Board OKs bond refinancing, raises district employee pay 1.5%
By JIM BROOKS
Nelson County Gazette / WBRT Radio
Tuesday, Sept. 20, 2016, 10 p.m. — The Nelson County Board of Education approved the refinancing of a 2009 bond originally used to finance a construction project at Foster Heights Elementary School.
Dr. Robert Tarvin, a financial adviser with Ross, Sinclair & Associates, discusses the proposed bond refinancing at Tuesday night’s board of education meeting.
According to Dr. Robert Tarvin, a financial adviser with Ross, Sinclair & Associates, the district can save approximately $28,000 per year for the life of the bond by refinancing now while rates are more competitive.
He compared the potential savings of the bond refinancing to refinancing a home mortgage. In this instance, the money saved can be saved for the district’s other facility needs, he said.
The board approved a resolution to authorize the district’s finance corporation to refinance the bonds. At the end of the board meeting, the board members convened the district finance corporation and gave final approval for the bond refinancing, which is likely to happen before the end of this week, Tarvin said.
DISTRICT EMPLOYEE RAISES. Following through on its promise to raise district employee pay after approving a 3 percent tax revenue increase earlier this month, the board of education approved a measure to raise district employee pay 1.5 percent across the board.
The pay increase is retroactive, which means district employees will have their salaries recalculated to include the 1.5 percent increase. Employees will see the “catch-up” payment on their Nov. 5 pay checks, Tim Hockensmith, district chief operating officer, told the board.
Board member Damon Jackey gestures during a discussion at Tuesday night’s board of education meeting.
Board chairman Diane Berry said she wished the district could have afforded higher raises. She wanted the community to know the board values the district’s employees and the jobs they do day-in and day-out.
FISCAL YEAR 2017 BUDGET. The board gave final approval to its fiscal year 2017 budget. While the figures are still subject to change — particularly funding from state sources, including SEEK funding — the budget will be the basis for the district’s operation through the end of next June.
Hockensmith told the board the budget includes an increase in Section 6 money, which is money provided to each school for additional classroom expenses. The last budget allocated $100 per student to each school; the new budget raises that figure 20 percent to $120 per student.
The money will provide relief to schools who have struggled at time to pay for books, technology, etc., Hockensmith said.
-30-
