Updates for SP schools won’t affect tax bills

With anticipation of what has been called a “once-in-a-generation” opportunity for South Putnam Schools, local taxpayers should not expect increases on their bills.

That point was driven in support of extensive improvements and renovations at hearings held at the South Putnam School Board’s regular meeting Wednesday evening. Presentations on the project’s aim and financials were given by Supt. Corey Smith and Matt Schumaker of Stifel Financial Corp.

Smith outlined that a recent facility study looked at needs for roofs and heating, ventilation and air conditioning, as well infrastructure and aesthetics in general. As such, he and school leaders considered the financial capability to meet these needs.

In essence, the multi-million-dollar project would entail site and athletic improvements, as well as purchasing new equipment and technology.

Public work sessions were held on Jan. 23 and 26 and on Feb. 22, where Smith said the well-being and educational experiences for students and staff were highlighted. Presentations from Stifel and Ice Miller were held at the latter on the corporation’s bonding capacity. A preliminary determination meeting was then held on March 13.

“This really is just an amazing opportunity for South Putnam and the community,” Smith said. “It’s gonna enhance our student learning experiences and the educational opportunities for our students.”

As to the financial impact of the project, Schumaker noted that the target tax rate is to remain at $1.32. To this, he first outlined that South Putnam has two bond issues currently outstanding at approximately $2.5 million. This, however, is to drop down to about $500,000 in 2025.

“When we look at potential bond issues, this is exactly the picture that we want to see,” Schumaker said about debt falling off. “There’s gonna be a lot of room to finance projects, but add in payments in a way that we’re not increasing the tax rate.”

The maximum borrowing capacity is set at $19.7 million, though Schumaker stipulated that potential payments year to year are not absolute now. In effect, the tax rate is to stay the same as debt goes down, while the Operations component will go up. After estimated costs for issuing the bonds, the corporation would have $18.6 million for the actual hard and soft costs.

Schumaker concluded that the maximum tax rate impact listed at 67 cents is based on the $2.5 million maximum payment divided by the current $370 million assessed value. This further does not account for the debt that is falling off.

In public comments, Band/Choir Director Thomas Champion advocated for a new performing arts space. These deficiencies, he related, became “abundantly clear” cutting lumber in the middle-high school parking lot for the recent spring play. He added a need for dressing rooms and better inventorying and storage.

“I believe it is time for South Putnam to invest in an innovative future for all of our students,” Champion summed up. He was backed up by student Griffin Jones and teacher Elaine Bye.

“We’ve always been told here at South Putnam that we can do more with less, and now we have an opportunity to more with more,” Bye said for her part.

With these considerations, the board passed resolutions supporting the project and acknowledging the cost crossing a statutory threshold. Another was for the corporation to reimburse itself after the bonds are eventually issued.

In other business:

• The board approved a request for football coach Chuck Sorrell to attend an upcoming conference in Ohio on weightlifting safety.

• The board approved a memorandum of understanding with the Town of Cloverdale and Cloverdale Schools for a shared school resource officer. Smith provided that the document had been vetted over several months by legal counsel and school principals of both corporations.

With Smith saying that the MoU is essentially in its final format, one has not yet been considered for approval at Cloverdale Schools.

• The board approved a request by Principal Todd Gowen for a credit card for purchases of supplies and material at Central Elementary School.

The board also recognized South Putnam’s Students of the Month: Brantley Freeman (Central Elementary), Dominic Pierce (Fillmore Elementary), Victoria Paige (South Putnam Middle School) and Harlee Dickerson (South Putnam High School).

The board also approved the following personnel report:

• Employment: Seth Ballinger - middle/high school custodian; Sandra Thomas - bus driver; Grace Burdge - eighth-grade volleyball coach; Haleigh Dunn - part-time bus monitor; and Brad Hudson and John Williams - part-time summer mowers.

With Board Secretary Hollie Hutcheson absent, Corporation Treasurer Hilarie Logan and Executive Secretary Terri Beasley joined Smith and the board for the meeting.

The next regular meeting of the South Putnam School Board is set for Wednesday, May 17 at 7 p.m. in the music room at Central Elementary.