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OXFORD, Miss. (AP) — The Lafayette County School Board has worked out a budget for the next fiscal year that is $40,000 less that present funding.
The budget year begins Oct. 1.
The school board is expected to formally vote on the budget next month.
Lafayette County Superintendent Adam Pugh said the budget is less because the district was able to refinance a bond used for school construction in the early 2000s at a lower interest rate, which has resulted in the district saving money.
"This was old debt that we just had a chance to refinance, and when we saw that we could save close to a million dollars, we jumped on it. That's helping our local taxpayers out by doing that," Pugh told The Oxford Eagle (http://bit.ly/UD8PBb ).
School district financial adviser Mark Brown said the total estimated budget is about $25 million, which comes from local, state and federal sources. The district will request a little more than $8 million from the county, which is where the reduction is seen.
The school's budget will go to the county board of supervisors for approval once the school board acts.
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Information from: Oxford Eagle, http://www.oxfordeagle.com
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