That’s pretty much the question that District 26 Elementary School Board President Scott Coffey asks in a comment under this article:
Given all of the massive spending increases and new debt issued by school districts in this County, I sometimes if we’re doing it wrong in Cary.
In just this past year alone we wiped $6.9 million in debt off of our books, which included a $4.0 million Bond defeasement deposit into an escrow account.
And next year we’ll pay off another $3.0 million in base principal, plus an additional $1.6 million will be retired when the district calls in a bond that will reach its early redemption date which will be paid from a bond sinking fund we established 3 years ago.
The total amount coming off the books for next fiscal year will be another $4.6 million.
Had we not undertaken the bond sinking fund strategy and the escrowed defeasement strategy, the D-26 taxpayers would have been on the hook for an additional $5.6 million over the next 6 years.
Are we doing something wrong when everyone else is increasing their tax/debt burden?