Bremen School Officials recently discussed a few different financial options for generating revenue to cover potential expenditures.
According to Superintendent Dr. Jim White, when the school board held a work session last weekend, details related to a possible referendum were discussed.
Dr. White explained, “If we were to offer a referendum, put it up for a vote, how much money could we generate? What would that cost? What would the pay back be? So we kind of explored different options with anywhere from $10 million to $14 million being issued and paid back and the impacts on the tax rates.”
However, the referendum wasn’t the only option presented for consideration.
He added, “I showed them a little different plan where if we can wait for just a few years then we have some debt dropping off and then we can just start issuing revolving general obligation bonds which would basically, roughly be between $2.5-$3 million and we’d be able to pay those back every three years and just keep issuing new bonds without raising taxes.”
Dr. White provided some details about why he felt this second option would be a better choice for the school corporation.
The superintendent shared, “From my perspective, we’re able to generate a lot more revenue doing that and keeping the tax rate level as opposed to getting early access to the money and then paying a premium for that and having to raise taxes.”
No official actions were taken during the work session. Dr. White said he provided the school board members with quite a bit of information and so they’re just taking all that under advisement for now.
