Embedded Files
An opportunity and a commitment
An opportunity and a commitment
As a result of the COVID-19 pandemic's impact on the economy, the Governor Mifflin School District was able to secure historically low interest rates for the secondary campus building project, while also refinancing existing debt. COVID-19 also slowed the construction industry, allowing the district to quickly secure construction contracts at lower costs.
The district's original debt schedule saw a reduction of debt payments within the next several years. The district was able to use those savings and structure the new debt for the secondary building project to avoid the need for a millage increase to cover the cost of the new construction.
The use of the future debt savings to help finance the secondary building project is a longterm commitment to financial stewardship and a longterm commitment to providing exemplary opportunities for the greater Governor Mifflin community.
How will this building project impact property taxes?
How will this building project impact property taxes?
The district was able to take advantage of historically low interest rates and restructured debt with no tax millage increase for the bulk of the project . Funding for the final phase of renovations is currently being determined.
Governor Mifflin School District Debt Summary
Governor Mifflin School District Debt Summary
How to read this chart
How to read this chart
Total Net Outstanding D/S - this column shows the district's debt schedule prior to the start of the new building project
Final Series 2020A $30,000,000 Debt Service (2) & Final Series 2021 $28,000,000 Net Debt Service (3) (blue columns) - these columns show the money borrowed to complete the building project
Total Net Debt - this column shows the district's actual debt payment amount for each year less any state reimbursement
New Mills - this column shows the millage increase required to fund this new debt, a 0 millage increase as a result of the building project
Page updated
Report abuse