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School District Financial News

At the Nov. 14 school board meeting, members took action on two items that reflect positive financial news for the citizens of the school district.
 
The board received and accepted the Financial Audit Report for the 2010-11 year from Craig Popenhagen, Principal with Larson Allen LLP. Mr. Popenhagen reported that the independent auditors had issued a “clean” audit to the district. The district’s conservative stewardship has resulted in strong financial health and the maintenance of a fund balance that has allowed the district to maintain current programs and staff despite uncertain funding. View slides from the board presentation.
 
In addition, the board approved the sale of general obligation refunding bonds for the Northfield Middle School construction bonds originally issued in 2003. This action results in an actual reduction in local property taxes amounting to over $1.4 million which will be saved over a ten-year period. This will reduce the district’s debt service taxes levies for taxes payable in 2013 through 2023.The savings can only be used to reduce the tax bill for local property owners. The sale of these bonds is an indication of Northfield Public Schools’ ongoing commitment to good stewardship as the district continues to find effective ways of reducing costs and managing resources.

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Northfield Public Schools • ISD #659 • 1400 Division Street South • Northfield, MN 55057 • p 507.663.0600 • f 507.663.0611 • info@northfieldschools.org