Lexington Refinances School, Solves Budget Woes
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Lexington leaders are breathing a sigh of relief as they work on their budget for the next fiscal year, as they are saving more than $1 million. For the past two years, leaders have barely passed a budget on time because of limited funds and large debts. However, just recently their credit score was increased allowing them to refinance their $8 million middle school, which is saving them $1.35 million. Mayor Tim Pierce credits the city’s tight spending habits to their improved rates. It is not only good news for taxpayers, but also for the middle school, which would lose all funding if the budget were to fail. “We got lower interest rate with the same term limits. So we refinanced just like you would your house you would refinance just to lower the payments,” said Mayor Pierce. Mayor Pierce expects to present a budget at the next Board of Alderman meeting and expects it will pass.
