Good News for Taxpayers

Zanesville City Schools got some great news and that’s going to help taxpayers in the long run.

The district found out Tuesday night that their credit rating has improved and that means they’ll be able to take their 2002 School Construction and Improvement bonds and refinance them at a lower interest rate of 3.54 percent, which will save them over $1.2 million.

"A few months ago we were looking at a 6.2 budget deficit and in the red by the middle of 2013. We’ve had to do a lot of hard decisions with our district and restructuring our buildings make some reductions we’ve been able to do that without cutting programs totally out," said Superintendent Terry Martin.

While the district could have returned that money and cut down on property taxes for those that live in Zanesville’s district instead they will roll that money into an improvement fund.

"With the price of repairs that we know we’re going to have in the future because of chillers and high tech equipment that’s in the building this will be a nest egg that would allow it to grow and prolong our budgets," explained Martin.

The good news for taxpayers according to Martin is that also means that the district won’t have to put a levy on the ballot for the next few years. At Tuesday’s meeting the board also approved the purchase of new playground equipment for John McIntire and Zane Grey Elementaries.