Last night at the Career Center Conference Room, the Brookfield R-3 Board of Education met in special session and approved the 2009-2010 school year’s budget. Also in attendance at the meeting were members of L.J. Hart and Company who discussed with the Board some possible financing options for the ongoing capitol projects at R-3.
The meeting was called to order at 5:30 p.m. by President Dennis Fletcher with members Shawn Sayre and Larry McCurry absent. Following the unanimous approval of the agenda, the board moved on to the presentation by L.J. Hart and Company’s Larry Hart, Gina Sharamitaro, and Roger Adamson.
The Brookfield R-3 District has been with L.J Hart and Company since 1993, and was one of the first Districts to use the company. With Mr. Hart noting this, he also let the members of the Board know that a consultation at the meeting was being done free of charge to the District. He also noted that in the course of their relationship, the district had saved approximately $800,080 in their refinancing of bonds.
The point of this gathering, though, was to discuss a lease-financing plan to pay for a capitol improvements at the school. These projects include the renovation of the Elementary/Middle School gym and locker rooms, technology upgrades, and replacement of some of the HVAC rooftop units.
Currently, the District is facing a deficit between their debt service payments and debt service fund. To remedy this issue, the District has shifted $150,000 from the classroom trust fund into the debt service fund. Another step taken at the recommendation of R-3 Superintendent Dr. Paul Barger and L.J. Hart and Company was to raise the District‘s debt service levy from 42 cents to 62 cents per $100 assessed value. This will mean a rise in your school taxes, calculated at approximately $2.53 per month for an $80,000 home. The good news is that this rise will not take place until August when the tax rate hearing will happen.
-See today's LCL for the full story
