Gilbert Public Schools took advantage of low interest rates and rapidly appreciating property values to accelerate some of its capital projects while maintaining its property tax rates, district officials told the governing board Oct. 11.
Selling those voter-approved bonds early, while the rates were low and property values skyrocketing, not only got projects done early but stood to save taxpayers money as interest rates have subsequently risen, said Bonnie Betz, the district’s business services assistant superintendent.
Betz’s comments came during a presentation to the board on how the district had spent its maintenance and operations override and unrestricted capital bond money. The presentation is required by state law as those monies are voter-approved.
The breakdowns of how the money was spent with the analysis of how the district’s accerlation of projects saved taxpayers money earned praise from board members.
“That’s good use of our funds,” President Lori Wood said. “Especially, the needs were there, and we’ve been able to spend and have those improvements going on, which we know the costs and inflation have only gone up for all these kinds of costs and construction materials. We probably also saved some money and got some more bang for our buck.”
The district also is committed to not raising the property tax rate and thus will not be selling any more bonds until perhaps 2023 to maintain that.
In bonds, the district still has a remaining balance of nearly $5.5 million from bonds approved by voters in 2015 and another $49.64 million from bonds approved in 2019.
The district has spent the money on different security, technology, transportation, structural and grounds uses, officials told the board. The presentation included a breakdown of the money spent and photos of different projects around the district.
For maintenance and operations, the district raised $31 million in revenue from the district’s 15% override. It continues to spend the money on the uses identified to voters on the 2019 ballot – competitive salaries, social-emotional supports and reducing class sizes – though the district is now legally free to spend the money elsewhere.
Betz and Finance Director Jackie Mattinen also reviewed for the board the district’s annual financial report, which the board approved on a 5-0 vote.
Tom Blodgett Senior News Editor | Gilbert @sp_blodgett
Meet Tom Tom Blodgett joined Independent Newsmedia, Inc., USA, in 2022, when the company acquired Community Impact Newspaper's Phoenix-area properties. Raised in Arizona, he has spent more than 35 years in journalism in the state.
Community: He has served as an instructional professional in the Walter Cronkite School of Journalism and Mass Communication since 2005, and is editorial adviser to The State Press, the university's independent student media outlet. He also is director of operations for an 18U girls fastpitch softball team from Gilbert.
Education: Arizona State University with a BS in Journalism.
Random Fact: He lived in Belgium during his freshman year of high school.
Hobbies: Tweeting enthusiastically about ASU softball (season-ticket holder) and grumpily about other local sports (pessimistic fan).
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