XXXXXXXXXXXXXXXXX,
I am in the process of putting together the information I will forward to school board members for our Monday meeting. I want your analysis of our debt to be part of that which could also include the property taxes levied on the properties we have sold in the past (which is only of interest because so many of the Board members have used the phrase “returning our property to the tax rolls” as a justification for denying a sale of Central to Edison)
I have promised Annie Harala to get as much of the “compelling” (my word) information to the Board that argues for a sale before Monday. If you are able to put your information into a small report I could forward to the School Board via email I would greatly appreciate it. I’m trying to live up to a 24 hour in advance of the 6:30 Monday meeting deadline. Annie is legitimately concerned that the Board members will not have enough time to digest this information if it is dropped at their feet on the night of the meeting.
I also intend to put everything I forward to the Board together in a handout for people who attend the meeting. It will be a fat little document when it is all put together. I might put a lot of it on the blog as well if I have time this weekend.
It would be my hope that you would be willing to explain our financing at that Board meeting either in a closed session or publicly during a question and answer session after public comment.
Harry
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From: XXXXXXXXXXXXXXXXX
To: “harrywelty@charter.net”
Cc: “alanna.oswald@gmail.com”, “ajohnston2@charter.net”
Sent: Sat, 30 Apr 2016 05:21:25 +0000 (UTC)
Subject: Re: Facilities Management Building was old Fire Hall No. 1?
Harry,
[I]………………………………………………………………………. will also touch base with you about the documents you have.
The graphic is interesting. What this graph is supposed to say, but really doesn’t, is that the property sales, annual operating savings, utility rebates and grants are supposed to be earmarked to go into a designated account in the general fund reserves. Those three revenue streams, along with investment earnings on the amounts on deposit in the designated account, are pledged first, to make payment on the 2009B, (and now 2010D, and 2012B COPs); and second, to reduce the levy on the 2009A COPs; and third, to reduce the levy on the 2008B COPs. Since 2009A and 2008B are supported by a 100% debt service levy, the only effect a lack of property sales or operational savings has on this debt, is that the board does not get to reduce the debt service levy those issues when it certifies the levy. This is why I have spent most of my focus on 2009B, 2010D and 2012B, because none of them have a debt service levy, so when those pledged revenues do not exist, the money comes from operations, because you can use operations to pay for debt, but you cannot use money in a debt service account to pay for operations until the debt for which the money has been pledged has been paid off.
