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Cheltenham SD weighing borrowing as capital reserve falls short for Glenside and Cedar Brook additions
Summary
Finance staff said the district’s capital reserve is about $23 million but projected additions at Glenside and Cedar Brook could total roughly $30 million, prompting staff to outline a multi-step bond issuance plan and timetable starting this fall.
Cheltenham School District finance staff told the Financial Affairs Committee the district has nearly $23 million in its capital reserve but faces potential capital costs that exceed that balance, so borrowing would likely be needed for planned additions.
Mr. Swagger, a district staff member, said transfers from operating surpluses have built the capital fund to almost $23 million but projects such as the Glenside addition and the Cedar Brook addition are estimated to total about $30 million. “So we’re looking at borrowing, and we’re looking at a level of debt service we now have to build into our general,” Mr. Swagger said.
The nut graf: because…
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