Pennsylvania

IASD has borrowed $ 10 million and has not seen a tax increase.Local news

The Board of Directors of the Indiana Area School District will consider a budget without tax increases and will work on a proposal to borrow an additional $ 10 million to fund the overhaul of Eisenhower Elementary School.

These are advances from the IASD Audit and Finance Committee meeting on Monday and have reached an agreement on a $ 61,063,931 spending plan for next week’s Board of Education regular meeting.

“Nothing exaggerated has happened between now and May 9th,” said Julia Trimarqui Kuccaro, chairman and vice president.

“Frankly, I don’t think there is a need for a tax increase from 2022 to 23,” Cuccaro said.

This includes reducing the district’s cash balance.

IASD managers predict that the fund’s balance will reach an estimated $ 8,625,611 on July 1, with approximately $ 2.3 million spent in fiscal years 2022-23.

District officials expect total revenues to be $ 58,041,076. The district has not raised taxes since the 2% tax increase in 2017-18.

Business manager Jared Cronauer said budget factors for 2022-23 include an expected $ 1 million increase in salaries and a $ 1 million increase in medical and other profits.

Meanwhile, the district has also seen $ 10 million in bond issuance for $ 14,087,131 in 15 years to cover the overhaul costs of Eisenhower, a 67-year-old school building damaged by the fire on April 16, 2021. Will be.

“We are hesitant to borrow money from our community,” admitted Walther Schroth.

Here are some suggestions from PFM Financial Advisors LLC and fixed income advisors Dinsmore & Shohl LLP:

• The district has signed a contract with the architect. The architect provides expert cost estimates and estimated construction drawing schedules.

• Additional funds available include $ 6 million in unused bond income in 2016.

“We always recommend first-in first-out,” said Jamie Doyle, managing director of PFM.

• Insurance claims are also expected from the fire on April 16, 2021.

The Commission was considering four options: neither tax increases nor borrowing. There is no tax increase and we are borrowing $ 10 million. It’s a 2% tax increase, not a loan. And a 2 percent tax increase and a $ 10 million borrowing.

A regular board meeting is scheduled for May 9th at 7:00 pm at the East Pike Complex Administration Office.

IASD has borrowed $ 10 million and has not seen a tax increase.Local news

Source link IASD has borrowed $ 10 million and has not seen a tax increase.Local news

Related Articles

Back to top button