Board approves one‑time 0.7‑mill bond reduction, returns $466,000 to taxpayers

The Johnstown‑Monroe Local School District Board of Education voted to approve a one‑time 0.7‑mill reduction in the district's bond rate fund for tax year 2026, a change the treasurer said would return roughly $466,000 to local taxpayers.

Treasurer Felicia Drummond presented the financial analysis, telling the board that balances in a restricted bond fund—created to pay principal and interest on school construction bonds—have accumulated to a level that appears to permit a temporary reduction without jeopardizing debt payments. "It looks like we would have approximately 466,000 of additional bond fund proceeds," Drummond said, and recommended a one‑time 0.7‑mill reduction for tax year '26.

Drummond showed the mechanics: the district's property valuation base and an amortization schedule determine the annual debt requirement, and the county auditor sets the millage to collect precisely what is needed each year. She said the reduction is for one year only and estimated the impact for homeowners: "For a homeowner of a $500,000 home, that would generate savings of about $122.50 next year," she said.

Board members asked questions about the valuation base and the bond schedule and discussed prior bond refinancings (2016, 2020) that reduced interest costs. After discussion, the board voted by roll call to approve the resolution. The roll call in the transcript recorded affirmative votes and no recorded opposing votes.

Next steps: the resolution will be processed with the county auditor as part of the annual millage‑setting process for tax year 2026. The board presentation noted this is a temporary, one‑year measure tied to current fund balances; future millage will be set based on amounts due in subsequent years.