Board considers options for surplus
WARREN -- The city board of education has not decided how to use a surplus $3.4 million from a school construction project.
The savings came from eliminating a school building from the master plan. The board discussed the money at its meeting Tuesday.
The board was advised by an attorney that it can't actually provide a refund to taxpayers who approved a bond issue for the project. It can use the money to pay down debt, help pay for the project's locally funded initiatives, or hold onto it in case the final cost of construction is more than expected. A decision will come once all board members have had more time to research the issue.
The Ohio Schools Facilities Commission is paying 81 percent of the district's $170 million school construction project. The school board borrowed the other money through the bond issue.
The board has decided to build four schools for kindergarten through the eighth grade, rather than five; one high school also will be built.