Friday, March 3, 2017

Genesee Joint Schools Asks Voters to Renew Supplemental Levy

SUPPLEMENTAL LEVY ELECTION 


WHAT IS THE PURPOSE OF THE LEVY?
The Genesee Joint School District #282 will ask voters on March 14, 2017 to RENEW the proposed one-year levy of $935,000. This supplemental levy allows the district to  maintain quality educational programs and opportunities for students of the Genesee Joint School District #282.

This levy is a RENEWAL of the 2016/2017levy

The determination of the levy amount is based on the discrepancy between the revenue available to the district from state and federal funding and the educational needs determined by the Board of Trustees. Taking into account the property tax reduction provided by the agricultural equipment replacement exemption, which is approximately $51,726 and the personal business property tax exemption , which is approximately $5,500. The estimated cost of this levy will be approximately  $877,774.

This supplemental levy allows  the district  to support educational and extra-curricular programs for students attending Genesee Joint Schools #282 for the 2017/2018 school year.  The proposed levy provides necessary funds that state and federal dollars do not cover. 

If you have any questions regarding the levy please contact Wendy Moore, Superintendent or Lezah Shinkle, Business Manager. 

If you have questions regarding the voting process, we encourage you to contact Latah County Auditors Office, Room 101, 522 South Adams, Moscow, ID.




 Polls are open from  8:00 a.m. to 8:00 p.m.
For Electors in  Latah Co:

Precinct 21:  Genesee Senior Center, 140 E. Walnut, Genesee, ID  
 Precinct 23: Juliaetta City Hall Annex, 203 Main St, Juliaetta, ID

Absentee (In Person) voting will take place at:  Latah County Auditors Office,  Room 101, 522 South Adams, Moscow, ID. 
 Deadline for Absentee (in person) voting is March 10th at 5:00 p.m.
For Electors in Nez Perce Co.

Ballots will be mailed to registered electors beginning Feb. 18, 2017.

Absentee (In-Person) voting will take place at:  Nez Perce Co. Courthouse, Room 100, 1230 Main St, Lewiston, ID  Deadline for Absentee (in person) voting is March 10th at 5:00 p.m.




Tuesday, January 17, 2017

Genesee School District Refinances Bonds

Genesee School District Refinances Bonds
     The Genesee Joint School District has decided to refinance the bonds from its 2007 bond levy in order to take advantage of historically low interest rates.  This bond refinancing will save the school district’s taxpayers over $560,000 in interest cost on the bonds while shortening the repayment term. The 2007 bonds were issued to finance the addition to the high school including the auxiliary gym and additional secondary classrooms. District officials chose to keep the bond payments the same and utilize the interest cost savings to shorten the repayment term which maximizes taxpayer savings in the long run.

     The Genesee Joint School District finalized the bond sale on January 10th, locking in an interest cost of 2.65%. The District was paying an average interest rate of 4.22% on the old bonds. 

     The District’s bond underwriter, Eric Heringer from the Boise office of Piper Jaffray & Co., said that a major reason for the District being able to secure such low interest rates was that it has done a great job managing its finances:  “The District was awarded an “A+” bond rating from Standard & Poor’s due to conservative financial management that has resulted in healthy general fund reserves.  Bond investors are paying close attention to the financial stability of entities that issue bonds as a result of high profile municipal bankruptcies such as the City of Detroit.  Without a solid credit history and sound financial management, the bonds would not have achieved such a high bond rating.  A lower bond rating would have resulted in higher interest rates and reduced savings for the taxpayers of the District.”  Mr. Heringer went on to say “the District also has a very low debt burden and a history of strong community support for public education, which are additional positive credit factors.”