For at least the second consecutive year, the St. Joseph school board approves borrowing money to pay the bills until receiving property tax revenue.
The resolution that was unanimously approved calls for borrowing $8 million dollars. Administrators told board members they expect to spend $5 million.
Last year, the board approved borrowing $10 million and spent $5 million. The interest expense was $55,000 dollars.
Administrators told board members they hope this year's interest expense is less than $50,000 dollars.
And St. Joseph board members expect to continue borrowing money in future years until reserves reach 14 percent of their budget. There was also a reference to the board policy of reserves being at a minimum of 20 percent.
Click the LISTEN button to hear comments from the September 28, 2026 St. Joseph school board meeting.
