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Fieldcrest Board of Education meeting

Wednesday, November 19, 2003 Posted 11:00 p.m. Reported by Fieldcrest Administrative Staff

Adoption of tentative 2003 levy

The Fieldcrest Board of Education adopted the 2003 tentative levy at less than 105% of the previous year's extention. The levy will be payable in 2004-2005. At the November 6th Board meeting the Board discussed the 2003-levy payable in 2004-2005. Normally, we adopt in December. Since we are at the maximum rate in our major operating funds, our levy will not exceed 105% of last year's extension thereby avoiding Truth in Taxation formalities. In looking at extensions from our county clerks, Woodford County is the only county that is showing appreciable gains in commercial growth. Usually this would help our EAV, but the other counties are dragging down our total combined EAV, including Marshall where little or no development is occurring. What most of you do not know and I have taken this into account, is that the Social Security Levy needs to cover those teachers hired before 1986 who elect next year to have 1.45% Medicare Tax taken out of their paycheck beginning in September 2004. District 6 would have to match this amount (1.45%), which I have projected to be about $22,000. About 26% of our staff was hired before 1986 and most are near the top of the salary schedule.

Working Cash Bonds

The board approved the issuing of $750,000 of working cash bonds. Last fiscal (2002-2003) year the Board authorized $1,000,000 in tax anticipation warrants in order to meet payroll and obligations. In essence, the TAWs left us with $1,000,000 less in property taxes to operate this fiscal year, 2003-2004. While the Board of Education has made considerable progress in reducing costs and generating new sources of revenue, cash flow is still meager. Recent cash flow analyses indicate that additional revenues will be needed no later than March of 2004 in order to meet payroll and obligations. Kevin Heid of First Midstate presented a $750,000 Working Cash Bond issue with the Board last meeting. Preliminary figures indicate that current interest rates for this issue will increase our bond rate about .16 cents. A notice will be placed in local newspapers and a waiting period of thirty (30) days will be observed.

Attendance Centers

For the past several meetings the Board has been exploring ways to cut costs without compromising the vitality of the District's curriculum. One of the options explored is Attendance Centers. The Board has directed the administrative team to generate data on the educational soundness and cost savings of implementing attendance centers. In addition, the Board has also requested the administration to look at additional cost savings that could be coupled with attendance centers to assist the District in balancing the budget in 2004-2005. While attendance centers do save some dollars there are other savings that would only be determined by actual implementation of the concept.