Abby School Board digs into passing of referendum
The April 5 referendum passed in Abbotsford, and the majority of the April 18 board of education meeting was spent learning about what this means financially for the board in the next few years, with the taxpayers being assured that they would bear no cost of the projects, as well as the district setting aside funds to cover some of their existing debt — a process known as defeasance. The school board will be using defeasance to pay back loans as they come due.
In doing this, the district will be buying several government bonds (a basket of bonds), and using these to pay off the loans. Doing this releases both the borrower (the school district) and any collateral from the loan itself, as the bonds will be paying off the loan through a third party. Kevin Mullen from Baird Financial Services was at the meeting via video conferencing to explain and present on this.
Mullen informed the board that right now is a good time for borrowing money, interest rate wise, which is very good. He would like approval from the board at the next meeting to hopefully avoid an increase in the projected interest rate and costs. He said that defeasance is the best and most common way that school districts do this.
In other news:
_ The Booster Club has purchased a sound system for the fitness center. District administrator Ryan Bargender is working with Alex Larson and coaches to come up with protocols for the usage of it.
_ Bargender had a recent meeting with Andrew Aslesen of Wisconsin Rural Water Association and Josh Soyk from the city. The chemical levels in one of the city wells are high due to fertilizer being used on nearby cropland. They will be looking into other ways to utilize that property and hopefully lower those levels. They are also looking into other ways to utilize this land, including getting agriculture and science classes out using the land.
_ Marshfield Clinic will be providing sports physicals to student athletes at no cost on Marshfi eld Clinic Physical Day. A date has yet to be confi rmed for this event.
_ The board approved all policy revisions as recommended by the policy committee.
They approved a policy change that allows the high school principal to modify graduation requirements for students with exceptional needs. This policy also adds an alternative diploma and the requirements for this. The Colby School District also approved a companion policy change for diplomas issued through the shared alternative high school.
_ The board approved an increase in pay for summer school staff from $22.50 an hour to $25 an hour.
_ The cost of health insurance increased slightly. As to not cancel out the effects of the salary rise for staff, the school district is taking on the majority of this increase. The board approved a 3.66% salary raise for all staff after a closed session deliberation.
_ Custodian Jim Hodd is retiring at the end of this year.
_ Teacher Appreciation Week is May 1-7, 2022.
_ Senior banquet is May 18, 2022 at 6 p.m. _ 2022 graduation is May 21 at 2 p.m.
