001Grand Community Schools. internet. >> Technical difficulties or technical difficult. >> Okay. Welcome to the uh public hearing of chair bus community schools of Monday October 621 [Music] to the flag of the United States of America and to the republic for which it stands. One nation, indivisible, with liberty and justice for all. I got to figure out the best way to read this, but mission statement of Smith Community Schools. By focusing on excellence in education and providing opportunities for all students to succeed, we strive to be the best small school in Indiana. Please join me in a moment of meditation. Thank you. >> Hey, Susan. >> In front of you is your budget finder. And if you open up the very first page is the advertised rate of 1.1197. We are estimating that that should fall
002roughly about 0.9746. As you can see, it shows your debt service, the advertise, what we're estimating, the operations, and the referendum. The next page is our school bus replacement plan. We are looking at new passenger bus in 26, one special ed bus in 27 and then two passenger buses in 28. Two smaller buses, 14 passengers in 29 and then a large bus in 2030. Now that are subject to change if and when anything. Um the next page is our capital project plan and we are plan to continue with the elementary and junior senior high school classroom furniturees. We will look at the discus cage and fencing for the track area. We do have asphalt empty for parking. That's kind of in a wish list and we're just kind of keeping it out there. Baseball scoreboard,
003football track scoreboard, do some uh curving on the parking lot. We've got the high school gym floor, the elementary gym floor, and the stage refinishing and repairs, which is pretty much an ongoing as the bleacher back stops, batting cages, the inspections and services. Elementary classroom carpet and junior senior classroom carpet and central office flooring. Any questions? Next, I've got tab out for our referendum, our rainy day, our debt service, our education, our operations, and then our form three is what shows what we advertised to the taxpayers. And you have your budget estimates listed first, and that just shows you a breakdown of our July to December balances, where we where we are at. Um, shows our revenues and expenses that we are projecting for the 2026 budget. The next page shows the miscellaneous revenue as
004where we expect to get the revenues for those funds. It's broken down as the license excise tax and the fifth which in 2027 the fifth will go away. Um the next is a budget form one and that's our estimate on how we plan to spend those dollars for those appropriations. And the last page in each tab item is our current year financial worksheet. And that just shows our current year approved budget and our dispersements, any levies, any transfers, any temporary loans, our June 30th cash balances, and taxes to be collected for the present year in December. And that's a rough estimate as well. I think our book's been set up this way for the past five years, six years. So, um, it's pretty pretty cut and dry, I would say. With the Senate Act, we
005still have, you know, some questions, some issues, as with all the other school corporations as to where we hope to be versus where we might be. But I think we're looking very financially stable at this point and we haven't got taxes in for their own still not. >> So as soon as we get those I think maybe I might be able to feel a little more >> comfortable and confident with everything but as far as what goes here is all the numbers that I pulled together for everything. What did last year this year? >> Um, as far as >> I believe it's been a pretty consistent situation. I every year >> and I think they were having some um data issues with their computers and different things I think as well. >> I did hear
006that. I just want to remind you our education fun. in bombs What's the amount of texture? The budget estimate is 17,66,528. >> Yes, I'm sorry. >> What was our budget for this year? I usually have that in my folder as well. the budget total budget. >> I'm sorry. asking. So, I apologize for 16,69,448 16 million 69,448. >> That was the actual Any questions? Thanks for >> since we didn't have anybody signed to speak. We will skip the public comment section. With that, we will adjourn the public hearing of Smith Community Schools, Monday, October 6, 2025 at 6:42. Okay. Uh, welcome to the Smith Green Community Schools special meeting of Monday, October 6, 2025 at 6:43. We don't have any public comments, so we will move on to new business. Okay, Susan, >> this is Megan.
007Tilly and she is here to discuss some prelim preliminary financing on >> whatever you feel comfortable. >> Yeah, however you feel comfortable. >> Yeah, it's just us. So, >> like I'm Megan from Baker Philly. We serve as the school corporations municipal advisor and present some information for the general obligation bond you're considering for approval. Um we also worked on the bonds you issued at the end of last year. I think you vouch from our office and presented to you then. Um I did work with them in the background on that bond issue and we all really appreciate the opportunity to work with you guys again. Um so if we want to go ahead and go to the presentation I think I passed around the copy to everyone. Um on slide two we have the current
008outstanding debt for the school corporation. So this shows all your outstanding bonds income school for loans with the total annual payments due each year. And then if you want to go ahead and look at slide three as well. So on that slide you can see um it's the same information just in a graph. So if you're a little more visual it's a little easier to read. Um, so annual payments due in 2025 are right around 1.5 million. And then you do have some step downs and payments coming up in 2026 and then 29 and 2030. So if considering issuing a bond issue this fall in 25, um the payments would begin when you have that step down coming up in 26. And then on showing um the general obligation limit for the school corporation. So
009the you're considering would be general obligation bonds and each unit in the state has a certain amount of debt that it can take out in its name and this just represents that calculation for the school. Um so it's 2% of 1/3 of your net assessed value. Um, so based on that, we're getting a debt limit of over 3.7 million. And then from that, we have to subtract the remaining principal of any outstanding general obligation that you have, which for you would just be those bonds issued last fall. Um, so there's 855,000 remaining on those. So that gets you to your capacity, which is right around 2.9 million. Um, so the proposed bond is that you were discussing this evening would be for 995,000 that fits well within that capacity. So your first mortgage bonds you
010have outstanding were issued through a building corporation. Those don't count towards this limit. And then your common loans actually don't count either. And then slide five that just has a summary of some of the financial information for these proposed bonds. So after taking into account some allowances for cost of issuance, we're currently estimating about 870,000 of project proceeds would be available. Um the current structure we have, which you can also see on the next slide, we have these structured to pay just over five years. Um the resolutions do allow for a max repayment term of seven years. So we can make adjustments to this if you wanted us to before we price the bonds. Um, and then we're estimating the interest cost at around $94,000. So that is based on rates provided to us last
011week by the Indiana Bond Bank plus 1%. So there is some cushion built into that number based on where we are today. And then based on what the DJF is showing right now for your 2026 assess value, we're not projecting an increase to your debt service rate in 26. Um, and then if you want to go ahead and go to slide six, this just shows kind of the proposed structure of these bonds in yellow layered in with your existing debt in green. Um, we are showing payments in 2026 increasing some. That's because the DGF right now is showing our assessed value for 2026 is up. So, maintain that 2025 debt service tax rate in 26, we would need to increase your levy a little bit. Um, and then we kept payments at that same level
012in 27. And then we tried to build in some annual step downs really from 2028 to 2031 just to give you future um flexibility. That's kind of the presentation. Are there any questions? with the potential tax structure changes coming down. How will that impact So we should know we're basing this structure on what we know today for your 2026 assessed value. So >> about like 27. >> So 27 if your assessed value would drop. You do since we are keeping payments at that same level you would run the risk if your A drops that your debt service tax rate could come up a little bit. It's all with the resolution. We don't have to approve structure. Correct. Correct. >> We wouldn't be asking any officials. So right now we are anticipating going to the bonding
013with these at their November meeting when it was it's in mid November. So at that time we would need to send the bombing basically a final amortization schedule that that afternoon or that next morning. Um so that's kind of when you're locked in to that repayment schedule. >> Um so if you want us to make to this before you have a meeting to look at the final bond resolution, we can of course do that. Um, and then if you think about it and want us to make any changes even after that meeting, as long as it's before we go to that bond bank meeting in November, we can even tweak it >> again before that meeting. Just to let you know, there are several outstanding construction projects that this money can be used on. For
014example, Hback. I did get an estimate on those >> and uh unfortunately current just one of those gems would take care of all >> unfortunately the uh junior high gym came back this came back at 945,000 and the elementary gym came back at 811,000. >> What was the first one? And that would give them heating and cooling >> at the air condition. >> So that that's just one of many projects that we didn't address, but there are several other things we can spend that money on as well. finish up next year and 28 about 800,000 would be that if we are in financial position So like for construction. So we tried to build you in even with how we have you structured down some future step down so you can kind of make decisions here
015on what you want to do >> gives you options >> because this one would take effect in construction. >> Uh if again just as hypothetical if the board were to yet this year we would again. If the board wanted to I know it's one of those disagreement. The only thing from a perspective side that I have is that we utilize the junior high gym for evening activities competitions. So we have visitors in there in August September. years or something else. >> Okay. Any other questions or concerns on the bottom resolution? Thank you very much. >> Motion to approve the preliminary bond resolution for the 2025. I'll second it. All those official same motion. >> We'll make a motion approve the language. Okay. I make a motion we approve the declaration of official intention reimburse expenditures
016resolution exhibit B for the 2025 bond. >> Excellent. >> I don't second. All those in favor of this month. Is that right? >> Yeah. I think your last October meeting this month will send you a final resolution for approval. Um and then if you approve that we would move forward application at the end of October for the November meeting. >> I may ask for some other projections for things about potential impacts. Okay. Any other business? No sir. We don't have any public. So with that we will close the special meeting of Smith Community Schools on Monday, October 6, 2025 at 657. Thank you very much. >> Thank you. >> Will you be coming back?