Wed Mar 17 2010
by Ellin Walsh
Reporter
Cuyahoga Falls -- The Cuyahoga Falls Board of Education could take action June 29 that would reduce the property taxes the school district's residents pay, beginning next year.
In 1999, voters approved an $8 million bond issue with a 20-year term to finance facility renovations and upgrades to the high school science wing, Superintendent Dr. Edwin S. Holland says. The bond issue raised funds for permanent improvements -- not operating funds.
School District Treasurer Kathryn Sines says the remaining principal balance as of June 30 is $4.85 million. Refinancing the bonds could save tax payers approximately $230,000, according to Sines. There are two resolutions on the June 29 Board agenda that would give Sines permission to proceed with refinancing the bonds. If the Falls School Board gives its approval, the refinancing will be completed this fall.
"Now that the [financial] market has changed and bonds are more attractive," Holland says, "if we refinance the remaining balance on the bond debt, we will, in effect, reduce the taxpayers' taxes."
Taxpayers could see a reduction in their tax bills in January 2010, if the School Board approves the proposal, the superintendent reports.
"This could be good news in light [of the fact] that the district will have to seek new operating funds in May 2010," Holland says. The amount of that levy request will have to be determined next year, Holland says.
To maintain a fiscally solvent district, Cuyahoga Falls schools officials say they must have three existing levies renewed. A 7.9-mill levy ends collection in tax year 2010, a 9.97-mill levy ends collection in tax year 2011 and a 4.75-mill levy ends collection in tax year 2012, according to data provided by Sines.
Holland recommends the district seek renewal of the 7.9-mill operating levy this November, renewal of the 9.97-mill operating levy in November 2010 and the 4.75-mill operating levy in November 2011.
E-mail: ewalsh@recordpub.com
Phone: 330-686-3908
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