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Union Works 

Engage, Educate, Empower: The Heart of our Union

High Finance with Hentze

10/15/2015

 
District Budget and Finance Committee Report
Brandon Hentze, Co-Chair
October 2015

                SB318 is still in chambers but likely to move on soon.  This bill will require districts to freeze tax levies across the state.  The bill will cap and freeze the tax levy at the current dollar amount (NOT the current percentage) so that if there is an increase in future local revenue from taxation, the district will not be able to access these funds.  Currently, the district has two options available to take action before the bill can become law.  First, the district can restructure its debt to allow for alternative methods of payment along different timelines.  This includes reclassifying some repayments for the debt structure.  Second, the district can preemptively make adjustments to the tax rate in order to increase the current tax levy.  With the advice of the financial advisers at Stifel, the district is going to implement option one to keep a true tax rate and not pass the expense on to taxpayers and voters.  This effort should allow the district to negate most of the impact of the bill, if it becomes law. 
 
                The district is also continuing to work with Egyptian Trust to make changes to the insurance system.  The district has two different options in this area as well.  First, the district can withdraw from the Trust (it constitutes about 12.5% of the Trust)  and begin to self-insure employees through other programs such as United Health Care.  Second, the district can remain in the Trust with certain changes made to the Trust policies that will bring it better in line with the needs of the district.  The Trust board will meet at the end of October to discuss proposed changes and vote to adopt any that are agreed upon.  Based on how this meeting goes, the district will then weigh the benefits for employees under the new regulations against the benefits of moving toward self-insurance.  At this time, everything is tentative as the Trust prepares their offer and the district considers the best option for employees.    

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    Strength in unity, power in solidarity.


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    Editor:

    Lannette Story

    Local 434 Teachers' Council Secretary. Educator in District #201 since 2012.

    Contributors:

    Lucas Spriggs
    Lucas Spriggs is the author of the Union Works newsletter, which includes posts in three series: "Get Organized," "Get Represented," and "Get Informed."

    ​Ashley Mims
    Local 434 Teachers' Council President, former Secretary/PR Chair. Educator in District #201 since 2011.

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  • Home
  • About
  • Executive Board
  • Blog
  • Giving
  • For Members
    • Documents
  • How Unions Work
  • More
    • Financial
    • Newsletter
    • FAQ's
    • Executive Council Guide
    • Links >
      • IFT Member Benefits
      • Landrum-Griffin Act (LMRDA)
      • Facebook Group
      • AFT Member Benefits
      • Know Your Legislators
      • Board of Education
      • District Main Page
      • Contact Your Legislators