Search This Blog

Thursday, December 13, 2012

Failed refi of Clarkston School bond

12/13/12 CCS school blast message about the failure of the school bond refinance.

Although Rod Rock has a doctorate in education, apparently, elementary level math was never one of his better subjects. 

The following eblast sent out on 12/13/12 from Dr Rod Rock says the State of Michigan denied the Clarkston Community School District the ability to refinance the existing district bond debt and the School Bond Loan Fund and as a result, the Clarkston school district taxpayers will not be able to save $30 million dollars plus.  The press release (the link below) says the amount of the savings would have been "over $15 million".  An anonymous poster advised me of the 100% variance so I have updated it here...  Maybe Dr. Rock's pet educational ideas of "Project Zero" and "Culture of Thinking" failed him...  Maybe he "thought" $15 million + was equivalent to $30 million +... 

 Maybe someone who "thinks" that fuzzily should not be in charge of a budget of around $90 million a year... 

          CCS-Clarkston Community Schools
Friends of CCS:

As you're probably aware, the Clarkston Community Schools, as good stewards of the community's resources, was attempting to refinance our School Bond Loan Fund and other debt, which was used to construct/update our school buildings and approved via voter referenda. Through an unfortunate set of circumstances--at no fault of our own--we were unable to complete the transaction, as planned. The school district should not experience any adverse effects to its budget as a result. The debt millage rate will remain at the present rate and taxpayers will not realize a $30+ million savings, at this time. We are working to resolve this issue with the state and we remain hopeful that we will eventually make the savings a reality for taxpayers.

Here is a link to a press release that provides some additional details: 

Please let me know if you have questions (rdrock@clarkston.k12.mi.us)

Rod"
Maybe the governor decided to teach Dr. Rod Rock a lesson...  I wonder if Dr, Rock will learn from that lesson before he costs the taxpayers of the Clarkston Community School District more money...  I wonder if he will brush up on basic mathematics...

3 comments:

  1. Was it $15 million or $30 million in savings. The blast and the link give the two different amounts of savings.

    What are the names of the other two school districts.

    Go to the link below which is the Michigan Department of Treasury and run a report from 1990 to present. Then run the same report for Rochester or Troy Schools. Interesting data, especially when you consider that the original intent of the SBLF was to provide funds for schools that needed to grow to meet imminent student growth.

    https://treas-secure.state.mi.us/lbms/

    The numbers reveal manipulators not stewards.

    ReplyDelete
  2. The district ALWAYS has conflicting data and they "massage the message" in order to put across the spin they want.

    Please ask Dr. Rock to clarify whether it is $30 million or $15 million and let me know what he says. He no longer will respond to my emails.

    Thanks.

    ReplyDelete
  3. Dr. Rock FINALLY corrected the $15 million error in an eblast on 12/21/12.

    ReplyDelete