District Paying Down Long-Term Debt
When it comes to borrowing money, the Huntington School District has been one of the most frugal on Long Island. It has generally shunned the type of huge bond issues to expand or renovate its buildings, preferring instead to use funds it already has in its accounts to complete such projects.
A review of the district’s financial statements shows a relatively low level of long-term debt that is rapidly being paid off. Entering the current school year, Huntington owes $6,370,000 in principal and $1,635,923 of interest for a total debt as of July 1, 2009 of $8,005,923.
The district will retire $1,188,244 of long-term debt this school year, including $905,000 in principal and $283,234 of interest. Another $1,188,475 will be paid off in 2010/11, $1,178,013 in 2011/12 and $1,179,113 in 2012/13.
By July 1, 2013, the district’s debt will have been substantially paid off. In the 2013/14 school year, $248,450 will be retired. The total debt will continue to fall over the next 15 years. Another $1,247,169 in debt will be erased in 2015-2019. The district will pay off $1,265,656 from 2020-2024, leaving just $510,813 to be retired in 2025 and 2026, at which point Huntington will be free of its long-term debt.
“The Huntington School Board has been tightfisted with taxpayers’ monies,” Superintendent John J. Finello said. “By using the capital reserve fund to tackle needed building projects, the district has avoided a large amount of long-term debt.”
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