Harrison School District Saves Money After New Refinancing Plan

From: Ozarks First

The Harrison, Arkansas School District is saving lots of money, and it’s all because of the current low-interest rates and a refinance plan.

In 2014, voters passed a millage allowing Harrison schools to purchase bonds at a rate of 3.77 percent for construction work.

Now, their financial advisors say while they don’t have an exact interest rate for the refinance on those bonds, they do know it’s going to be even lower than the original.

This saves the district $1.8 million over the life of the bonds. Superintendent Dr. Stewart Pratt says it’s a welcome surprise.

“I think there’s always a need in staffing,” Superintendent Dr. Stewart Pratt said. “Making sure that our student to teacher ratios are good. Also buses. Buses are very expensive. We do have, we’re a little behind on the bus transportation side. We need to pick up some buses.”

“We’re here to be good stewards of the patrons money. I think If we can invest this back into student learning, I think that’s what they expect.”

Dr. Pratt says the millage back in 2014 allowed them to add 7th and 8th grade wings to the middle school and expand the high school, adding 9th grade and closing down a junior high.