Park Hill treasurer reports bond sale deposit and stable operating cash; county tax timing may delay property revenue
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Summary
At its Oct. 9 meeting Park Hill staff told the board that KeyBank made a good-faith deposit after a September bond sale and that full proceeds will appear on next month's treasury report; staff also warned that property tax revenue timing depends on the county reassessment and could show up in November–January.
The Park Hill School Board received its quarterly treasurer's information report on Oct. 9, during which the treasurer summarized revenue timing, recent bond activity and major September expenditures.
The treasurer noted the district’s single largest revenue source—property taxes—will be affected by county reassessment timing. "It will actually be November before we begin to see anything in there," the treasurer said, adding that December and January are more telling months for property-tax receipts.
The report also showed a sale of bonds in September. "You see 2,560,000.00, and it says sale of bonds… this was their good faith deposit," the treasurer told the board; staff said the full proceeds—nearly $128 million—would appear on next month’s treasury report after the purchaser completed the transaction.
On expenditures the treasurer highlighted that September reflected the first teacher payroll of the contract year (about $11 million) and roughly $3 million in employee benefits, and noted the district makes two debt payments a year—an interest payment in September and a combined interest-and-principal payment in March.
Board members asked whether the district could reduce interest costs by paying principal early; staff replied that depends on whether the bonds are callable and the terms built into the bond sale. The treasurer said, "If they're callable, we can, and we would save a lot in interest, but it has to be callable."
The board voted to accept receipt of the treasurer's report; the motion carried unanimously.
