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Octorara Area SD board weighs refinancing, potential new bonds to cover $2M shortfall and fund HVAC work
Summary
Board finance report showed an approximate $66 million budget and a $2 million shortfall; committee presented two debt-restructuring scenarios that could reduce annual costs by $600,000 while extending repayment and free funds for middle-school HVAC work if state grants fall short.
At its meeting, the Octorara Area School District Board heard a finance update that identified an approximate $66,000,000 budget and an approximately $2,000,000 shortfall, and discussed two debt-restructuring options to address the gap and fund facilities needs.
Speaker 3, reporting for the facility and finance committee, said the district is still closing last year’s fiscal accounts because of new accounting software and that anticipated solar funding did not materialize. "Currently, our budget's 66 approximately $66,000,000. There's an over budgeting of about $2,000,000," Speaker 3 said.
The committee outlined two proposals:…
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