G-RF deficit-reduction strategies continue
GEORGETOWN — Superintendent Jean Neal's strategies to reduce the district's $1.1 million budget deficit were the theme of this week's meeting.
School officials heard a proposal from a company that specializes in issuing bonds to borrow money against future revenues, gave an update on the contract negotiations with the employees' union, talked about the work being done to move the administrative office and the early-childhood classes into Georgetown-Ridge Farm High School and to transition Pine Crest Elementary School into a K-5 school, and named the members of the buildings and grounds committee who will make recommendations about the soon-to-be-vacated Unit Office building and Ridge Farm Elementary School.
David Pistorius, a senior vice president with First Midstate Inc. of Bloomington, outlined an option where school officials could issue up to $1.415 million in bonds to generate revenue. The board could issue up to $1 million in new working-cash bonds, up to $250,000 in life-safety bonds, and could refinance up to $165,000 in existing funding bonds that were issued at higher interest rates — all without raising the property tax rate in the district by making the new and refinanced bonds due in 2018.