It has become somewhat of a tradition for the district to provide an update on the state of district finances each February. The timing of this allows our district patrons to have this information fresh in your minds as you begin to see district personnel and the school board working through preparation of our budget for the coming year. It also gives context to the coming conversations regarding the tax rate for which the board will seek your support.
The General Fund cash balance continues to be healthy and above the target range, which is the equivalent of three months of operating expenditures. The solvency ratio at the end of last year was 35%, which is also quite positive. We have continued to see our property tax rate decrease, including the addition of a Debt Service Surplus Levy that has allowed us to reduce future principal payments on the General Obligation bond approved in 2007, thus saving tax payers approximately $380,000 in future interest payments.
I once again want to express my respect for the work of our school board and staff, as well as support from our community that has helped us reach and maintain this position. Our goal is to be financially sound while providing a quality educational experience for our children.
Whatever the future holds, at this point the Alburnett district is well positioned. We have strong board leadership, are strong financially, employ a quality staff, and celebrate a supportive community. Together we are…Purple on Purpose.