High School principal announces retirement
By Tracy Ouellette
Editor
The East Troy Community School District Board of Education approved the final financing phase for the facility needs referendum building and renovation projects at Monday night’s meeting and was told by the Moody’s managing director Brian Brewer the additional cost to the taxpayer for the entire project came out to 1 cent per $1,000 of property value.
When the district went to referendum in April 2015 asking the taxpayers to approve the $22.5 million for the facility needs and a possible additional $2.2 million to make the new elementary school a kindergarten through second-grade school the proposed tax increase if both referendum questions passed was estimated to be about 16 cents per $1,000 property value. About $24 a year on a $150,000 home.
In September, the district locked in the majority of the referendum funding, about $20 million, and because of the district’s Aa2 credit rating the interest rate on the financing was lower than anticipated and the tax increase for the building projects fell to about 5 cents per $1,000 of property value. About $7.50 a year on a $150,000 home.
Monday night, the School Board was informed that with the final $4.4 million of referendum financing in place the interest rate on the borrowed money was even lower than in September and the tax increase for the new school and improvements within the district had fallen to about 1 cent per $1,000 property value.
“So, let me get this straight,” District Administrator Chris Hibner asked. “The actual tax impact on a $300,000 home in the district would be $3 (a year)?”
Brewer confirmed Hibner’s numbers.
Zwirgzdas reminded the board what while the district credit rating was on solid ground, there were still issues such as the fact they still needed to do short-term borrowing each year to make ends meet between the tax revenue payments and the declining enrollment numbers which Moody’s looks at when evaluating the district.
She even said they ask questions such as “What is the district doing to combat the falling enrollment?” and her answer to that this last time around was to tell them about the SmartLabs the district is considering for the new school. She said they liked the idea.
Penniston retiring
The board accepted East Troy High School Principal Rick Penniston’s resignation Monday night. Penniston is retiring at the end of the school year after 25 years in the East Troy School District and 31 years total in education.
Penniston has been the principal at the high school for nine years and was a guidance counselor with the district for six years before that.
Hibner read Penniston’s resignation letter at the meeting and commented on how it represented Penniston’s modestly and humble personality as it recognized everyone else as reasons for his success in the district. Hibner said Penniston valued relationships above all else and his time with the district reflected that.
The board members thanked Penniston for his service and recalled a few stories during his tenure before accepting his resignation.
