Missouri expects to save about $44 million this year by refinancing some of its debt at lower interest rates.
Two separate boards of state officials gave preliminary authorization this week to the bond refinancing.
That action had been anticipated for some time. Gov. Jay Nixon had proposed to refinance more than $500 million of bonds as part of the budget plan he outlined in January. Lawmakers also had calculated the savings into the budget for the 2013 fiscal year that began this past Sunday.
The Kirksville R-3 School board has approved its budget for the next school year. The district expects to see a reduction in state and federal funding by almost $800,000.
Despite the cut in federal funding, the district doesn’t expected to make any drastic cuts. Superintendent Pat Williams says the district had actually expected the subsidy reduction and had already started taking steps to provide cushion for the next school year.