BCSC to borrow less to pay bills

Bartholomew Consolidated Schools will have to borrow less money this year than anticipated to pay the district’s bills.

Tax money from the state only comes in twice a year meaning the district, like many government entities, takes out a tax anticipation bond every year to bridge the gap. This year, the school district expected to borrow $27 million until the end of the year, but based on its healthy cash balances, the formula used by the bond counsel reduced that to a loan of just under $21 million.

Vaughn Sylva, assistant superintendent for financial services for the district, explains:


Sylva said that unfortunately won’t turn into a savings, as the interest rate on the smaller loan was higher this year.