The City of Fishers has boasted that it is the only municipality in the state of Indiana with the AAA debt rating from Standard & Poor (S&P) once that was announced in 2016.  The city has retained that AAA rating every year since, until now.

On September 14 of this year, S&P announced the debt rating for the City of Fishers on property tax-secured debt has been downgraded from AAA to AA+.  A financial news Web site quotes S&P Global Ratings credit analyst Bobby Otter as writing the following –  “The downgrade reflects our view of the city’s growing debt burden and high fixed costs.”

City officials say General Obligation bond debt is what has previously been AAA rated, and that rating went to AA+. The income tax-backed bonds went from AA+ to AA. The city points to another large bond issuance ($100 million) for the acquisition of sewers, where the city received a AA- rating for that debt.

“This is the largest bond issuance in the history of our city, we anticipated this rating, and we believe it’s an affirmation of our strong fiscal planning,” according to a written statement from Fishers Mayor Scott Fadness.   “We are thrilled with the rating that we received for the issuance of this size and for the use for which we were seeking the bonds.”

During the Tuesday afternoon meeting of the Hamilton Southeastern School Board Budget & Finance Committee, school district Chief Financial Officer Katy Dowling voiced concerns that the Vice President of Bondry Consulting had done campaign work for a current member of the HSE School Board.  The committee was considering a contract proposal from Bondry.

Oscar Gutierrez, President of Bondry Consulting, issued a statement Wednesday saying “the implications that Bondry was chosen as a finalist due to political contributions instead of professional expertise is factually incorrect.”

“In 2020 and prior to employment with Bondry, a non-equity employee via his own business performed a media-related paid service for a campaign of an HSE school board member,” said Guitierrez in the written statement. “This is a coincidence that he provided a paid service through his company prior to working with Bondry.”

Gutierrez was the first controller and CFO for the City of Fishers and Hamilton County is currently a client of Bondry.

Here is the full statement issued by Oscar Gutierrez:

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Bondry Consulting is an SEC and MSRB-registered entity that is bound by fiduciary duty to it’s clients and regulated regarding pollical contributions. Bondry follows all obligations set forth by federal securities law.

The implications that Bondry was chosen as a finalist due to political contributions instead of professional expertise is factually incorrect.

In 2020 and prior to employment with Bondry, a non-equity employee via his own business performed a media-related paid service for a campaign of an HSE school board member. This is a coincidence that he provided a paid service through his company prior to working with Bondry.

Bondry’s Qualifications:

The Contract was to be headed by Oscar Gutierrez, who has Served in similar roles as Controller and Deputy Mayor of the City of Lawrence, and Controller and CFO of the City of Fishers. During his time in Fishers, the City had one of the lowest tax rates of similar cities and the only AAA credit rating in the state of Indiana by standard and poor’s. His current clients include Hamilton County who has the 6^th lowest tax rate in the state of Indiana for Indiana counties, the lowest tax rate of the largest 10 counties in Indiana, and the only AAA credit rating by standard and poor’s in the state.

Bondry is the state’s sole Minority and Veteran owned municipal advisory firm.

It’s obviously disappointing that the CFO would attempt to discredit our qualifications by implying that a staff member’s non-relevant work prior to joining our firm would be a reason for Bondry to be blocked from a professional municipal finance contract.

When we think of sports, we think of hours of practice running, lifting weights and repetitions.  There is a school competition that involves sports and plenty of practice hours, but it is electronic in nature.

Tuesday night, the Hamilton Southeastern School Board highlighted the work of the HSE High School Esports team, basically electronic gaming.  Students compete with other schools in games such as Overwatch, Rocket League, Super Smash Brothers, Valorant, League of Legends and Chess.

The opening of the Hamilton Southeastern (HSE) School Board Tuesday night featured the reading of a statement from Board President Dawn Lang, expressing “gratitude” to the local community, but “recognizing we don’t always agree.”

She referred to moving “through the next steps with this plan,” but not specifying “this plan” in her statement.  Lang expressed her commitment “to honesty, transparency and collaboration.”

“Our district staff and students are the reason we are gathered, and the reason why we serve,” Lang said at the end of her statement.  “And they continue to inspire and amaze me and my fellow trustees each and every day.”

The board accepted the resignation of Superintendent Dr. Yvonne Stokes at a special meeting held at 7am Wednesday, September 13, and approved her separation agreement.  The board announced the previous Monday there would be a meeting the following Wednesday, but did not announce the subject of the action items until just after 5pm the day before the meeting.

Lang described the parting of ways with the superintendent as a mutual agreement, but speakers during the public comment argued Dr. Stokes had a “forced resignation.”  Teachers union president Abby Taylor criticized the day and time of the meeting, preventing teachers from participating in a decision with a direct impact on their work lives.

Some community members at the September 13 meeting told the media they believe race was a factor in Dr. Stokes resignation.  Lang has strongly denied race played any part in the decision to have Dr. Stokes resign with a separation agreement.

Here is President Lang’s full statement read at the beginning of Tuesday night’s meeting:

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As we move forward, I want to take a moment to express my gratitude…not only for this school district, and our community, recognizing that we don’t always agree.  There is one very important thing we have in common, that’s a passion for Hamilton Southeastern Schools. The passion is exactly what our school district needs, to bring forward and accomplish a successful plan.

I am hopeful that as we move through the next steps with this plan, we will continue to have conversations with one another and work together toward a common goal to unite Hamilton Southeastern Schools.

I’m personally committed to honesty, transparency and collaboration.  I know that the Trustees that sit beside me here today also express the same viewpoints.  It’s truly a privilege to be with you tonight, and on behalf of this board, the district as a whole, I want to thank you for your commitment to HSE Schools.

Our district staff and students are the reason we are gathered, and the reason why we serve….and they continue to inspire and amaze me and my fellow trustees each and every day.

Just days after accepting the resignation of Hamilton Southeastern (HSE) Schools Superintendent Dr. Yvonne Stokes, the school board hired the firm of  “Administrative Assistance” to provide mentoring services for interim HSE Superintendent Matt Kegley, and will begin the search for a new permanent superintendent in mid-November, after the November vote on the referendum.

Steve Wittenauer, owner of Administrative Assistance, provided an overview of what his firm will provide to the school district.  He emphasized that any new superintendent, especially an interim one, needs some mentoring.

There was some board member discussion about voting separately on the mentoring and search components of the contract, but once Board President Dawn Lang clarified that the bulk of the superintendent search would begin after the referendum vote, the board unanimously approved both parts of the pact.

Administrative Assistance will charge $750 per day for mentoring sessions, plus mileage reimbursement.  A flat fee of $15,000 will be billed for the permanent superintendent search, with mileage reimbursement.

You can read the entire contract at this link.

Hamilton Southeastern (HSE) Schools Chief Financial Officer (CFO) Katy Dowling asked the school board Budget & Finance Committee Tuesday what they are seeking from a contract with Bondry Consulting that she is not already providing.  Ben Orr says he wants to learn more about school finance.

Dowling pointed out that the HSE District already has the highest debt rating possible.  She also voiced concerns that the Vice President of Bondry had done campaign work for a current member of the HSE School Board.

Committee Chair Orr did provide a vote of confidence in Dowling as the meeting was preparing to end.

“I want to say very publicly that I have full faith…in our CFO,” Orr said.  “Katy has been outstanding.”

Dowling also said current numbers indicate a loss of about 231 students in the district compared to September of 2022.  This will mean a loss of state support, because the state provides local school corporations with per-student funding.  Although Dowling reminded committee members there are many variables in computing the revenue loss due to fewer students, Dawn Lang and Orr estimate this will mean a loss of about $1.5 million in state funding.

Orr announced at the beginning of the session that school board member Tiffany Pascoe is stepping down from the Budget & Finance Committee, with a replacement to be named by Board President Lang.  Suzanne Thomas attended the Tuesday afternoon session.

(NOTE:  A previous version of this story stated Dowling said a vice president of Bondry had raised money for a current school board member….Ms. Dowling actually said the Bondry VP had done campaign work for a current school board member.)

Here is the video version of my podcast interview with Natasha Bowen.

Natasha Bowen is the author of a fascinating book, Skin of the Sea, about a mermaid named Simi.  The story is set in the 1400s as the slave trade is beginning on the west coast of Africa.  There is a mermaid in the story the author does not name as a mermaid, but you get the idea as the story moves along.  Her book has been on the New York Times best-seller list and she has another book, Soul of the Deep, a sequel to Skin of the Sea.

Natasha Bowen is coming to Fishers as part of the Books Build Bridges program sponsored by the Hamilton East Library.  She will appear with two other authors Saturday, September 30, 2024, 2:30-4:30pm at the Forum Conference Center in Fishers.

I thank the Hamilton East Library for arranging a podcast interview with Natasha Bowen.  I think you will enjoy my first transatlantic podcast.

As the Fishers City Council meeting was winding down Monday night, Council President John Weingardt asked if there was any unfinished or new business for the Council to consider.  Councilor David Giffel spoke up.  He talked about how high his trash collection bill has become.

Council Member Giffel wants the city to pursue a contract with a trash collection company to lower the costs for city residents.  That immediately brought back memories from 2013.

Giffel was chosen by a caucus of Republican precinct officials to succeed David George upon Mr. George’s decision to resign his council post.  It was David George that had the idea in 2013 to take bids on one trash collector for the city.

The bids were issued and the lowest bidder was Republic, with a plan that would have cost families in Fishers $9-$10 a month to collect the trash each week.  That would have resulted in major savings for most people in Fishers.

Then a public forum was held.  I could not attend so I asked a good friend of mine and a veteran of reporting on local meetings to cover the event.  It packed the old Town Hall council chambers.

The consensus of those at the meeting was this – the city should not tell local residents which trash collection company to use.  Any effort to do so was seen as some sort of government overreach.  The cost savings did not seem important at that meeting.

Scott Fadness, then the Fishers Town Manager, was attacked as a “Communist” by some.  Pete Peterson recalled this as the most aggressive opposition to anything he has experienced on the Town or City Council.

Responding to Councilman Giffel’s remarks Monday night, Mayor Fadness said he would setup a work session to explain the long and extensive process to formulate the bidding process, take bids, take public comment and other legal steps required to award a contract to one trash company.

Councilor Brad DeReamer made clear he is against any effort by the city to contract with one trash collection provider.

As things stand now, Waste Management and Republic are the only two trash collection companies operating in Fishers.

For those Council members that were part of the Town Council in 2013, and for Scott Fadness as Town Manager at that time, there seems to be little interest in trying the process on trash collection again.  But, the mayor at least committed to holding a work session with the council to lay out the process of taking city-wide trash collection bids.

Many cities in our area have trash collection contracts with companies to handle trash duties within their city limits.  There is also the issue of handling Homeowners Associations (HOAs) with contracts already in place with one trash collection firm.

Another added issue relates to recycling and how that would or would not be addressed in any bidding process.  Hamilton County does have a recycling facility in Noblesville near the county fairgrounds available to all county residents, but a recycling option closer to home would be an issue in any city-wide contract.

Will the City of Fishers once again look to enact a city-wide trash collection service contract?  Time will tell.