Chambersburg Area SD officials say schools plan cost estimates rose; board to consider small bond issue as first financing step

Board President Norcross told attendees that cost estimates for the district's "Schools of Distinction" initiative have risen from figures he previously cited, and district finance staff presented a multi-step funding scenario that would begin with a bank-qualified borrowing this year.

The most newsworthy point from the meeting: "that number has changed. That number right now ... we're at 270,000,000 as the low estimate, and 290 as a high estimate," Board President Norcross said. He acknowledged prior public statements that cited $240 million and said, "I apologize that my 240,000,000 comment ... was dead wrong." The board's financial adviser said the district should pursue a limited, bank-qualified bond this calendar year and return in October with the legal resolution needed to proceed.

The presentation laid out why the board and administration say they can pursue the projects but will need a combination of borrowing, dedicated transfers and possible use of reserves. Tammy Stauffer, presenting district financial indicators and the draft funding scenario, said the district's assessed-value growth and earned-income-tax (EIT) revenues have strengthened…