Presentation on theme: "Oak Creek-Franklin Joint School District. Adequate and appropriate performance venue for school concerts and musical or theater productions Sufficient."— Presentation transcript:
Adequate and appropriate performance venue for school concerts and musical or theater productions Sufficient seating for parents and grandparents for school concerts, awards programs, plays, etc. Benefits of Auditorium
OCHS “Little Theater” is district’s only theater
OCHS “Little Theater” seats 160 audience members
Limited seating is available for parents and grandparents in elementary gyms
Community-based organizations can have performances in Oak Creek Dance recitals for area dance studios Community theater groups Opportunity for Oak Creek Community Center to possibly expand programs or activities Benefits of Auditorium
Interest rates to borrow money came in lower than originally estimated. Prior to November referendum, Baird estimated the tax levy impact of $77 per $100,000 of property value for two new schools and $9 for auditorium based on an estimate of 4.5% interest rates. At end of February, District locked into rate of 3.35% interest rate, resulting in $66 per $100,000 of property value for the two new schools. New estimated tax levy for auditorium is $7 per $100,000 of property value. Two new schools AND auditorium can now be built for less than the estimated tax levy increase as was approved in November referendum for the two new schools ($73 per $100,000 of property value) Why Now?
Additional cost of $1.7 to $2.2 million if auditorium is built after the secondary school is completed. Demolition/construction costs Loss of efficiencies Additional permits/fees Inflation costs Why Now?
Why Now? Referendum questions can only be included on ballots for regular primary or general elections: No fall elections in odd-numbered years April 2016 election would be too late to include it in the construction of the secondary school School district would not need borrow the money right away so there would be time to try to raise some funds through donations or other means; district could borrow less than the $7.3 million if there are funds raised to help pay the costs Why Now?
Outstanding principal and interest debt for: – Remainder of West Middle School project as of January 1, 2001 – Debt approved in November 2000 for the high school remodeling/addition – Debt approved in the April 2004 referendum for elementary school – Debt approved in the November 2006 referendum for middle school District had a debt accumulation of $91,961,241 for building projects As of June 2014 (end of fiscal year), the district’s outstanding referendum debt was only $39,075,000. (Reduced debt by $52,886,241 as of June 2014.) The district has been very aggressive in paying off the debt. District Payment of Debt
The district has refinanced whenever possible and prudent to reduce the interest the district pays on the debt. – The refinancing the district did in February 2014 had an interest rate of 2.037% and saved the district $572,247. – The refinancing the district did in February 2015 had an interest rate of 2.09% and saved the district $1,239,301. – Total savings of $1,811,548 in one-year period. District Payment of Debt
The district received a Moody’s rating of Aa2, one of the highest ratings for school districts in the state and nationally. Two of the main reasons for this high rating, according to the Moody’s report, are strong financial operations with healthy reserves and a manageable debt burden. The district received a Standard & Poor’s Rating of AA, also one of the highest ratings for school districts in the state and nationally. S&P cited the district’s “maintenance of very strong reserves coupled with good financial policies and practices” in giving us the AA rating. District Financial Condition
Question on ballot for April 7, 2015 election: Shall the Oak Creek-Franklin Joint School District, Milwaukee County, Wisconsin be authorized to issue pursuant to Chapter 67 of the Wisconsin Statutes, general obligation bonds in an amount not to exceed $7,300,000 for the public purpose of paying the cost of constructing, equipping and furnishing a new auditorium on land owned by the District and located at Puetz Road and Knights Place? Voting Information
Can vote in person on April 7. Polls are open from 7:00 a.m. to 8:00 p.m. Can do absentee voting if you are planning to be out of town (spring break that week) For absentee voting, submit to the City Clerk’s office a completed application for an absentee ballot. You can either receive a ballot in the mail or vote in person at the City Clerk’s office March 23 through April 3 In the City of Oak Creek, the Clerk’s office regular hours of operation remain in effect for absentee (early) voting: – Monday through Friday - 7:30 a.m. to 4:00 p.m. – Extended hours April 3 - 7:30 a.m. to 5:00 p.m. In the City of Franklin, the City Clerk’s office regular hours of operation remain in effect for absentee (early) voting: – Monday through Friday - 8:30 a.m. to 5:00 p.m. Voting Information