LISBON Schools avert need for levy this fall
The district is on schedule to pay off a $1.8 million loan 16 years early.
By SUE DROTLEFF
LISBON -- Schools Superintendent Charles McShane announced that there would be no school levy on the fall ballot because of "good fiscal management."
At Monday's school board meeting, McShane noted that at the beginning of the year, the district was considering seeking an operating levy or income tax to help offset a projected deficit. A combination of factors, however, has eliminated that need.
McShane said the state's new biennium budget provided additional funding. State funding accounts for about 70 percent of the district's budget.
He also praised district Treasurer Cynthia Altomare and the staff for holding the line on costs.
The district would probably need to seek additional funding at some point, he said, adding that no operating funds have been sought from district residents since 1980.
Other matters: In other business, the board agreed to refinance $1 million of a $1.8 million loan, made by issuing bonds in 1996. According to Altomare, $800,000 has been repaid and she has been refinancing the remainder annually to take advantage of lower interest rates.
Originally, the loan was to be paid in 2021, but the accelerated payments will enable the district to pay it in 2005, saving approximately $2.3 million in interest, she said.
The board also decided to contract with Wellsville schools for driver's education. It will cost $190 for each student; students will pay $150 and the district, $40.
Additionally, the board changed transportation plans at McKinley Elementary School. Beginning this school year, pupils will be dropped off on Pritchard Avenue to enter the school and will exit for pickup on East Chestnut Street.