Mount Vernon News
 
 

 

By Mount Vernon News
January 16, 2014 10:10 am EST

 

HOWARD — After newly elected East Knox school board members Larry Campbell, Kathy Frere and Don Lemley were sworn in on Monday, the board discussed placing an operating levy on the May ballot, and decided to wait until November.

Treasurer Jessi Busenburg told the News on Tuesday the board wanted to wait to see what the state finance commission will have to say about the district’s finances before making a levy decision. She said the district will be in fiscal watch, but will not have to borrow money to end this fiscal year in the black. A representative from the Ohio Department of Education’s finance division is expected to be present at the February meeting.

The district’s financial situation has also adversely affected its bond rating, Busenburg said. Last year the rating with Standard and Poor was an A with a negative outlook. On Jan. 8 the rating was downgraded to BBB+ with a negative outlook. Busenburg said the uncertainty regarding new revenues was one of the factors in the rating reduction. The result of the downgrade is that the district will have to pay 0.25 percent more in interest for the recently refinanced bonds, or an extra $20,000 over the life of the notes.

Following another lengthy discussion, the board voted 3-2 to rescind a previous resolution establishing a community financial advisory committee. Warren Edstrom and Christy Keffer voted against the rescission. The new board members are in favor of such a committee, Frere told the News, but wanted to have a chance to plan and talk about who should serve on the committee.

 

 

 

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