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Education SPLOST Bond Debt Retirement

Last Updated: 9/28/2021 6:52 PM

What is our current Ed SPLOST debt?

  • Current Principal (as of June 30, 2021):  $406.3 Million
  • Total Debt Service (Principal + Interest): $537 Million
  • Debt Service FY2022: $45.4 Million

 

How has the money been spent?

Funds allocated 2001-2022

 

When will it be paid off?

CCSD has paid off multiple bond series at this point.  If the 2021 Ed SPLOST is approved, all of the bonds would be paid off by 2038. 

 

Totals, to date:

  • Principal Paid 2001-2022:  $281.5 Million
  • Interest Paid 2001-2022: $277.4 Million
  • Total Sales Tax Collected (2001-June 20, 2021): $613.7 Million
  • Debt Service Fund Balance at June 30, 2021:  $76.9 Million

 

Why don't we "pay as we go"?

When CCSD began its current SPLOST program in 2001, schools were over capacity by more than 5,000 students, and we were adding more than 1,000 students each year (some years we gained almost 2,000 students).  School construction was needed immediately; otherwise, it would have taken an additional 2-3 years for collections to begin and enough money to accumulate to issue a contract for the first school, while several thousand more students were enrolling.  In 2001, Ed SPLOST brought in $18 Million annually-- enough for ONE elementary school.  A high school would have taken several years of funding to build.  Even some counties where SPLOST brings in more than $100 Million per year utilize bond issues in conjunction with a SPLOST to facilitate construction and keep up with growth.

Now that student enrollment growth has slowed in the last few years, CCSD has been able to shift to a limited pay as you go process for smaller expenditures like school buses, renovations and technology. The School Board has worked to transfer 1.25 mills of property tax from Maintenance and Operations over to Debt Service to make payments faster and free up more sales tax revenue for purchases.  This also allows future Ed SPLOST efforts to bond considerably less money and reduce long-term debt.

 

CCSD Student Enrollment History

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Student enrollment dipped in 2020-21 due to the pandemic, but enrollment surged back in 2021-22 and exceeded the above projection by more than 900 students.