District's Good Financial Stewardship Saves Local Taxpayers Over $5 Million

January 27, 2005 - Taxpayers in the Renton School District will save more than $5 million in property tax thanks to good financial stewardship by the district's business office.

Rich Moore, the district's assistant superintendent for business, recently presented the School Board with a proposal to refinance bond debt from 1998, dropping the interest rate and eliminating millions of dollars in property tax collections over the life of the bond for homeowners and businesses within district boundaries. District boundaries include Renton and parts of Bellevue, Newcastle, Seattle, Kent, Tukwila and unincorporated King County.

The board quickly moved to approve the measure, seizing the opportunity to give back to a community that has generously voted to approve past school levies and bonds. The district showed similar good stewardship last spring by refinancing debt from 1996 bonds, saving taxpayers nearly $700,000.

Superintendent Dolores Gibbons credits the savings to the time and effort put forth by Moore and his staff, applauding them for continuously received favorable annual financial accountability reviews conducted by state auditors and by Moody's and Standard & Poor's, both recognized worldwide as preeminent providers of credit ratings. Such fiscal management has earned the district one of the highest financial ratings in the state, allowing the district to take advantage of refinancing opportunities.

'When voters approve school bonds and levies,' said Dr. Gibbons, 'they're expressing their faith that professional managers will be vigilant stewards who safeguard the investment they entrust in us. Realizing opportunities to save taxpayer dollars is an important part of that stewardship.'