The Triton School Board members took some time to look at financial possibilities for the future during their regular meeting on Monday night.
Shawn McGill of Baker-Tilly addressed the board at the request of Superintendent Jeremy Riffle to talk about the financial opportunities that the corporation could pursue in coming years.
McGill told the board that the corporation currently has two bond issues that are outstanding with one of them maturing in a few years which would enable the corporation to undertake capital financing opportunities with minimum impact on current tax levies.
McGill looked at the financial impact of a tax levy at $.80 and a second at $.84. Both assumed a minimum debt service of $1.85 million after the corporation makes a July payment on the outstanding bonds.
The scenarios took into account repayment structures that would have minimum impact to the debt service tax rate.
McGill stated that Triton is on the low end of tax rate numbers in the region and in 2024 the tax rate decreased to just under $.76 and was on the lower end of the rates in the area. The average tax rate in the state of Indiana is $1.05.
Riffle pointed out to the board that some things that the corporation was able to fund with their previous bond issue included improvements to the performing arts center, and the leeway would allow the corporation to undertake future projects while still being good stewards of taxpayers’ money.
McGill stated that many districts have seen circuit breaker impact become a drain on operation funds which are regulated by the state and have not kept up with inflation.
The debt service fund bond issue has been used to alleviate that pressure for other corporations around the state on operations funds allowing some smaller capital improvements and bus purchases.
No action was forthcoming by the board and the information is available for consideration in the future.
