Oxford School District weighs options to fund bond projects
After revealing they were over budget on their bond issue projects, the Oxford School District held a special budget session on Friday in hopes of finding a solution. Once the meeting was over the district appeared to have a plan in place that would allow all projects to move ahead as planned.
During Monday’s monthly Board of Trustees meeting it was discovered they were nearly $7 million over budget and the possibility of cutting projects, including new baseball and softball fields, were discussed. The $38 million bond referendum that was voted on two years ago is currently budgeted to not be enough to cover the rising construction costs. The current estimated cost is over $42 million, but does not include the costs for furniture, supplies and design fees.
A plan that was laid out during the special budget meeting included financing of furniture and other supplies by the school district in an attempt to reduce total amount over budget. The district could then transfer $5 million from their operating funds. Doing both would bring the overage amount down to $.36 million. Renovations to the Oxford Middle School were also taken out in the new plan that was presented by OSD business manager Allison Wally, which would reduce the overage amount even more.
There will be another budget hearing this month and a public hearing will be held in regards to the budget before it is approved.
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