Tonawanda News

NT

September 20, 2013

NT schools to save $1 million

Change in state law reduces interest rate on 2011 capital project

(Continued)

Tonawanda News — “Four or five years ago there was a rush to get projects in because they were funding them at a higher rate,” said Superintendent Greg Woytila. “Now they’re not doing that so much, allowing the lower rates. It’s a lot of money.” 

The district will not see the savings until 2014, when budget talks again kick into high gear in what has become a tumultuous process of staff and program cuts. Woytila said the announcement will allow his administration and the Board of Education to breath easier, as it looks to stabilize district finances after several difficult years. Board members approved the extension of the lower interest rates Wednesday. 

“It would have meant teacher cuts and we’re hoping we won’t have to cut a million in staffing to save on interest,” he said. 

The district will push to keep the lower rate next year as well, though it will be a game of wait-and-see, Getter said.

“Because they are funding less projects this is a way to help,” Woytila added. “It’s good for us, it’s good for a lot of districts.” 

Contact reporter Michael Regan at 693-1000, ext. 4115. 

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