In 2015 the Brooklyn City Schools opened its new school building that houses its preschool through seventh grade. That new construction was paid for by a bond issue that generated over $26 million dollars.
In July, the Brooklyn City Schools’ administration and Board of Education refinanced these bonds with a public resale of the bonds. This resale of the bonds was prompted by the administration to take advantage of the lower interest rates that the market has seen over the course of the last year.
On July 19 the bond refunding officially occurred and these bonds gained great attention on the market. The final pricing of the bonds saved the district $2,440,238 in present value, but more significantly will save Brooklyn taxpayers a total of $4,182,074 over the life of the loan. This savings is the interest costs that taxpayers will not have to pay over the life of the bonds. The district achieved a weighted interest rate of 3.72% over the life of the loan. These two factors are great results for the Brooklyn City Schools.
Individual taxpayers in Brooklyn may not notice the savings as it is accrued across all taxpayers through the year 2049. The Board of Education has been committed to be respectful of the taxpayers and providing great value for taxes they pay.
In other financial news from the district, the Treasurer Mr. John Streett has finalized the fiscal year 2017 for the district. This is the third year in a row that the district has kept expenses under the district revenues. The district is working hard, despite decreased funding from the state of Ohio, to stay out of deficit spending.
“The state continues to cut our school funding, but we have to try to live within our means as a school district. We are proud to do so for the third straight year,” said Superintendent Dr. Mark Gleichauf.