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School district may save $1 million

 

The La Vernia Independent School District (ISD) may realize a savings of $1 million, following a decision Feb. 3 by the district’s board of trustees.

According to board President Cody Miller after the meeting, the board authorized the issuance of “unlimited tax refunding bonds.”

“Our advisors expect that they can save the district approximately $1,000,000 through this issuance,” Dr. Miller said.

Those advisors were the subject of another board decision. The trustees approved changing financial advisors from Coastal Securities to U.S. Capital Advisors.

“The advisors that the district has worked with previously have moved from Coastal Securities to U.S. Capital Advisors as a team because Coastal Securities is moving away from providing the type of support we require,” Miller said. “This change will actually allow us to have continuity because the same advisors will continue to support the district.”

Further monetary matters also were addressed, including a $5,000 donation from the Guadalupe Valley Electric Cooperative (GVEC). The funds will be used to support the athletics program with a shooting machine for the basketball teams and home and visitor signs for the seating in the gym, Miller said.

The trustees also approved a bid for property that had been struck off the tax rolls and failed to sell at a foreclosure sale. The district will receive a little more than $1,000, if the bid also is accepted by Wilson County.

Staying with the financial tenor of the evening, the trustees approved purchasing two buses from the fund balance. Superintendent’s Secretary Diane Marsh confirmed the purchase price is $190,128 from Longhorn Bus Sales. A delivery date has yet to be determined.

The buses have some upgrades, including storage capacity on the underside, Miller said, adding that even with the upgrades, they will cost less than the buses purchased last year with no upgrades.

The board did not take action regarding the possible change to the district’s fiscal year start date. Director of Finance Kati Burke has been asked to contact districts who have changed to a July 1 to June 30 fiscal year to gather more information about the benefits and challenges. This may be addressed again at a future meeting.

Also discussed by the board were statements of impact sent by two charter schools.

“As a district, we do not believe that either of the charter schools will have a significant impact on our school district,” Miller said. “Therefore, the trustees took no action on this agenda item.”

Following an executive session, the board approved hiring two professional employees, one who will serve the special education students at the primary campus and the other in a teaching position, Miller said.

‘Our advisors expect that they can save the district approximately $1,000,000 through this issuance.’
-- Dr. Cody Miller,
La Vernia Independent School District board president

 
 
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