At a meeting last Thursday, the River Valley School Board approved a tax anticipation loan for the 2025-26 school year.
The tax and revenue anticipation note will not exceed $4 million with an interest rate not to exceed 6%. This comes on the heels of the board having to pay last year’s tax anticipation note on the last day before the loan deadline. An emergency plan utilizing capital funds and general funds was used to pay it off.
During the meeting, board president Rick Harper said it was part of the short-term plan to rectify the current financial problems.
Beverly Caranese was concerned about when the bond money was paid as the district got into the current trouble because the loan was not paid promptly. He assured her that the money will not be used to pay bills. She blamed former Superintendent Phillip Martel for putting director of finance and operations Jonathan Santoro in a bad position.
The vote passed 8-0.
The next regularly scheduled River Valley School Board meeting will be on August 11th at the River Valley STEAM academy in Saltsburg.
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