The Pettisville School Board received overall positive financial news at its regular board meeting, Monday, Dec. 11.
Chris Lee, district treasurer, reported that while revenues and expenditures are up, the revenues are still outpacing expenditures by $208,170.
Lee said income tax revenue for October was $13,568 more than last year. Since the July income tax settlement was also up, the yearto date income tax revenue increase is $26,813.
The Fulton County Budget Commission approved decreasing the bond levy rate from 6.4 mills to 5.8 mills, Lee reported.
The bond issue was originally passed by voters in the district in 2008, with a property tax to generate money to repay the bonds taking effect in 2009.
The money was used to construct the new school building in 2011.
The sale of the bonds raised $4,830,000, with a 4.88% interest rate.
In a later interview, Lee said the bonds were refinanced in 2016.
The interest rate was lowered to 2.82%.
The budget commission looks at the expected yield from the bonds, the current balance, and the scheduled payments when determining the rate.
The levy to repay the bonds was originally passed at 7.36 mills. It is the second time the rate was decreased.
Lee said there is $3,989,918.90 left in principal to be repaid. The final payment is scheduled for Dec. 1, 2036.
In his report, Lee included information about interest yields and rates. The various school funds are invested in the Farmers and Merchants State Bank and earn a rate of .93%, while STAR Ohio offers a rate of 1.26%.
Lee said that the total interest received for the fiscal year so far is $14,302.60.
The board took limited action at the meeting.
The organizational meeting is Monday, Jan. 8. Board officers will be elected at that time.
Board members also voted to approve the 2018 stipend for themselves at $50 per meeting up to a maximum of 24 meetings per year.
Although Steve Switzer, superintendent, was not at the meeting due to illness, he submitted a written report.
He included information that showed that the consultant who reconfigured the workings of the geothermal and natural gas systems used in the school buildings was successful at reducing the gas usage.
Prior to the reconfiguring, the total CCF units (each CCF unit is 100 cubic feet of natural gas) used from February to November 2016 were 18,136.
For the same period this year, the district used 11,384 CCF.
Switzer also reminded the board that this year, the district will likely need to purchase at least one, if not two, new busses.
He recommended looking at one 84-passenger bus as well as a smaller bus with a lift for disabled students.
Pettisville leases a small bus with a lift from Fayette Schools, but should Fayette need that bus again, Pettisville would have to find another.
Switzer said the cost of a large bus is in the $90,000 range, and a small bus would be around $60,000.
Quiz Team Success
Michael Lane, high school principal, reported on the success of the academic quiz team.
The team placed third at the National Academic Quiz Tournament qualifying meet, qualifying for small school and large school national tournaments.
It was named the National Academic Quiz Team of the Week by the sponsoring organization.
The quiz team went on to win the Fulton County Quiz Tournament, remaining un- defeated in the league. The team then traveled to undefeated Maumee Valley Country Day and won.
Lane also noted that 15 students were inducted into the National Honor Society on Nov. 20. Those inducted were Zachary Basselman, Joshua Bock, Wyatt Cerda, Lindsey Crossgrove, Austin Horning, Morgan Leppelmeier, Rebekah Liechty, Caleb Nolander, Gavin Riegsecker, Logan Rufenacht, Brandi Schnitkey, Canidate Vickery, Madeleine Wixom, Kayla Wyse, and Detric Yoder.
In elementary school news, Jason Waldvogel, principal, reported that a large crowd was on hand for the holiday concert on Monday, Dec. 4, for grades K-4.–D.J. Neuenschwander