MONROE – Monroe taxpayers are expected to receive tax dollars back estimated at approximately $1.2 million to $2.2 million through the refinancing and refunding of existing 2012 and possibly parts or all of the 2015 bond series, according to School Business Administrator Michael Gorski.
The Board of Education approved a resolution at a board meeting on Jan. 22. The resolution provides the refund – appropriations not to exceed $99 million – of a portion of the board’s outstanding School District Refunding Bonds, Series 2012 dated April 25, 2012, and School District Refunding Bonds, Series 2015, dated March 26, 2015.
“I’ve been monitoring this for an opportunity for about a year … we are now at a strike point where we can refinance the entire 2012 series saving $1.2 million of estimate interest costs,” Gorski said, adding the refund of the entire 2015 series will add another $1 million in savings.
Gorski said since he has served as business administrator, the school district has refunded the 2002, 2003, and the combination of 2006 and 2008 bond series saving some $7.7 million in interest costs.
With the refunding bonds of 2012 and 2015, the savings could reach approximately $10 million, he said.
Last year, the board adopted a $134.45 million budget to fund the operation of the school district from July 1, 2019, through June 30, 2020.
The budget is supported by the collection of a $115.69 million tax levy from the township’s residential and commercial property owners.
District administrators said for the owner of a home assessed at the township average of $317,654, school taxes will increase by $63.23 from 2018-19. The total amount of school taxes to be paid by the owner of a home assessed at $317,654 in 2019-20 will be $4,645.
With the refund in bonds, approximately $60 in taxes will be paid back to the average homeowner.
The amount of school taxes an individual pays is determined by the assessed value of his home and/or property and the tax rate that is set by the school district.
