The Herald, Sharon, Pa.

Local News

July 15, 2014

School board saving almost $200K

WEST MIDDLESEX — When state support to education is at a low, minimizing expenses is a priority for most school districts.

West Middlesex Superintendent David Foley said that school officials wanted to find a way to lower interest payments on bonds valued at about $3.5 million.

And they did.

“We’re really happy we got the opportunity,” said Business Manager James Hughes said.

Representatives from Public Financial Management presented to school directors a way to lower interest costs in April. The new plan was decided on recently.

“It will reduce our operating expenses, less dollars coming out of the school district,” Hughes said.

The district will save $190,045 in interest for the bonds, which will be paid off in 2024.

“Any time we can save $200,000, that helps with expenses, that helps at the students’ desks,” Foley said.

The majority of the savings will be seen in the upcoming school year to the tune of $186,346. The originally projected debt service for 2014-15 was about $1.4 million.

The rest of the savings will take place over the next few years and be minor.

The bonds included series from 2007 and 2009. The series of 2007 was used to refinance general obligation bonds from a 2001 series and was partly refinanced in 2011-12.

The series of 2009 was used to refinance general obligation bonds from the 1997 series.

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