Opening the first meeting of the new school year, School Board President David Brashear emphasized the continuity of Board membership and its ongoing cost containment efforts. In his opening remarks he said, "This Board has been committed to both ensuring that the highest quality of education is delivered at the Bronxville School . . . and to operating with a strong measure of fiscal prudence and restraint." The Board's agenda made that theme concrete in three ways: Assistant Superintendent Dan Carlin described 2011-12 surpluses of $975,056 and went on to show how the refinancing of existing debt will yield total savings of $420,771. The annual savings is $51,321. Assistant Superintendent John Kehoe added a third example by citing $240,000 savings in salaries from last year to this year.
The refinancing picture is especially encouraging given the District's Capital Plan, which seeks voter approval on the October 2 referendum. This summer the District sought to refinance indebtedness of $4.3 million. The previous interest rates ranged from 2.9% to 4.5%; the renegotiated rates were less than 1%.
