The Kane Area School District is saving $372,502 by refinancing loans linked with the renovation of the middle school and the construction of a new elementary school.
Nearly $339,000 of the savings will be seen in the current fiscal year that began July 1.
The savings wonâ€™t affect the school taxes due in August. Instead, the savings of $338,922 will be seen in the form of a budget transfer from debt service to the capital reserve fund. This is the fund tapped to pay for major school repairs such as the new roof at the high school.