With the upcoming school bond proposal in November for Guthrie Public Schools, the school district and planning committee agreed on a financial goal for homeowners with a successful bond issue.
Financial Advisor Jon Wolff (L), Supt. Dr. Mike Simpson and School Board President Travis Sallee sign the final documents to set up a bond election for Nov. 4.
If approved by voters on Nov. 4 by a supermajority (60 percent), the $2.4 million General Obligation Bond Issue would be spread out over 24 months through property taxes within the school district’s boundaries. The bond would make repairs to schools and add technology. Related story: Approved school bond would address old building needs
Organizers agreed on a target millage rate of 20 mills that keeps the district comparable to nearby communities. The Edmond school district is currently at 24.21 mills and Deer Creek at 36.52.
A millage rate is a tax rate that is applied to the assessed value of real estate. Millage rates are expressed not as regular percentages, but in tenths of a penny. A millage rate of 20 mills would mean 20 tenths of a penny.
Currently, Guthrie can bond up to 10 percent of the value of all taxable property within the district which is approximately $12.6 million.
How much will it cost homeowners?
School officials estimate a homeowner’s home assessed at $150,000 would increase their property taxes $25.80 per month or over $300 per year. Officials say the proposed tax rate would be below the last successful bond issue in 2005.
What about the Junior High?
The school district received an estimate of nearly $3 million for work to be done on the exterior portion of the Guthrie Junior High. The price tag exceeded the short duration of the $2.4 million proposal and was not included in the upcoming general bond issue.
Related story: Superintendent: Urgent issues addressed in upcoming school bond election
Related story: Board of Education to consider school bond issue on Nov. 4 ballot
Related story: Guthrie school board calls on $2.4M bond election
I will be voting NO unless someone can explain why we have such a large carryover on the budget:
http://www.guthrie.k12.ok.us/cms/lib3/OK01000900/Centricity/Domain/6/Estimate%20of%20Needs.pdf
There was $700K left over in the building fund from last year, which surely could have been used for some of what they are asking us to pay for in a bond.
In 2014, the school district collected $640,742 in the building fund, but am not certain of any carry over of (if there was). Have you contacted the financial director, Dennis Schulz, with your question (282-89-00)? He does a good job explaining these type of scenarios. A lot better than I probably could.
Hi Chris, the link in my comment above goes to a summary document of budgets from last FY and this FY ending in June, from what it looks like. My question was about why we are rolling money over year to year and not using it for at least some of those repairs?
I got a response from Dennis Schulz (Asst. Supt.) and he says they begin to receive property tax collections until nearly halfway through each fiscal year (December), and need to carry a substantial balance into each new year in July to provide cash flow until these taxes are received.
He went on to say, in consideration of the age of the facilities, they have to reserve funds as a safety net for any large emergency repairs or replacements to the buildings or equipment. He says they generally spend the equivalent to what is collected each year.
thanks Chris, that’s good information.