MILTON -- Low interest rates may save Milton Area School District taxpayers $70,000 or more if the school board approves refinancing bonds at next week's board meeting.
Brian Snyder, district business manager, Tuesday reminded the board members of a resolution they approved last year to permit Public Financial Management Group, of Harrisburg, to refinance bonds if the district could save $70,000. Jamie Doyle, of PFM, will attend next week's meeting to discuss an internet auction of bonds that may save even more, Snyder said. He had no additional details.
Also during the meeting, William Clark, superintendent, made a presentation about the proposed 2009-10 budget. He detailed revisions to supplies and capital expenses, maintenance and repairs and technology, as well as an increase in curriculum costs. It was the third look the board has had at the budget.
"The small cuts add up," Clark said.
While reductions have been made, curriculum expenses will increase from $78,950 to $187,350 under the current plan. Clark said new science requirements to comply with the PSSA tests necessitate new textbooks and other materials.
"Predicting now what you need next year is difficult," he said.
He described the initial budget reductions and realignments, done in concert with building administrators, as "purifying" the budget.
"The state budget is our biggest unknown," Snyder said. "Retirement rates are unknown, and federal funds will not be released until May."
At next week's meeting, Clark also will recommend the board adopt a resolution to not raise taxes by more than the index amount established by the state Department of Education for the district, which is 5.7 percent. This does not mean the board will increase taxes by that amount, he added, only that any increase will not exceed that percentage.
The board also heard presentations by students, teachers and administrators celebrating January as School Board Recognition Month.
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Board could save $70,000 by refinancing bonds
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