image
|
|
|
|
|
|
|
Phone: (314) 843-0102
|
Fax: (314) 843-0508
|
flag image

Lindbergh school board eyes approval of revised '12-'13 budget


School board eyes measure to refund bonds issued in '04


Mike Anthony
Executive Editor
December 12, 2012 - Approval of a revised budget for the 2012-2013 school year that projects an operating surplus of $58,040 was scheduled to be considered earlier this week by the Lindbergh Board of Education.

The Board of Education was set to meet Tuesday night — after the Call went to press.

The original operating budget approved by the school board in June projected a surplus of $29,313. The proposed revised budget projects that surplus would increase by $28,727.

The original 2012-2013 operating budget projected expenditures of $60,969,554 with anticipated revenue of $60,998,867. The proposed revised operating budget anticipates expenditures of $61,304,618 with projected revenue of $61,362,658.

Changes in the proposed revised budget result from overall increased revenues of less than $364,000 that were offset by an increase in overall expenditures of less than $335,000.

To achieve the surplus in the original operating budget, the Board of Education voted to eliminate summer school for elementary and middle-school students and approve a one-year reduction of the district's textbook budget.

While summer school will be offered for high school students, eliminating the elementary and middle-school summer school program will save $180,000. Reducing the textbook budget for one year will save an additional $320,000.

The original 2012-2013 operating budget approved in June included expenditure decreases totaling $868,000 and expenditure increases totaling $1,145,725. The increase in expenditures included $714,000 for employee salaries and benefits.

The board last year approved a two-year salary schedule for teachers that provides an annual average increase of 2.8 percent.

The schedule provided teachers with a 3.87-percent salary increase for the 2011-2012 school year and a 1.78-percent pay raise for the current school year.

The increase in salary and benefits included the 1.78-percent pay raise, a 5-percent increase in insurance premiums and mandated retirement contributions.

Since the 2007-2008 school year, Lindbergh sustained a cumulative loss of revenue totaling $18 million.

A 65-cent tax-rate increase approved by voters in November 2010 generated roughly $8.4 million for the 2011-2012 school year. Revenue from Prop L allowed the board to approve a balanced budget last year for the first time since 2002.

Had Prop L not been approved, 80 teaching positions would have had to be eliminated.

The board's decision in June 2010 to place the tax-rate increase before voters came after making $4.7 million in cuts for the 2010-2011 school year. Sixty positions were eliminated, including 45 teaching positions.

In a separate matter Tuesday, the Board of Education was scheduled to consider a resolution authorizing the sale of $3,685,000 in general obligation bonds to refund bonds issued in 2004.

As proposed, the sale of the bonds, scheduled Jan. 8, is projected to save taxpayers $175,000, according to Chief Financial Officer Charles Triplett.

Taxpayers would directly benefit from the refunding because they will pay $175,000 less in taxes to the school district in the future. The district itself reaps no benefit from the refunding.

If the refunding nets the estimated savings of $175,000, the district will have saved taxpayers more than $5.1 million since 1998 by taking advantage of lower interest rates and refinancing bonds.

By refinancing bonds in 1998, 2001, 2004, 2008, 2010 and 2012, the district saved taxpayers a total of $5,117,157.

With the latest refunding, that savings is projected to increase to $5,292,157.


Tags: Lindbergh Schools News


  • Related Editorial
    Sports
    Football Flyers to tackle Tigers
    Lindbergh travels to Oakville for final regular-season game
    Oct 15 2014
    The Lindbergh High School varsity football team will tackle one of its biggest rivals tonight — Friday....
    School News
    Lindbergh High band finishes first at contest
    Oct 15 2014
    The Lindbergh High School Spirit of St. Louis Marching Band recently took top honors at the Lafayette High School band competition....
    Impact News
    Local meeting guide 2014
    Jan 08 2014
    Impact News
    Lindbergh officials eye constructing ECE Annex
    Early Childhood Education Annex would cost about $2.8 million, Board of Education told
    Oct 15 2014
    The Lindbergh Board of Education was scheduled earlier this week to consider authorizing administrators to move forward with plans to construct an Early Childhood Education Annex behind Truman Middle ...
    Sports
    Football Flyers to face Wildcats Friday night
    Lindbergh earns second win with 14-0 defeat of Fox
    Oct 08 2014
    The Lindbergh High School varsity football team will face one of its toughest challenges of the season tonight — Friday — when it heads to Eureka to tackle the Wildcats....
Site Search


Weather
Type in your zip code and click "Go" to get your 7-day forecast.
Visit www.crh.noaa.gov