Sulphur Springs School Board awarded Citigroup Global Markets, Inc. the bid and authorized the issuance of maintenance tax notes; levying an annual ad valorem tax and provided for the security of the payment of those notes Monday night during their regular July session. They also authorized the sale of the notes at 2.22% interest.
Bids were received as of 11 a.m. Monday and interest rates were at an all-time low for the maintenance tax notes thanks to Brexit, the move of Britain out of the European Market. The notes are a fixed rate bond unless refinanced. The notes are for a 20 year term and the first payment of $470,190 is due next year. The maintenance tax notes had been projected to carry a 4% projected interest rate. Board members were delighted with the savings due to a lower rate.
In other action, the boar d made request to the Texas Education Agency to modify the Sulphur Springs ISD compressed tax rate for the 2016-17 school year. This will amount to a gain of $322,000 in state funding this year. According to Sherry McGraw, financial director, this is the last year the board will have to make a request. Beginning next year, the additional funds will be automatically added to state funding to the local district. The additional funds requested stem from changes in the funding formula which were initiated by the state in 2006.
The board also renewed the district property and casualty insurance through TAPS for the next fiscal year. Offenhauser Insurance of Texarkana is the agent. An update was made to local board policies that only changed wording needed to confirm to state requirements.
In a work session, McGraw presented board members with summaries of the updated 20016-17 draft budget. The budget will be presented for approval in the August 8th regular meeting. The budget has an estimated revenue of $34.3 million and expenditures of $32.5 million for the general operating fund. Overall the draft budget calls for $42.1 million in revenue and $42 million in expenditures.
Johnnie Freeman Ed. Diagnostician Special Services
Nickole Brown Library Aide Bowie
Jody Leeds RTI/Testing Facilitator SS Elementary
Stephanie Garner SpEd Teacher Middle School
Alanta Knox Science Teacher High School
Ruston Pennington Math Teacher High School
Maria Garcia-Hidalgo Child Nutrition Admin Asst Admin Bldg
Whitney McCoy Curriculum Secretary Admin Bldg
Saundra Lewis V.I./Transition Aide Special Services
Cassie Fleming Grade 2 Teacher Bowie
Krista Hallmark SpEd Aide SS Elementary
Rhonda Orren RTI/Testing Facilitator SS Elementary
Reta Linette Banks SpEd Teacher High School
Shane McQueen Geography Teacher/Coach High School
Personnel Changes New position/campus Former position/campus
Brandi Boles Ed. Diagnostician/Special Sevices Resource Teacher/Lamar