The North Nodaway School Board at its Friday meeting voted to issue the $2.6 million worth of bonds that were approved by voters in the April election and approved the budget for the 2022-2023 school year containing a $480,000 projected surplus. If these numbers hold up by the end of the school year, the school’s reserves will go from $1.2 million just a few years ago to $2.6 million by the end of the school year.
The $2.6 million figure is the combined total of all four funds. By the end of the school year, the general fund is projected to be $2,026,995. The debt service fund is projected to be at $176,943, while the capital projects fund is projected to be at $404,703. The teachers’ fund is zeroed out by the board every year. The combined total for all four funds was projected to be $2,608,641.
The budget figures do not include contingencies in the bond issue. They also do not include any new projects that the board might approve during the course of the school year.
Of the $2.6 million in bonds issued by the school, local investors have already invested in at least $1.725 million. BTC Bank invested $625,000 in bonds, and Nodaway Valley Bank invested another $1.1 million. The bonds will be rated at AA+, which will be the second highest. The interest will still be well below average on projected rates. The school will be able to refinance or prepay the bonds starting in 2027.
For the 2022-2023 budget, revenues were projected to be $6,380,878 while the expenses were projected to be $5,901,305. The figures are substantially higher than last year because they include the bonds that were approved by voters and issued by the school.
For expenses, $1,694,480 was budgeted for instruction (including teacher pay), $19,468 for attendance, $59,869 for guidance, $15,300 for professional development, $97,806 for media services, $33,769 for health services, $247,476 for building administration, $270,664 for executive administration, $315,297 for operating expenses, $149,431 for transportation, $232,818 for food service, $70,527 for community services, $2,619,000 for the bond projects, and $75,400 for debt service.
Food, transportation, and diesel costs were projected to be higher for the upcoming school year. The school is projected to get more Proposition C money and more transportation money.
The board voted to participate in the Missouri Baseline Grant program which will bring teacher pay up to $38,000. This will include an increase of $9,691 in local expenses, with the state contributing $22,611. The program does not pay benefits. Future participation will be contingent on legislative approval of more funds. If the legislature decides not to fund the program for the next school year, the salary schedule will revert to the $34,000 base that the board has already approved. Governor Mike Parson signed the Missouri Baseline Grant bill on Thursday.
The board also approved a bid from Asphalt Renovations of St. Joseph to put asphalt in the commons lot next to the gym for a price tag of $17,950. It will include 5,360 square feet of asphalt installation; the area will be regraded and paved.
No comments:
Post a Comment