BOE Micro Blogging Notes – District Finances

We are not immune to the overall decline in the state and national economy.
 
The Colorado state legislature is considering up to $600,000 in reductions of funding to our school district this budget year.  To be safe, we are adjusting the district budget as if we will lose this $600,000.
 
The legislature is considering a $2.2 million reduction next budget year in per pupil funding. They are making adjustments to at-risk student formula; portion of formula outside state constitution.
 
On the upside, district enrollment is up beyond projections resulting in an additional $2.2 million in funds – charter schools will receive $250,000 of this due to an increase in charter school enrollment.
 
We will spend $5.2 million of mill levy override dollars this budget year.  Charter schools will receive $1.2 million this budget year.  The remaining mill levy dollars collected this budget year will be put into reserves specifically earmarked for purposes outlined in the mill levy override ballot language.
 
We are planning to issue $104 million in new bonds in early February (roughly February 10).  Bond advisors estimate an interest rate between 5 and 5.4%.  The maximum rate per the bond question is 6%.

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One Response to “BOE Micro Blogging Notes – District Finances”

  1. Brad Jolly Says:

    John, to a large extent, the district is immune to the slowdown. The numbers you describe above are minuscule compared to the hits we see in the private sector. In the private sector, we see massive layoffs, outsourcing to India, China, and other countries, and pay cuts across the board. St. Vrain is not considering any of those things, is it?

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