Manchester Schools To Seek Funds From Bond Bank
July 28, 2016 at 4:25 p.m.
NORTH MANCHESTER - Manchester Community Schools Acting Superintendent Kim Thurston etched a bleak financial picture due to reassessment and sought approval for using the Indiana Bond Bank for funds.
"We're going to need it in January," Thurston told the school board.
The board unanimously approved the measure. Board members Larry Miller and Caryle McLaughlin were absent.
MCS will find itself in an emergency cash flow situation in January, Thurston said. "All I know is we have to make payroll."
The corporation has up to $9.1 million available from Indiana Bond Bank.
Indiana won't provide the basic grant distribution in January, Thurston said. And the state will hand out only one-third of the total amount of property tax replacement credit to school districts in the first six months of 2003. The districts usually receive half.
The legislature took 60 percent of the property tax money and put it in the property tax replacement credit, "which may serve to complicate the dilemma of collecting the full half of property tax monies," Thurston said.
Reassessment figures and tax levies are unfinished. They are usually done by now, Thurston said. As far back as the figures are pushed, the longer it will take for the state money to arrive, Thurston said.
The situation is similar to this year's money problems.
In another matter, the school board heard a presentation on the savings possible with energy-conservation lighting.
Shane Quadri, an energy project engineer with Havel Brothers, Fort Wayne, said MCS could save up to $13,127 in energy costs if both elementary schools had retrofitted lighting.
"Most of the schools are doing it," Quadri said.
Manchester and Laketon elementary schools are the only two buildings in the school district without the energy-saving lights, he said.
Quadri proposed the cost to be $82,488, if MCS chose to work with Havel Brothers.
He said Havel Brothers would do all the "cumbersome" paperwork with the state in its program for energy savings in public facilities.
Thurston called it "a large move," especially with the bleak financial future in 2003.
The school board members are: president Sally Krouse, vice president Todd Speicher, secretary Brad Perrott, Larry Miller, Thom Frantz, Kent Terrill and Caryle McLaughlin. Acting superintendent is Kim Thurston, and school corporation attorney is Al Schlitt. [[In-content Ad]]
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NORTH MANCHESTER - Manchester Community Schools Acting Superintendent Kim Thurston etched a bleak financial picture due to reassessment and sought approval for using the Indiana Bond Bank for funds.
"We're going to need it in January," Thurston told the school board.
The board unanimously approved the measure. Board members Larry Miller and Caryle McLaughlin were absent.
MCS will find itself in an emergency cash flow situation in January, Thurston said. "All I know is we have to make payroll."
The corporation has up to $9.1 million available from Indiana Bond Bank.
Indiana won't provide the basic grant distribution in January, Thurston said. And the state will hand out only one-third of the total amount of property tax replacement credit to school districts in the first six months of 2003. The districts usually receive half.
The legislature took 60 percent of the property tax money and put it in the property tax replacement credit, "which may serve to complicate the dilemma of collecting the full half of property tax monies," Thurston said.
Reassessment figures and tax levies are unfinished. They are usually done by now, Thurston said. As far back as the figures are pushed, the longer it will take for the state money to arrive, Thurston said.
The situation is similar to this year's money problems.
In another matter, the school board heard a presentation on the savings possible with energy-conservation lighting.
Shane Quadri, an energy project engineer with Havel Brothers, Fort Wayne, said MCS could save up to $13,127 in energy costs if both elementary schools had retrofitted lighting.
"Most of the schools are doing it," Quadri said.
Manchester and Laketon elementary schools are the only two buildings in the school district without the energy-saving lights, he said.
Quadri proposed the cost to be $82,488, if MCS chose to work with Havel Brothers.
He said Havel Brothers would do all the "cumbersome" paperwork with the state in its program for energy savings in public facilities.
Thurston called it "a large move," especially with the bleak financial future in 2003.
The school board members are: president Sally Krouse, vice president Todd Speicher, secretary Brad Perrott, Larry Miller, Thom Frantz, Kent Terrill and Caryle McLaughlin. Acting superintendent is Kim Thurston, and school corporation attorney is Al Schlitt. [[In-content Ad]]