The financial future of the San Ramon Valley Unified School District is set to be the main topic of conversation during the Board of Education’s regular meeting on Tuesday, when district officials will discuss potential state funding as well as general obligation bond and parcel taxes.
Specifically, district officials will consider restructuring and refinancing existing general obligation bond debt, declaring support for the proposed California Schools and Local Communities Funding Act of 2020 and will hold a special workshop on future general obligation bond and parcel tax planning.
“Educational funding in the State of California continues to be insufficient when compared to the national average in per-pupil funding and insufficient when it comes to the (SRVUSD’s) desire to serve all of our students," Superintendent Rick Schmitt said in a staff report.
With this in mind, district staff have recommended that the board throw its weight behind the California Schools and Local Communities Funding Act of 2020 -- also known as the Schools and Communities First Initiative -- which Schmitt says is anticipated to appear on the November 2020 ballot.
The initiative would restore $12 billion a year in services throughout the state, including $4.5 billion for K-12 education and community colleges according to Schmitt, who added that the “restoration will come through a reform in commercial property taxes, which would also guarantee the existing protections for residential property and agricultural land.”
Concurrently the district is considering restructuring and refinancing existing general obligation bond debt, which district officials say may be a viable option.
“Interest rates have declined over the past two months, and if this continues, rates and yields may hit all-time lows giving us the opportunity to save our community millions of dollars,” Schmitt and chief business officer Greg Medici wrote in a staff report.
District officials will be examining the General Obligation Refunding Bonds, Series 2012, which can be callable at par value beginning Aug. 1, 2022.
During a workshop held prior to the start of the board’s regular meeting, district officials are set to review its ongoing general obligation bond and parcel tax planning.
A conversation continued from last school year, district staff have mused that future investments could be used to support staff housing, modernization projects or various other new school facilities.
The SRVUSD Board of Education is set to hold its regular meeting on Tuesday at 7 p.m. in the district offices, 699 Old Orchard Drive in Danville. The special general obligation bond and parcel tax planning workshop will begin promptly at 5:30 p.m.
In other business
* During the board’s closed session, which will be held prior to the start of its regular open meeting, trustees will meet to review three student expulsion cases, confer with legal counsel over existing litigation, discuss the status of labor negotiations, perform public employee performance evaluations and consider the discipline or dismissal of a public employee.
* District officials are also set to officially recognize March as Women’s History Month, Art Education Month and Prescription Drug Awareness Month.
* Plus, a student board member from San Ramon Valley High School will be present at the meeting and will give a special presentation on the happenings at their school.