Page 4 THE VILLADOM TIMES I • February 22, 2012 Wyckoff Avid gardener Dr. Edith Walace, left, of Glen Rock, the most recent recipient of the Bergen County Audubon Society’s Harold Feinberg (continued on page 13) The Wyckoff School District will save $1,062,364 in debt service over the next 14 years, following better-thanexpected results in refunding of $9.095 million in 2005 bonds issued through the Bergen County Improvement Authority. According to Phoenix Advisors, LLC, the district’s financial advisor, the successful refunding comes at the same time the district opted to take advantage of highly favorable interest rates, and an affirmation of its AA+ bond rating by Standard & Poor’s, which cited the district’s stability and efforts to maintain a conservative fund balance. The refunding trimmed the average interest rate on outstanding bonds from five percent to two percent, yielding a stable flow of savings that will average approximately $75,000 per year. The refunding is expected to close on March 1. “Taxpayers should take heart that the district is doing everything possible to find savings and keep taxes stable,” Schools to save $1M; keep rating said Wyckoff School Business Administrator/Board Secretary Alan C. Reiffe. “The results of this refunding exceed our expectations, showing that the markets see good things happening here.” Standard & Poor’s noted that the district experienced two straight years of general fund surpluses, including a $1.15 million surplus equal to 3.4 percent of the budget in fiscal 2011. Rating agencies consider maintenance of a healthy fund balance a key indicator of overall financial health, as it shows a district or municipality’s ability to absorb an unexpected event. S&P also noted that Wyckoff voters approved three of the last four school budgets and that the township’s total assessed value increased slightly in the midst of a difficult economy. These factors are considered important because Wyckoff’s K-8 school budget is supported almost entirely by local property tax payers, with approximately one percent of revenues coming from state aid. The Wyckoff Board of Education has decided to change the date of the annual board of education election to the date of the general election in November. The voters will cast their ballots for board candidates on the first Tuesday after the first Monday in November, and will only vote on the school budget if the budget exceeds the cap, which is currently two percent. Trustees opt for November election Trustees whose terms would have expired in April will continue to serve until the newly scheduled reorganization meeting in January. Consolidation of the board of education election with the general political election, an initiative signed supported by New Jersey Governor Chris Christie, has been seen as (continued on page 21)