Area February 22, 2012 THE VILLADOM TIMES IV • Page 15 The Wyckoff School District will save $1,062,364 in debt service over the next 14 years, following better-than-expected 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 Schools to save $1 million; AA+ rating retained 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,” 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 now two percent. 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 a way to save money on the election and to provide a more expansive voter input on the running of the school district. Trustees opt for autumn election The change to the November election, which will remain in effect for at least four years, will also encourage trustees to keep the budget within the state cap and help control school spending, which generally accounts for two-thirds to three-quarters of a homeowner’s total property tax bill. Glen Rock opted for a November election a few weeks ago. Other local districts that have made the change include Allendale, Ho-Ho-Kus, Saddle River, Upper Saddle River, Northern Highlands Regional, and Mahwah. At press time, Midland Park, Ramsey, and Ridgewood had opted to retain an April school board and budget election. In other business, the board appointed Dyana Brown as a grade three replacement teacher at the Washington School Brown’s salary will be $48,656.