Paying Down the Debt: VVSD Begins Restructuring Plan

In a continuing effort to refinance and restructure ’s outstanding debt, the board of education approved a resolution to abate a portion of the district’s working cash fund and transfer the amount to the debt service fund.

According to Assistant Superintendent Gary Grizaffi, in December, the board opted not to levy $927,560  with the understanding the amount would be abated. Grizaffi said the one-time abatement applies to the current fiscal year only and will not recur in the future.

The resolution specifies that without the abatement, the district’s debt payment would have been funded by the 2010 tax levy.

Last spring, Grizaffi said that , the district would strive to reduce its levy by $17.5 million over the next five years.