The Dexter Community School district Board of Education unanimously approved an annual loan application for the 2015-16 year, at their Monday meeting. The district is planning to borrow $4,569,272 according to a loan application packet available on the board of education’s web site.
In her letter to the Board, CFO Sharon Raschke said “We will need to draw up to $1,360,900 in November 2015 and $3,208,372 in May 2016.”
This is considerably less than the $5,688,824 borrowed in 2014-15.
The district will be retaining its 8.5 debt millage, but Raschke said that this could be the last year the district has to draw on the revolving fund to be able to make the debt principal and interest payments. The school loan revolving fund is a state run school funding assistance program for financing school infrastructure projects.
In the loan recommendation packet, the CFO said while the loan is necessary for this year, the district will “begin repaying the School Loan Revolving Fund next year.”
She estimated that the loan will be repaid around 2025.
The board also moved forward with an amendment to Section 125 benefit plans. This concerns the benefits that members of the Dexter school district, including the Dexter Education Association, can receive as part of their compensation package.
There were also votes for personal changes. Several new people were approved to be hired in kindergarten, special education, health and chemistry positions. The Board of Education voted unanimously to accept the resignation of teacher Dana Clark. Clark said in her resignation letter that she is resigning for “family reasons.”
The board also heard an update from the superintendent, who began to discuss future committee assignments, approved future meeting times and began discussion on increasing the school lunch price by 25 cents. If this is eventually passed it would mean elementary school lunches would be $2.75, and Middle and high school lunch $3. This is all within $1 of the cost of the surrounding school districts.
Although scheduled to appear, there was no student participation.