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Finance committee previews borrowing plan and Act 1 tax‑index resolution; preliminary budget due in February
Summary
Staff told the Council Rock SD finance committee they will prepare draw schedules to borrow only what is needed for construction projects and will ask the board in January to adopt a resolution limiting tax increases to the Act 1 index (3%) to meet the state filing deadline on Jan. 29; a preliminary budget is expected in February.
Tony Rafterick told the finance committee the district is preparing draw schedules with construction managers so the district will borrow only the amount needed each year to fund projects and to keep interest costs lower. He said that as more debt is retired the district is replacing old debt with new debt but is not planning to take on additional debt beyond current projects.
Rafterick also said the committee will be asked in January to pass a resolution that the district does not plan to raise taxes by more than the Act 1 index (3% this year) so staff can upload the required documentation to the state by the Jan. 29 deadline.
Tracy Osecki asked when the budget review would start; staff said a preliminary budget would be provided in February so the committee can begin discussions. The finance committee adjourned and moved on to the facilities meeting.
