CAMBRIA - The Cambria-Friesland School Board hired a financial consultant on the recommendation of the board's ad hoc finance committee.

The committee discussed financing options for proposed district remodeling projects, and reviewed figures from Hutchinson, Shockey, Erley & Co. of Milwaukee on borrowing money with general obligation bonds.

Randy Bobholz reviewed the figures with the school board, including estimated costs of $1.5 million for the wish list of school district projects.

The board looked at three debt service schedules, showing 5, 7 and 10-year payment schedules, the bond payments and the tax impact.

The school district will pay off its current debt for the construction of the elementary school building in 2010. That debt is currently costing taxpayers 20 cents per $1,000 of value. If taxpayers approved the school district borrowing $1.5 million for school remodeling projects paid back over five years, the tax impact would be about $55 more per year. A seven-year schedule would cost taxpayers approximately $32 more per year.

"This whole assumption is built on equalized valuation staying the same," Bobholz said. "This should be a worst-case scenario."

Bobholz said that he contacted a property assessor for the area to get estimated values for homes. The average cost of a home in the village of Friesland is $105,000. The cost is $144,000  in the town of Randolph, and estimated at about $92,000 in the village of Cambria.

"I'm impressed with them," said Bobholz of the financial consultants. "They know what they are doing."

The board approved hiring Hutchinson, Shockey, Erley & Co. The firm will not charge the district for its services if the proposed referendum does not pass. Representatives from the firm will be invited to the school board meetin, scheduled for March 23.

The board learned that election laws have changed and that if it holds a special election in November to ask taxpayers for money for school district remodeling projects, regular polling places would need to be used. School board president Becky Gutzman recommended that the administration consult with the Rio School District to get an estimate of what a special election would cost, as Rio recently held a special election.

alutey@capitalnewspapers.com