Fostoria schools budget in the black
FOSTORIA – Fostoria Board of Education reviewed the General Fund report of revenue and expenditures for fiscal year 2014 as of May 31, and received an update on bond refinancing Monday night.
As of May 31, the district generated $19 million in revenue, and its expenditures reached nearly $18.8 million. Treasurer Norman Elchert said the district is expecting to collect more from the Homestead Exemption, which is being delayed across Seneca County, before the end of the fiscal year.
Elchert also provided a report on the refinancing of the 1999 School Improvement Refunding Bonds, which originally were issued to construct and improve district school buildings.
According to a document provided by the board, “The $2,190,000 refinancing will save taxpayers of the District over $67,000 in gross debt service savings over the life of the issue, significantly reducing the net interest cost of the Bonds to approximately 1.36 percent.”
The board also passed a motion to approve a $1,500 stipend for the governance and administration of the FCS McKinney-Vento Homeless program, paid from the program’s fund, to Superintendent Andrew Sprang.
Additionally, the board approved student activity funds for the 2015 fiscal year.
Sprang also recognized the Greater Fostoria Community Foundation for its grant award of $10,000 and the Longfellow PTO for donating $5,000 to go toward upgrading the Longfellow Elementary playground. Sprang said the playground improvements will include all new black top, a tricycle path and have a “safety town atmosphere.”
Personnel changes were also approved. The retirement of school counselor Sharon Krupp, who has been with the district for 35 years, was approved effective July 31. Resignations of Nicholas Davis, English teacher; Esther Garcia-Tio, Spanish teacher; and Christine Shaver, elementary teacher, were approved, also effective July 31. Elementary Art Teacher Kristina Harris was approved for a leave of absence Aug. 1-Dec. 9, 2014.
The board approved one administrative contract, three certified employees and 50 supplemental contracts. Three employment agreements were approved as well as two summer secretarial positions. It also was voted to approve the per diem rate of compensation for Jenny Abell, school psychologist, at $327.58, effective June 16.
Also, the board approved paying a $165.60 stipend to Katie Goodwin, Mike Headley, Steve Kauffman, Lori Mathia, Dustin Smith and Nancy Stone for participation in the State Personnel Development Grant Parent-Teacher Partnership during the 2013-14 school year. The district is to be reimbursed by the state.
The meeting concluded after an executive session. No action was taken.