The Tussey Mountain school board on Monday evening by a roll call vote of 5-2, acknowledged a 2021-22 preliminary general fund budget that calls for no tax increase but reflects a $1.6 million deficit.
Stressing that the proposed budget will probably see some changes before its final passage on June 21, district budget and finance committee members and the administration pointed out that the document is a working summary at this point.
Briefly, under the category of no tax revenue increase, the general account is projecting amplified cost in salaries and benefits totaling about $10.8 million. Other projected expenses for the new school year comes in at about $7.7 million, while projected revenue is expected to run about $16.8 million.
SAXTON â Meeting in its voting session Monday evening, the Tussey Mountain school board approved a resolution to refinance its 2017 and 2017A bonds, resulting in a savings for the school district.
The motion authorizes the issuance of federally taxable general bonds on a parameters basis to refund the districtâs general obligation bonds (subject to the stated minimum savings). The original financing involved improvements to the district schools at Saxton, Defiance and Robertsdale.
In January, Audre Bear, public finance investment banking director with Piper/Sandler of Camp Hill, outlined several scenarios for the district to consider. Bear told school board members that current interest rates are low, pointing to considerable savings for the district.
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