Gaston County School Bond Debt Undergoes Reassessment
Gaston County voters approved a 175 million school bond in 2007 to fund new schools and renovations. By 2009 about 80 million had been issued for Stuart Craner High in Cramerton, road realignments, and renovations including Hawks Nest Elementary and Hunter Huss High School. Remaining authority stands at 95 million.
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County Relies on Savings to Fund School Bond Debt
County officials say the property tax rate remains 83.5 cents per 100 valuation, unchanged since 2007. Instead of tax increases, commissioners tapped the county’s savings, reducing fund balance from 30 percent to 20 percent of the general fund. They plan to save about $5 million by refinancing debt, with seven years to issue bonds before authorization expires in November 2014.
MENTIONED IN THIS ARTICLE
Winters
County weighs options for remaining education bond funds
County officials discuss using about 133 million dollars in needs for existing schools rather than issuing more bonds. Administrators cite leaky roofs and faulty HVAC while stressing no tax increases to cover debt. They warn debt service would strain budgets, with a three to five year plan to address priorities.
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Winters
Gaston County Board of Education
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Chad Brown
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