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District 191 refinances bonds to save money

By refinancing some of its debt to a lower rate, Burnsville-Eagan-Savage School District will save nearly $174,000 over the next two years.

Board members agreed in September to refinance just over $4 million through a process that is similar to when homeowners refinance their mortgage to take advantage of lower interest rates.

"$174,000 is a very good savings on a small refunding," said Jeff Seeley of Ehlers and Associates, who said the sale of the bonds in October went even better than expected with the district even receiving a premium.

District 191 receives financial reporting award for 26th consecutive year

For the 26th consecutive year, Burnsville-Eagan-Savage School District 191 has received an award for financial reporting from the Association of School Business Officials (ASBO) International.

The comprehensive Annual Financial Report (CAFR) award is considered to be the gold standard and the highest recognition for school district financial operations. It is only conferred to school districts that have met or exceeded the standards of the program.

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