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District 191 receives financial award for 29th consecutive year

For the 29th 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 Certificate of Excellence in Financial Reporting (COE) Award is considered to be the gold standard and the highest recognition for school district financial operations.

“This award represents a significant achievement and reflects your commitment to fiscal integrity and high quality financial reporting,” wrote John Musso, executive director of ASBO.

Levy could decrease slightly due to refinanced bonds

The annual operating levy could decline slightly in Burnsville-Eagan-Savage School District 191 primarily because debt has been refinanced to lower interest rates.

The preliminary annual operating levy approved by the Board on Sept. 29 would raise about $38.3 million for the 2017-18 school year, about $644,000 less than the current year’s levy.

By Dec. 31, the school board must approve a final property tax levy which is the first step in the budgeting process for the 2017-18 school year.

Funding imbalances continue as District 191 looks to set budget

Members of the Burnsville-Eagan-Savage School District 191 Board of Education are developing a General Fund budget for the 2016-17 school year which must be finalized by June 30. They’ve indicated they’ll use the budget reserve again to avoid reductions for next year as Vision One91 is implemented.

Vision One91 is the work to redesign the district to meet the needs of today’s learners. It involves grade realignment, expanded technology and new opportunities for students.  

District 191 refinances bonds to save $6.14 million

By refinancing some of its debt to a lower interest rate, Burnsville-Eagan-Savage School District 191 will save nearly $6.14 million in interest over a 15-year-period.

The timing was perfect and savings are greater than expected because interest rates are at a 50-year low, according to Jeff Seeley of Ehlers and Associates. In addition, he said there was a lot of interest in the bond sale because the district has a strong financial rating.