GOSHEN — A number of Goshen Community Schools buildings will receive roof repairs and various other updates and renovations following action by the Goshen school board Thursday evening.
At the meeting, board members approved various resolutions needed in order for the school corporation to finalize the issuance of a three-year, $2.7 million general obligation bond, the resulting funding of which will be used for numerous facility improvements.
According to Bob Evans, chief financial officer for GCS, the primary use of the GO bond will be for roofing projects at facilities throughout the district, as well as much-needed updates at two of the district’s elementary schools.
“These bond monies will be utilized to make needed updates to both Chamberlain and Chandler elementary schools, with a variety of other projects within the school corporation,” Evans said.
Other planned projects connected to the bond issuance include the renovation of and improvements to school facilities, including equipment, buses, vehicles, technology and site improvements.
Altogether, Evans said the total estimated hard and soft costs of the proposed upgrades comes to $2.6 million, while the estimated costs of issuance are expected to be $100,000, bringing the total estimated cost of all planned projects to $2.7 million.
Evans noted that the $2.7 million bond is anticipated to have a gross impact on the Debt Service Fund tax rate of $0.1712 per $100 assessed valuation based on the school corporation’s anticipated 2022 assessed valuation of $1.6 billion.
However, Evans went on to explain that, due to the upcoming maturity of the school corporation’s other obligation bonds, the anticipated net impact of the new bond issuance on the Debt Service Fund tax rate is expected to be $0.00 above the current rate.
“The bonds will be general obligations bonds, and won’t have any affect on the tax rate,” he said of the bond’s anticipated impact on property taxes within the district.
A motion to approve the various resolutions needed to finalize the bond issuance and allow for the appropriation of the bond proceeds was passed unanimously.
In other business, board members:
• Approved the school corporation’s 2022 budget. As approved, the 2022 budget breakdown is as follows: Education Fund — $40.5 million; Operations Fund — $16.3 million; Operating Referendum — $4.7 million; Debt Service — $10.3 million; Referendum Debt Exempt Capital — $5.4 million; and Rainy Day Fund — $1 million.