Circleville, OH – August 20, 2024 – The Circleville City Schools Board of Education proudly announces a significant financial achievement that will benefit taxpayers and support the district’s long-term fiscal health. On August 6, the District completed a strategic refinancing and restructuring of its outstanding voted bonds, marking a milestone in its financial management.
The refinancing of $24 million in voted bonds is expected to save taxpayers approximately $6.7 million in interest expenses. This move also shortens the bonds’ final maturity by nine years, reducing the burden on taxpayers. Additionally, the district has successfully lowered the millage collections by 3.0 mills, further easing the financial impact on local residents.
Tony Reeser, Board President, expressed enthusiasm about the development: “We are very excited to make this announcement. Our current and previous treasurer have done a fantastic job staying on top of the bond markets and refinancing bonds when it was beneficial to the district to do so. Not only are we proud to have not gone back to the taxpayers for new taxes since the bond levy was approved over fourteen years ago, we are going to save $6.7 million in interest which will allow us to stop collecting taxes to repay the bonds nine years early. This won’t drop off immediately, but tax collections for the bonds will end in 2031 instead of 2040.”
Dr. Kimberly Halley, Superintendent, highlighted the district’s commitment to its community: “It’s our goal as District leaders to do what is best for our students, while managing the expenditures of the District’s budget. The District saw an opportunity to benefit community members and still meet the growing needs of our schools. In an ever-demanding financial culture, it is our pleasure to share the good news of lowering tax burdens to the constituents of Circleville City Schools.”
This refinancing initiative, carried out in collaboration with the County Auditor, underscores the district’s dedication to prudent fiscal management and delivering value to its constituents. The Circleville City Schools Board of Education remains committed to being responsible stewards of taxpayer dollars while continuing to enhance the educational experience for all students
