Closter Public Schools - 2023 Bond Referendum
Closter Public Schools is thrilled to share the positive outcomes of the recently concluded bond sale related to the approved referendum. The achieved interest rate of 3.853% is significantly below the initially projected 5.5%, showcasing conservative planning. The impact on the average home in Closter is $9.21 per year!
Standard and Poor's, a renowned credit rating agency, awarded the district an impressive AA+ credit rating, the second-highest in their scale. This rating not only underscores the district's financial stability but also serves as a testament to the effectiveness of our organizational practices. We are grateful to receive Standard and Poor's commendations, acknowledging our commitment to sound financial principles and efficient operations.
We extend our heartfelt gratitude to the Closter community for their unwavering support throughout this process. Detailed information about the projects funded by the bond sale will be available on this site, keeping the community well-informed about the positive changes ahead.
September 26, 2023 Special Election Results
Resounding YES to
Supporting our Students and Maintaining our Schools!
Official Result:
YES: 571
NO: 152
The Closter Board of Education would like to extend heartfelt appreciation to all the voters who took the time to make their voices heard. Your support and involvement are instrumental in our work to enhance the educational experience for our students and staff, and to strengthen our wonderful Closter community.
Stay tuned for official updates on our progress.
WHY DO WE NEED A BOND REFERENDUM?
The Board of Education is holding a Referendum, on Tuesday, September 26, 2023, to ask the Closter community to authorize the District to raise funds through the sale of bonds to finance critical maintenance and improvements to our school buildings.
This referendum covers $6.5 MILLION IN IMPROVEMENTS,
AND THE STATE PAYS $2.2** MILLION!
** The State will also cover 34% of the Interest as part of the Debt Service Aid
Closter Schools has identified $22M in capital funding needs over the next 20 years
Using a bond referendum to fund certain projects takes advantage of State Debt Service Aid for up to 34% of the cost of these projects, and in our case, saving taxpayer money of approximately $2.2M
A bond referendum would reduce disruption to taxpayers by aligning new bond issue with expiration of previous bond issuance, keeping taxes at a steady level
WHY NOW?
Careful long term planning keeps schools safe and in good condition and avoids emergency maintenance costs and reduces budget impact
Identified projects are necessary and will occur with or without a bond referendum. However, there are significant taxpayer savings with a bond referendum. Capital projects to the taxpayer will STILL cost:
With Bond Referendum: $4.3M
Without Bond Referendum: $6.5M
WHY DO WE NEED A BOND REFERENDUM?