MINSTER LOCAL SCHOOLS TREASURER REPORT MARCH 16, 2015

1. As was shared last week, we received a bond rating of A1 from Moody’s and AA insurance for the bonds. It is very difficult for Ohio schools to receive higher than A1 from Moody’s due to the STRS/SERS retirement system unfunded liabilities which Ohio schools must now include in their financial statements. The sale of bonds took place March 11 and all bonds were told. Total final savings to the taxpayers over the next 12 years is $1,263,479. The interest rates from last week changed by 20 basis points increasing our interest rate, and thereby, decreasing our savings from the initial estimate of $1,328,107. For the rating presentation, rates were set for an estimated savings of $1,384,179. The cost $86,985 associated with the refinancing (attorneys, underwriter, printing of official statement, bond insurance, rating agency) are included with selling the bonds higher than the face value. 2. We received our February real estate taxes from Auglaize County. February collections are down from last February $17,000 making the fiscal year down by $15,000. The collection split between August and February changed .32%--when this occurs, it shifts the fiscal year collections from the current year to the next fiscal year. 3. Under new business we will be discussing capital projects. Any project exceeding $25,000 must be by public bid. The bid must be advertised 2 weeks prior to the bid opening date in a newspaper of local circulation once so long as it is also posted on the website and such notice includes the website address—this will save on advertising costs. 4. The consultant from the state auditor’s office I have been working with for over 20 years has retired with no replacement identified. Under new business, I will be recommending a contract with Julian and Grube , Inc. to do the compilations of financial reports beginning fiscal year 2015. Currently, this is the firm that provides the biennial audits for the district. 5. I am working on salary notices for fiscal year 2016 and will be distributing prior to the end of the school year.

treasurer report March 2015.pdf

Page 1 of 1. MINSTER LOCAL SCHOOLS. TREASURER REPORT. MARCH 16, 2015. 1. As was shared last week, we received a bond rating of A1 from Moody's and AA insurance for. the bonds. It is very difficult for Ohio schools to receive higher than A1 from Moody's due to the. STRS/SERS retirement system unfunded ...

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