continued “We are refinancing a certain debt issue … This particular bond issue was used in a 2004 building project. It is now callable, meaning that we can refinance that and basically we are dropping the interest rate from a little over five percent to two percent. It is pretty substantial savings,” Furlong said.
Furlong also said the district was “hopeful” the state legislature may increase state aid to districts for the coming year, but doubts that it will be the $600,000 to $700,000 needed in Cazenovia to take care of the budget deficit.
The school board has scheduled a community forum to discuss the budget decision at 6:30 p.m. Monday, March 4 in the Cazenovia High School auditorium.
Terence Hartnett is an Eagle Newspapers contributor. He can be reached through the editor at email@example.com.