District could get nearly $500K on referendum

It’s not that the Cedar Grove-Belgium School District is making money on its $21.5 million referendum, but in a roundabout way it is.

Voters approved the referendum last month by a 64% to 35% margin to fund projects that would improve infrastructure and update and renovate classrooms across all schools.

As a result, the district is borrowing the $21.5 million, and last week the School Board agreed to have American Deposit Management of Pewaukee invest the money in order to generate interest.

The district will take out money as needed to pay for projects.

John Major, an American Deposit Management vice presidents who oversees government and institutional funds, told the School Board he estimates that the district will earn about $460,000.

That money, he said, could be spent on projects or to pay back the bonds.

The board approved a resolution to deposit the funds and an account agency agreement with American Deposit Management. Both votes were unanimous, 5-0. Aileen Dahlke and Laura Schieffer were absent.

Referendum work at the elementary and middle schools is slated to cost $14.5 million. Projects include redoing traffic patterns, repurposing underutilized areas for specialized learning, renovating the band room to meet Americans with Disabilities Act standards, replacing floors, upgrading heating and ventilation systems, upgrading technology infrastructure, renovating the auditorium and main production kitchen at the middle school, reconstructing the pool and improving the gym’s bleachers and sound system.

High school work is slated to cost $7 million. It includes replacing flooring and roofing, upgrading heating and ventilation systems and technology infrastructure and renovating the technical education, consumer and science, technology, engineering and math areas.

The vote percentages were similar to those of a community survey the district held last fall. Of 680 responses, 72% replied definitely or probably yes to supporting $21.5 million in school upgrades. Sixteen percent of respondents said probably or definitely no.

Supt. Chad Brakke said he has already been holding two referendum groups on Tuesday afternoons to move projects forward.