School levy too expensive
Do you know the real cost of the XCS bond issue being voted Aug. 8?
In my opinion, the total proposed cost to a community the size of the XCS district is very high. There is the $28.5 million from the State of Ohio. Then there is the $52-plus million in matching funds that the XCS district is required to borrow in the form of issuing bonds that we must repay. As we all know we will be required to pay back the money to the holders of the bonds that will be issued to fund this project. That payback period is 37 years per the XCS Board of Education. The payback is estimated at 4.5 to 5 percent, also an estimate from the XCS Board of Education. The payback comes to a total of approximately $114.23 million based on a rate of 5 percent and a time period of 37 years. This $114.23 million is comprised of the borrowed $52-plus million plus an estimated $62.23 million in interest payments. This $114.23 million was derived by simply using standard amortization methodology of the $52-plus million over the 37 years at 5 percent. Now add in the $28.5 million from the State of Ohio for an approximate total expenditure of approximately $142.73 million. Depending on how and when the bonds may be issued by the XCS Board of Education, this total expense may be a little lower or a little higher. But the estimate of $142.73 million is in the ballpark of the total cost of the XCS new schools for a district that has about5,800 (give or take). Using the 5,800 students as a basis of calculation, this comes to approximately $24,600 per student in terms of total cost.
In my opinion, I believe that the XCS district can greatly improve our schools for a lesser cost than the $114.23 million that the XCS Board of Education will spend of our money.
You do the math and decide.
— Jim Beller, Xenia
Community should support bond issue
Here are reasons the community should support the school bond issue Aug. 8.
The district’s student enrollment is currently more than 200 students over the State of Ohio’s projections. The proposed building will be 13.6 percent larger than the existing buildings and will help accommodate this difference.
The district’s revenues have exceeded expenditures for six consecutive years due to being fiscally prudent. The general fund is currently in very good shape and will continue to be. A failed bond issue would require additional operating funds for capital improvements above and beyond what are normally budgeted, which cannot be sustained long-term.
The new building will replace the inadequately sized and poorly configured classrooms with state-of-the-art classrooms designed to support modern technology.
Like many of the elementary buildings that were replaced, Warner and the high school were built in a different era. They do not meet today’s needs. . A new middle school/high school makes our community more attractive to prospective residents. Our infrastructure makes us unable to compete with other districts often causing current residents to move away and prospective residents to not move in.
Today’s students need 21st century skills like computer literacy, presentation skills, critical thinking, group projects, global perspectives, and entrepreneurship. The flexibilities provided by the combined buildings would allow for greater collaboration among staff and students.
. The buildings have a combined age of over 90 years and present multiple safety issues, have constant costly repairs, and don’t meet state guidelines. An assessment by the Ohio Facilities Construction Commission recommended replacement.
The state will pay approximately $28.5 million, or roughly 40 percent, of the project. The estimated cost is $12.26 per month for the owner of a $100,000 home. If the district were to build a new middle school and renovate the high school, the cost would be estimated at $10.97 per month per $100,000. Thus, for an additional $1.29 per month, a new middle school/high school building can be capitalized on, rather than one new building and one renovated building that is over 40 years old.
Our children deserve the best.
— Denny Morrison, former Xenia superintendent