Frankfort Independent School District Finance Corporation, Kentucky
Frankfort Independent School District, Kentucky is uniquely challenged by physical boundaries that exempt over 75% of the property in the District from taxation. This constraint severely limits the fiscal resources necessary to meet its operational and capital needs and necessitates significant long-term planning and innovation. Compass worked with District officials to increase capital funding revenues through the levy of a recallable nickel and subsequent matching funds provided by the Kentucky State Legislature. This funding was key in addressing much needed capital improvements throughout the District.
Compass worked with the District to develop and implement a long-term capital funding plan that incorporated its fiscal limitations but also optimized capital funding and maintained desired operational flexibility. As a part of the plan, Compass advised on the issuance of bonds to finance major renovations to the multi-purpose FD Wilkinson Gymnasium located in downtown Frankfort. The bonds were delivered November 17, 2020 and were strategically structured to maximize cash flow in FY 2021 and FY 2022 to mitigate potential COVID-19 expenditures while providing for future bonding potential.
SCOPE OF SERVICES
Long Term Capital Planning