- Last Updated on Wednesday, 22 February 2012 19:30
- Published on Wednesday, 22 February 2012 19:30
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Refinancing school debt will save $3,000,000 on debt service
The King George Board of Supervisors agreed in concept last week to go forward with refinancing two chunks of school debt, adding up to nearly $33 million, to save nearly $3 million on debt service. That is expected to happen by getting a loan with a lower interest rate while keeping the existing payback date of 2036.
Supervisors will likely be provided a resolution next month for their approval when Davenport & Company LLC comes back with additional details.
As part of its service as financial consultants to the county, Davenport routinely
- Last Updated on Wednesday, 22 February 2012 19:19
- Published on Wednesday, 22 February 2012 19:19
- Hits: 618
The King George School Board held a special meeting last week on Feb. 16 to discuss its upcoming superintendent search. Four members were present to meet with a representative from the Virginia School Boards Association (VSBA), with Rick Randall missing the meeting.
Following the two-hour meeting to learn about the process of hiring a new superintendent, the group provided a press release to mark the event which also
- Last Updated on Tuesday, 14 February 2012 23:20
- Published on Tuesday, 14 February 2012 23:20
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The King George School Board unanimously voted this week on Monday, Feb. 13, to implement 2 percent raises for all contracted employees retroactive to Jan. 1 of this year.
The last time division employees received a pay hike was nearly four years ago, in July 2008. Raises have been on hold since that time due to the beginnings of the sliding economy, which remains sluggish overall, but is particularly affecting states and localities going forward into the next fiscal year, which begins July 1.
That’s because state and local tax revenues are decreasing and two-year federal stimulus dollars
- Last Updated on Tuesday, 31 January 2012 23:29
- Published on Tuesday, 31 January 2012 23:29
- Hits: 730
The King George School Board kicked off its search for a new superintendent this week opting to select the Virginia School Boards Association (VSBA) to assist with its services to recruit superintendent candidates. The unanimous action took place at Monday’s meeting on Jan. 23.
VSBA’s cost is set at $7,500 plus expenses. That base fee of $7,500 is set according to the student enrollment of the division. Additional expenses are estimated at between $1,000 and $2,000 and would include such things as costs for travel, mailings, telephone calls and
- Last Updated on Wednesday, 25 January 2012 16:09
- Published on Wednesday, 25 January 2012 16:09
- Hits: 736
The King George School Board members this week agreed that they needed a lot more information about current-year finances before they can make decisions regarding a proposed budget request for 2012-13.
At the meeting on Jan. 23 they said they needed lots of details about the current year’s budget as a starting point for next year’s request. (See related article elsewhere in this issue about
- Last Updated on Tuesday, 17 January 2012 23:30
- Published on Tuesday, 17 January 2012 23:30
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Higher budget proposal despite fewer students
The King George School Board is faced with a proposed budget for 2012-13 that asks for nearly $3,000,000 more from the county despite fewer students.
The state is projecting an average daily membership (ADM) of 116 fewer students than the division will likely end up with in the current year.
Interim superintendent Stanley Jones released a line item budget proposal a couple of days after he provided highlights in his presentation last week at a meeting on Jan. 9.
NO ACTUAL EXPENDITURE FIGURES PROVIDED
Jones’s budget book does not provide any actual expenditure figures for the current year nor for any previous years.
That makes it a nearly impossible task for the newly reconstituted School Board to determine a base line. The School Board has three new members - Kristin Tolliver, John Davis and Ken Novell - who took office less than three weeks ago, and two members - Rick Randall and Mike Rose - who were not provided a finance report at a meeting for at least the last year.
But Jones is new, too. He’s working with what was left him by former superintendent Candace Brown when she left in December.
A second difficulty in examining the 2012-13 budget proposal is that it is based on the current year’s budgeted revenues, which must be adjusted downward due to the lower enrollment issue.
The proposed 2012-13 budget might be compared to the current unadjusted adopted budget, which is posted online at the division’s website. It might be more easily compared, if portions of it were not in a