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TCAPS News/Events
All TCAPS' press releases are posted on this Web site on a regular basis. The most current press releases can be viewed below by clicking on the heading of the release you wish to view. To view past press releases, please select a month from the archives on the right. For more information on other events happening throughout the district, visit our Calendar page.
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Apr
16
Written by:
- TCAPS
4/16/2008
On Monday, April 14th the Traverse City Area Public Schools Board of Education accepted the lowest cost bid for purchase of bonds that will begin to fund 2008 capital projects approved by the community in November 2007 as part of the District’s 3.1 millage renewal. The bond purchase totals $30 million and will be used for: renovation and upgrades of elementary and secondary school facilities; to maintain and improve technology access for all students; for replacement of buses; replacement of visual and performing arts operational equipment; and for maintaining and improving physical education facilities.
As part of this process, independent investor rating agencies of Standard and Poor’s and Moody’s reviewed TCAPS District’s ratings. Following the review process, Standard and Poor’s investor service upgraded their rating for TCAPS to “AA” and Moody’s affirmed its rating of “Aa3.” The upgraded rating will save the District and taxpayers $100,000 because it means that TCAPS is no longer required to carry insurance on bonds purchased.
Superintendent Jim Feil noted, “This means that we can do more for our students and community with our capital dollars. We are investing in tomorrow’s citizens and providing them with the tools and know how they’ll need to compete in a rapidly changing world. TCAPS’ upgraded rating is a remarkable accomplishment, given the uncertain economic conditions in our State in light of the challenges school systems are confronting. TCAPS’ operation is among the lowest funded school systems in Michigan. There are only a few other school districts that have “Double AA” ratings and these systems receive up to $5,000 more per pupil. This is a reflection on our entire school system and is a credit to everyone who works for us. It is also a positive reflection on our community.”
Paul A. Soma, CPA and CFO of TCAPS, was pleased with the high ratings, “This independent analysis confirms that we are doing the right things financially. We take fiscal responsibility very seriously. Our attention to financial detail starts with the Board of Education, the Superintendent, and extends to all employees of the school district. These ongoing capital investments are helping to accomplish much more than simply renovating a building. We’re raising a generation to succeed. We’re not just buying band instruments. We’re helping students perform to their potential. We’re responsibly managing resources by maintaining important assets that will continue to fuel our community’s potential.”
The total asset value of all TCAPS’ assets, or “infrastructure” exceeds $254 million. TCAPS’ serves over 10,000 students with 25 facilities, and covers over 285 square miles with a fleet of 126 buses. Over time, this infrastructure requires upkeep, and the proactive scheduled replacement of buses, aging systems, and equipment. Furthermore, Michigan’s new High School Graduation Requirements will require additional science labs, computer technology, and educational spaces for serving grades 9-12 in TCAPS’ high schools to ensure students are well prepared for post-secondary education and work success in a rapidly changing economy.
TCAPS 2007 millage renewal continues a plan that benefits taxpayers and TCAPS. The plan is based on a multi-year approach to address ongoing capital infrastructure needs and to implement replacement cycles for capital assets while keeping the District’s millage rate low. TCAPS’ current millage rate of 3.1 mills is 32% lower than the statewide average of approximately 4.54 mills. In Michigan, funding for capital improvements is the responsibility of local communities. Funds for capital improvements are raised through the sale of voter-approved bonds, which are then paid off with the millage rate levied on the District’s taxpayers.
For more information, contact TCAPS Superintendent Jim Feil at 933-1725 or TCAPS Chief Financial Officer Paul Soma at 933-1734.
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