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Update from the Kings Treasurer's Office

Posted on: February 21, 2020
As the Kings School District strives to be excellent stewards of the financial investment our taxpayers, Kings Treasurer and CFO, Cary Furniss would like to update our community on some of the initiatives that have been completed. 
 
The Kings Local School District made a commitment during the 2016 operating levy campaign to make the levy last at least 3 years. Currently, the levy is in its 4th year and is working towards extending it for a 5th year between requests. 
 
Several initiatives have been undertaken to stretch the levy that are not obvious, in an effort to reduce costs without impacting services. Here is a list of those initiatives and the annual savings.
  • Increased the employee portion of administrators health insurance - $67,000 savings
  • Re-bid dental insurance contract and moved coverage to a new provider - $49,271 savings
  • Bid the electric and natural gas supply contract resulting in an annual savings of $37,619
  • Refinanced a portion of the outstanding bonds from 1994, 1997, and 2007, resulting in a one-time savings of $1.555 million dollars.
Additionally, the District has taken steps to have it's available cash work harder along with slightly better investment returns. The District has increased investment income from $4,108 in 2016 to $452,751 in 2019.  
 
Thank you to Mr. Furniss for his diligence and fiscal responsibility in maintaining the finances of the District!
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