Members of Bexley's Board of Education will hear a reading of a resolution about the district establishing a Permanent Improvement fund at their Monday, June 27, meeting.

Members of Bexley's Board of Education will hear a reading of a resolution about the district establishing a Permanent Improvement fund at their Monday, June 27, meeting.

Community volunteers on Bexley City Schools' finance committee have recommended the board consider this opportunity.

The school district's refinancing of some bond issues over the past few years has resulted in taxpayer savings and, as a 1993 bond issue matures this winter, the schools are in a position to repurpose that millage and create a PI fund, according to a district news release.

Money set aside in a PI fund can only be used for major repairs or improvements, not for salaries or other district operating expenses.

Bexley is one of the few central Ohio school districts that does not already have a PI fund. To set one up, the district would have to get taxpayer approval in November. Establishing a PI fund would allow taxes to remain at their current level, while setting aside funds for future projects, according to the news release.

Bexley City Schools continues to stretch the funds from its 2010 operating levy, thanks to careful spending, conservative planning, various market conditions and the state not following through on funding cuts, according to the news release. The district's levy was originally projected to last three years; it is now expected to last eight to 10 years.

After the board considers the first reading of the PI levy resolution, district treasurer Chris Essman will host a community meeting in mid-July, giving residents more details about the types of projects the PI would support.

To learn more about district financial matters, contact Amy Thompson, public information coordinator, at 614-352-7461 or KeyCommunicator@BexleySchools.org.