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April 26, 2007 Minutes
Central Office Board Room
Thursday, April 26, 2007
PRESENT: Mr. Rogers, Chair, Mr. Hunnewell, Vice-Chair, Ms. Avery, Mr. Chase, Mrs. Dunn, Mrs. Fles (7:12 p.m.), Mr. Jermyn, Mrs. Paradee, Mr. Shea, Dr. Knowles, Ms. Rebar, Mrs. Leathers
ABSENT: Mrs. Kelley, Mrs. Shaw
Mr. Rogers called the meeting to order at 7:00 p.m. and declared a quorum present.
Dr. Knowles presented a letter from Bill Stockmeyer, Esq., regarding the financing of siding at the high school. The State will not be presenting the bond package which includes the Revolving Renovation money until the November election and the money would not be available until January.
He stated there are several options for financing the siding:
1. Use the $380,000 from the Pray Street money which would leave the District
$230,000 short. Finance the rest of the project through a local bank.
2. Fund the whole project through the Bond Bank or locally over a 20 year period.
3. Enter into a retro-active Revolving Renovation loan agreement. Borrow from a local bank in order to fund the project and once Revolving Renovation money becomes available, and if the District is awarded a grant, use the Revolving Renovation money to pay off the loan. Mr. Rogers asked if this method will jeopardize the DistrictÃ¢â‚¬â„¢s getting a loan from the State. Dr. Knowles stated he didnÃ¢â‚¬â„¢t think so.
The Board asked Dr. Knowles for guidance from the company that inspected the building to see if we could wait to do the siding for another year. The Board also asked if the District used the Pray Street money and borrowed only the $230,000, could we get a Revolving Renovation loan for the entire amount and use $380,000 to pay for the other projects at the high school. Dr. Knowles stated he would check with Bill Stockmeyer.
Mr. Rogers stated he felt the Pray Street money would have to go to offset the siding project. He stated he felt the voters would not want to borrow the entire project and spend the Pray Street money on something else.
Dr. Knowles stated the budget to date is $20,881,000 which is a 3.93% over last year. He presented five scenarios for funding the budget and the tax implications of each:
1. Funding the budget at current revenues
2. Funding the budget using an additional $150,000 from the 06/07 carryover
3. Funding the budget using an additional $150,000 carryover and $50,000 cuts
4. Funding the budget using an additional $150,000 carryover and $90,000 cuts
5. Funding the budget using an additional $150, 000 carryover and $150,000 cuts
Dr. Knowles presented the ED 281 subsidy document and using the EPS formula showed
the Board how the subsidy is calculated. Also attached to the sample worksheets were
the EPS implications.
Dr. Knowles stated the Board would need to determine the bottom line of the budget by
May 1st in order to have a June 13 referendum. The Board discussed the possibility of
several cuts. Mrs. Paradee stated she hated to see the District always looking at cuts and
never improving the District. She mentioned an Ed Tech for the Gifted and Talented Program and funding a summer school.
Mrs. Paradee asked if there were funds available from the Melmac Grant. Mr. Kempton
stated the money has been used to fund trips to colleges for students to raise aspirations.
He stated the high school needs a $5000 appropriation to help cover a gap until they can apply for the next round of money.
Dr. Knowles asked for guidance from the Board for a bottom line figure. Consensus of
the Board was to add a G/T Ed Tech, the summer school session and an appropriation of $5000 for the Melmac grant. The Board discussed the tax implications for scenario 3. Dr. Knowles stated we would have to find an additional $50,000 in cuts to fund the positions the Board wanted back in the budget. Mr. Rogers stated he felt the District was being hurt by the EPS formula in administration and clerical and should look at these positions instead of looking at instructional cuts.
The Board set a meeting for Tuesday, May 1 at 6:00 p.m. at Central Office. The Board asked for the following information:
1. Discussion of the high school siding project. The Board asked to have Craig
Wilson, President of Icon Environmental Consultants, who had prepared the
air quality report, to be present at the meeting to answer questions.
1. Discussion of the financing of the project, including using the Pray Street
money to temporarily fund the project and whether that would hurt the
DistrictÃ¢â‚¬â„¢s chances for a Revolving Renovation loan.
3. Recommendations for cuts to fund the new positions added to the budget.
The meeting was adjourned at 9:35 p.m.