News : School bond refi could save VS district $1-1.4 Million

Tilford first grade teacher Sarah Mathis discusses the Data Team's success at improving reading.

VSHS FFA officers share their goals for the year with the the VS School Board Monday.

During a meeting where many people mentioned things worth celebrating at Vinton-Shellsburg, Superintendent Mary Jo Hainstock added a million or more of those reasons Monday evening.

“We have the rare opportunity to save the taxpayers of our district more than $1 million,” Hainstock told the school board during its meeting on Monday. “It would be irresponsible to not do this.”

Early in October, school board members plan to meet with Piper Jaffrey, who advises the district on its bond issues. Last year, Jaffrey had told the board the district could save up to $500,000 by refinancing.

But this year, said the superintendent, a few factors have made refinancing a much better prospect.

“The district is in a stronger financial position, so we would have a better bond rating. We are closer to the ‘due date’ and would have less cost for holding the funds, and interest rates have decreased slightly,” said Hainstock.

The estimated savings: Between $1 million and $1.4 million.

During that special meeting, board members will discuss with Jaffrey the different options, which include paying off the bond issued a year early, or lowering the annual payment by approximately $90,000 per year.

Board members discussed the possibility of waiting to see if even lower interests rates could save the district more money, but the possibility of higher interest rates taking away this opportunity has led to a consensus that this is the best time for the refinancing.

The school board also received a celebratory report from the Tilford Elementary Data Team. Several teachers have been working to document the students’ reading skills, and to help those who are struggling to read at grade level.

The Data Team reported that reading proficiency is improving at all grade levels, and a system of extra reading work for those who struggle has been helping those students.

Principal Jim Murray told the board that the school has chosen a couple of strategies to help those who have been struggling with reading, and that those strategies have shown some positive results.

There was also a personnel celebration: The five new teachers were invited, and refreshments were offered at the beginning of the meeting. Those new teachers (all at the high school) are: Patricia Lough, LD/BD; Ashley Woods, Second Chance Reading and the 180 program; Bryan Frost, math (alternative high school); Faith Beltz, special education; Jim Womochil, Social Studies and head football coach.

The School Board also heard from VSHS FFA officers Kyle Henkle, John Eden, Emily Cashman and Karley Kenney about the chapter’s goals for the coming school year. The officers also passed out FFA calendars to board members.