the next four years. The Board is scheduled to take action at its February 16 meeting for the 2009-10 budget.
Ok, um, why is it only teachers being put on the chopping block? How about one principal for Murray and Barlow Park schools, splitting their time? How about co-curricular programs? How about a one-year wage freeze? How about higher insurance contributions (the district currently pays 95 percent of the family plan premium)? What about wage cuts across the board? Tough times require tough decisions and tough leaders....
