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COLUMBUS – The CISD Board of Trustees discussed several bond related topics at their May 13 meeting at Columbus High School.
In a presentation by Chief Financial Officer Scott Leopold, the difference between a competitive sale and a negotiated sale of bonds was a topic of discussion. According to Leopold, the competitive sale process functions as a bidding war, providing some of the best options in terms of interest rate. However, there is little flexibility in terms of annual payments or distribution, meaning local investors may not have as many opportunities to participate.
The negotiated sale, in turn, has more flexibility in the distribution along with the ability to negotiate for a particular interest rate, yearly payment and sale date. However, while top rated bonds are still available with this method, the bonds can be of a slightly lower quality on average.
The board took no action after hearing the presentation.
The trustees also heard a presentation on the impending electrical work needed for the existing Career and Technology building as well as the connection to the new CTE building scheduled to be built.
There are changes to be made on the existing infrastructure as AEP waits for the delivery of a transformer that is soon to be purchased. The delivery will take up as little as 12 months or potentially up to 18 months. It is projected to arrive in the late fall of 2024 or the early spring of 2025. In the meantime, AEP will be putting out bids for contractors to connect the welding classroom in the old CTE building. Those bids will be for construction in the late summer and early fall of this year.
In salary news, the board chose to table an action item that would increase staff salaries by 1%, causing a projected increase of $316,000 without considering staff changes. The action item included an adjustment in the athletics budget, moving $10,000 from the general athletic fund to the athletic stipend fund to help recruit a Junior High coach and math teacher. An additional $7,000 would be included from the budget for a $17,000 total increase in the stipend budget.
Both items were tabled for the next meeting, but the board will likely have to decide before their June meeting to ensure the policies are set in time for the first wave of salary payments in July.
CISD staff did gain a benefit in regard to ‘local days’ which effectively function as sick days. Those on a 10-month contract schedule will receive five local days as opposed to three. Those on an 11-month contract jumped to five days as well. Employees on a 12-month schedule saw their local days increase to six.
