GOSHEN — Several Goshen Community Schools buildings will receive roof repairs and various other renovations following action by the Goshen school board Monday evening.
During the meeting, board members approved several resolutions needed in order for the school corporation to move forward with issuance of a three-year, $2.7 million general obligation bond, the resulting funding of which will be used for various facility improvements.
According to GCS Superintendent Steven Hope, the primary use of the GO bond will be for roofing projects at facilities throughout the district, as well as much-needed updates to some of the district’s older elementary schools, such as Chandler and Chamberlain.
Other planned projects connected to the bond issuance include equipment and technology purchases and various other site improvements.
Bob Evans, chief financial officer for GCS, offered a similar outlook when presenting the associated requests Monday.
“The purpose of the project is to provide an improved educational environment for students,” Evans told the board.
Altogether, Evans said the total estimated hard and soft costs of the proposed upgrades comes to $2.6 million, while the estimated costs of issuance are expected to be $100,000, bringing the total estimated cost of all planned projects to $2.7 million.
Evans noted that the $2.7 million bond is anticipated to have a gross impact on the Debt Service Fund tax rate of $0.1712 per $100 assessed valuation based on the school corporation’s anticipated 2022 assessed valuation of $1.6 billion.
However, Evans went on to explain that, due to the upcoming maturity of the school corporation’s other obligation bonds, the anticipated net impact of the new bond issuance on the Debt Service Fund tax rate is expected to be negligible.
“As existing obligations mature, the anticipated net Debt Service Fund tax rate is expected to be $0.00 above the current rate,” Evans said of the bond’s anticipated impact to property taxes within the district.
The various resolutions needed to move the bond issuance forward were passed unanimously.
In other business, board members:
• Granted permission for Evans to advertise the school corporation’s proposed 2022 budget in anticipation of a public hearing on the budget set for Sept. 27. As proposed, the 2022 budget breakdown is as follows: Education Fund — $40,517,274; Operations Fund — $16,275,646; Operating Referendum — $4,658,816; Debt Service — $10,278,394; Referendum Debt Exempt Capital — $5,435,000; and Rainy Day Fund — $1 million.