Taken from bond documents by bond analyst Steve Willson is the following information:
School debt in McHenry County.
Looking at More School Debt Information
Taken from bond documents by bond analyst Steve Willson is the following information:
School debt in McHenry County.
Interesting.
It would also be intersting to see the debt service schedule for each school district:
2016 – Principal – Interest – Total
2017 – Principal – Interest – Total
2018 – Principal – Interest – Total
Expose the money machine.
Great work Riley School District, 0 is a very healthy number.
Do school districts borrow the money to build new because they can’t maintain what they have due to having to pay too much in pensions and salaries?
Check out how many $100,000 teacher pensioners live off your school districts:
http://www.openthebooks.com/map/?Map=1823&MapType=Heat&Zip=60098
Love that question, Questioning ?
The pensions are out of control in this state Which is adding to our debt in so many areas.
Every taxing group in this state & especially This county needs to have volunteer citizen Oversight committees monitoring them !
Questioning, is it possible that these school districts keep borrowing and borrowing because of their addiction and the drug of compounding interest is killing them?
I view the problem like a person who takes out a payday loan to buy a new item for their home.
The numbers look good until you have to begin paying it back and then the water heater breaks.
So you end up borrowing more money and even a low interest rate begins to take away money that you don’t have.
The school debt is due to many factors.
1. Lots of special interests profit from bonds used to finance school construction: architects, construction unions, financial planner, teacher & staff & maintenance & other unions & administration present in the school district (better working conditions), school board (look at our award winning building), bond counsel / attorney, bond rating agencies, underwriter, paying agent / registrar, bond insurance insurer, etc.
2. Keeping up with the neighboring school districts, they have a new school with “21st century learning space”, science lab, indoor track, etc., we need to keep up.
3. Prevailing wages and state and Federal regulations make remodeling more expensive than it would otherwise be.
4. Relatively easy access to capital in most cases as school district bonds almost never default.
5. School districts compare themselves in most cases only to other in state school districts; heaven forbid the taxpayers figure out schools built in neighboring states are typically cheaper.
6. School Districts almost never explain in a way the average taxpayer can understand the true financial picture of the school district and the expected payments for the life of the bond, not only for the referendum bond issue but for existing debt. i.e. pumping sunshine at the sunshine factory.
There are more.