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Published: Jul 09, 2008 11:00 AM
Modified: Jul 09, 2008 11:00 AM

All options must be on the table
 
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No doubt, County Commissioners and school board members figured two high schools would cost more than originally budgeted; it seems that everything costs more these days. Even so, a total of $25 million more for the two schools is likely more than anyone imagined. But the number is what it is, leaving county and school leaders no choice but to put one project ahead of the other, which they did on Monday, while looking for extra money needed to complete the second school.

Without question, school leaders should talk with the building contractors to find savings wherever possible on both schools. Perhaps some building materials could be replaced with cheaper ones, or perhaps some planned amenity could be cut all together. We don’t know, because we’re not educators or builders, but the point is to turn a critical eye on every dime in both high schools.

After that, County Commissioners will have to go looking for more money, because we doubt it’s possible to find the entire $25 million through cost savings. The county might have to spend some of its savings. But commissioners would need to be careful, because if Johnston spends too much of its savings, its credit rating would fall, and that would make future borrowing for schools more expensive.

Commissioners could use so-called “certificates of participation,” which is money counties can borrow without voter approval. That’s not our preferred approach, because we believe taxpayers ought to have a say in borrowing money they are obligated to pay back. Then again, we don’t know whether it would be possible to put another bond issue before voters any time soon. What we do know is that certificates of participation come with higher interests rate than bond dollars.

In the end, we suspect County Commissioners will follow whatever recommendation comes from the Local Government Commission, which oversees how counties and towns spend their money. We’re OK with that, because the LGC won’t allow the county to put itself in financial danger.

Of course, the LGC could tell County Commissioners to raise property taxes. No one wants to hear that, but it’s a possibility that taxpayers should prepare themselves for.

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