Updated Budget News

Financial experts have cited strong fiscal practices in Utica Community Schools as aiding a successful bond refinancing that will save taxpayers $1 million over the next five years.

Standard and Poor’s credited UCS fiscal practices in the face of the school funding crisis as helping ensure the stability needed to refinance more than $15 million in previously sold construction bonds.

"Utica Community Schools continues to be proactive in making the necessary adjustments to address its financial realities and protect the future of this school district," said Superintendent Dr. Christine M. Johns.

The refunding of bonds is a process similar to refinancing a home mortgage. The district was able to take advantage of lower rates to reduce the overall interest payments for UCS taxpayers by 6.1 percent, or $1,008,124. The savings will be realized by taxpayers over the next five years.

As part of the process, Standard and Poor’s reviewed the district’s financial position to provide a credit rating to potential investors.

Standard and Poor’s established a credit rating of "AA" for the district.

“The AA Rating is more favorable than the State of Michigan and among the highest offered to local school districts,” said Stephanie Eagan, assistant superintendent for business services. “The agency noted that the rating is based on stable enrollment trends, a low level of debt by the district and strong financial management. “

“I think what’s really important is the rating we were able to hold,” said Board of Education trustee Dan Meyers. “I think it really speaks to the administration of the district and this Board’s actions.”

Meyers said it was important that the district continued to be fiscally responsibility in addressing the school funding crisis.

The refunding process involves $15,940,000 in bonds originally sold in 1999 and 2001. The bonds were used to fund construction projects throughout the school district. By law, bonds may only be used for facility and equipment improvements and not be used to fund operating expenses, such as utilities or staffing costs.

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2010-2011 Budget Update Presentation

“Never doubt that a small group of thoughtful, committed citizens can change the world.  Indeed, it is the only thing that ever has.”

-Margaret Mead
Anthropologist and Author

Working together, we can make a difference for our students.  Please review this web site for information – and then take action!  Write to your legislators.  Telephone and email them with your concerns.  As their constituents, it’s up to us to tell them what we expect from their representation.

Review this website by clicking on the links, at right.  For regular budget updates to your e-mail address, click here.

Stephanie Eagen - Budget Presentation to Parent Groups

UCS Budget Updates

Click here to get contact information for Michigan State Legislators

At the September 28 regular meeting of the Board of Education, two presentations provided updates on the financial challenges facing the Utica Community Schools.  Stephanie Eagen, Assistant Superintendent for Business and Finance and Robert LeFevre of the Macomb Intermediate School District discuss how the state legislature’s budget discussions impact our school district.

Click here for an overview presentation (pdf) of the state budget process

Click here for the impact on the UCS budget (pdf)

Additionally, you can view video clips from the September 28, 2009 Board of Education meeting by clicking on the links below: