Sheffield-Sheffield Lake School Board action will benefit taxpayers

Sheffield Village -Sheffield Lake

by Michele Murphy

Taxpayers will benefit now, and in future years, as a result of action taken by the Sheffield-Sheffield Lake City Schools Board to refinance more than $7.1 million in bonds at a lower rate. According to district CFO and Treasurer Michael Pissini, doing so “will produce (an) estimated debt service savings of over $420,000.”

Pissini did something similar last year by refinancing a little over $8.5 million. In total, $28.5 million of what was originally $31 million in bonds is eligible for refinancing at lower rates as they become available. The bonds were secured in 2011 to build the new Brookside middle and high school facilities. Pissini indicated he would continue to watch for refinancing opportunities on the eligible remaining $12.9 million.

He went on to say, “Taxpayers may notice a small decrease in (property) taxes in the near term depending on property value assessments, but in the long term, over the life of the bonds, taxpayers will benefit from the savings noted above.”

Superintendent Mike Cook said, “We think about our finances and how to save money multiple times a day in the district. I’m pleased that our treasurer undertook this initiative. It is an opportunity to save taxpayers money and he acted on it.”

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