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School board approves $550,000 from retained fund balance to limit tax-rate increase
Summary
The Oyster River board voted unanimously to apply $550,000 from its retained fund balance to offset the FY25 education local tax rate, a move officials say will soften the tax impact though it does not cover a fund-balance shortfall identified in recent estimates.
The Oyster River Cooperative School District board unanimously approved using $550,000 from the district's retained fund balance to reduce upward pressure on the FY25 local education tax rate.
The board voted on a motion to apply the funds during the tax-rate setting process after the business administrator said the retained balance was lower than expected and revenue…
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