District 55 Board Updated on Legislation Pending

    Three legislative issues of concern were noted at Last night’s School District 55 Board meeting. Superintendent Billy Strickland and CFO Rodney Smith informed the board of three important matters that will be on the table for the state legislative session beginning in January. These are school bus decentralization, tuition tax credits and vouchers and the proposed South Carolina Education Finance Restructuring Act.

This act proposes to equalize state funding for all students no matter where they live in South Carolina. The proposal also would give school boards more authority, because under the new legislation they could use a referendum to levy up to 8 percent tax increases on all but owner-occupied homes to help fund public education.

     Dr. Strickland urged everyone to stay updated on information regarding the issues, especially on how they will impact the district financially.

    On another financial note, Rodney Smith stated that in the year to date general fund, revenues were $585,000 but expenditures totaled $6.4 million.

hat brought the end of September balance to three million, eight hundred sixty thousand ,seven hundred and thirty seven dollars.

    Smith also reported that the district publicly sold General Obligation Bond Series 2012C on September 25, 2012, for the purpose of providing part of the annual payment to LEAD Corporation. The winning bid was First Citizens Bank with an interest rate of .86%.