VANDALIA — The Vandalia-Butler City School announced that its latest round of bond refinancing will save district taxpayers over $770,000 this year. The savings is the third round of refinancing that has saved a total of $1.8 million since 2014.
Superintendent Brad Neavin says the debt restructuring is just part of district officials’ efforts toward fiscal responsibility while maintaining academic excellence.
While the impact on individual tax bills may be minimal, it is important for our stakeholders to know we hear them and will do all we can to be provide excellent educational programming to our students while saving our taxpayers dollars wherever we can,” Neavin said.
The savings realized in the bond refinancing is realized by tax
The district has restructured nearly $10 million of bond debt in 2014, 2015, and 2016 – the maximum amount allowable per calendar year. District Treasurer/CFO Eric Beavers began the multi-year restructuring when he arrived in 2014 to take advantage of the market’s current low interest rates.
The district was able to receive the low interest rates due to maintaining very favorable credit ratings of Aa3 from Moody’s and A+ from Standard & Poor’s based on the district’s positive economic outlook.
Thanks to a comprehensive economic plan, Vandalia-Butler City School district officials are saving taxpayers more than $770,000 this year. This latest savings comes from refinancing outstanding bonds to reduce the district’s interest rates, taking advantage of current low market rates.
Beavers says managing the debt and working to save taxpayer money is an ongoing process.
“Along with my financial team, I am always monitoring the outstanding debt, continuing to look for more opportunities to save money for the taxpayers of Vandalia-Butler,” Beavers said.
Reach Darrell Wacker at 937-684-8983 or on Twitter @VandaliaDrummer.