Groveport Madison Schools has worked hard this year to achieve significant financial savings of $2.25 million through strategic measures and diligent oversight. These savings are the result of various initiatives that have rectified overbilling issues and optimized resource allocation across our operations.
One major contributor to our savings was rectifying overbilling issues with Community Bus Services (CBS). Thanks to the observations of Mr. Collier in August 2023, we identified and addressed overcharges totaling over $107,000 for January, February, and March 2023. CBS is back-paying the credit, with January and February credits amounting to $35,000 each and March totaling $37,000. They will continue to do an audit of all of last year, and Groveport will get all the credits they deserve.
Last summer, our district underwent administrative restructuring, resulting in a substantial saving of $743,000. This strategic move optimized the efficiency of our administrative processes and freed up valuable resources for more impactful use within the district.
In addition, the Ohio Department of Education's approval of the ARP ESSER grant has paved the way for over $1 million in personnel cost savings. While this approval is applicable for the current year only, it underscores our proactive approach to seeking and leveraging external funding opportunities.
The timely awareness of the Ohio K12 security grant in August resulted in savings of $403,000. This grant facilitated necessary security upgrades, including vestibules, with the expenditure required to be spent by December 31, 2023.
Lastly, in a strategic financial move, the district successfully swapped $3.4 million in bonds, transforming bonds with interest rates ranging from 0.5% to 0.9% into those yielding near 5% or higher. This savvy maneuver is expected to generate an additional $244,000 over the next three years, showcasing our commitment to maximizing financial returns.
Our district has achieved commendable financial savings totaling $2.25 million for fiscal year 2024 through vigilant oversight, strategic decision-making, and leveraging available resources. This success reflects our dedication to fiscal responsibility and positions us for continued financial strength and stability in the future.