Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Funding topic
No spam. Unsubscribe anytime.
Finance Committee explores sinking fund or 0-mill bond to address roof leaks, HVAC needs
Summary
Committee members were briefed on capital needs including roof leaks at Central and East and a North HVAC issue; Superintendent Sardina said he has asked PFM to prepare options and noted new policy limits school ballot issues to November.
The Iron Mountain Public Schools Finance Committee on April 13 discussed options to address several capital needs, including roof leaks at Central and East and HVAC work at North.
Superintendent Jerry Sardina told the committee he has spoken with financial advisor PFM to develop funding options and that a sinking fund or a 0-mill bond appears likely to be the district's best options. Sardina said any ballot measure would not occur this year and that a new policy now restricts school ballot issues to November elections only.
Committee members heard that PFM will prepare options for consideration; Sardina said he hopes to have that information at next month's meeting. No vote was taken; the committee did not place a measure on the upcoming ballot.
The discussion centered on identifying durable funding mechanisms to cover capital repairs across the district's facilities. Committee members did not vote to pursue a specific financing strategy at the meeting and asked staff to return with formal options and financial implications for the full board to consider.
