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Franklin Regional finance committee to discuss 2018-19 budget, $54M elementary campus project on Friday

Patrick Varine
| Thursday, Oct. 12, 2017, 11:39 a.m.
Finance committee members will meet Oct. 13 at 9 a.m. in the administrative offices at Heritage Elementary School (above) in Murrysville.
Patrick Varine | Tribune-Review
Finance committee members will meet Oct. 13 at 9 a.m. in the administrative offices at Heritage Elementary School (above) in Murrysville.

Members of the Franklin Regional School District's finance committee will hold a preliminary discussion tomorrow morning about next year's budget, as well as its upcoming $54 million elementary campus project.

The 9 a.m. meeting will be in the district administrative offices at Heritage Elementary School, 3210 School Road in Murrysville.

School board officials have voted to increase taxes in each of the past four budget cycles. The latest was a 2.63-mill hike included in the 2017-18 budget.

Board members are expected to vote Monday on issuing $9.9 million in bonds before the end of the year to begin work on a $54 million elementary campus.

The work would include renovations to Sloan Elementary and the construction of an elementary school next door.

Chris Bamber of PFM Financial Advisors said the board was inclined to look at issuing “bank-qualified bonds” that amortize in roughly 30 years.

Bamber said such bonds generally have lower interest rates and allow any tax increases that may be needed for such a project to be phased in more gradually.

He proposed issuing $9.9 million in bonds next year and in 2020 as well, with a much larger, $23.65 million bond in 2019, when the bulk of construction work and spending would be taking place.

Patrick Varine is a Tribune-Review staff writer. Reach him at 724-850-2862, pvarine@tribweb.com or via Twitter @MurrysvilleStar.

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