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OLEAN ADOPTS $17,576,156 SCHOOL BUDGET SPENDING PLAN PROJECTS $6.46 INCREASE IN TAX RATE

A budget for the Olean City School District that raises the school tax rate in the city a projected $6.46 was adopted Thursday by the School Board.

The $17,576,156 budget, which has a tax levy of $5,316,990, is nearly $1 million higher than the current budget of $16,588,685.

Joseph Mahar, school district clerk, said tax rates are still tentative pending the receipt of new equalization rates from the state.

Rates per $1,000 of assessed valuation based on current assessments for the district are City of Olean, $98.47, up $6.46; Town of Olean, $218.83, up $8.03, and Portville, $73.88, up $5.

A budget of $477,500 to operate the Olean City Library also was adopted. It is $27,500 higher than the current budget.

Tentative tax rates for the library budget are City of Olean, $8.87, up 54 cents; Town of Olean, $19.65, up 62 cents, and Portville, $6.63, up 41 cents.

The school district has 2,800 students and employs about 300 people, said Mahar.

He attributed the increased budget to higher expenses, salaries, employee benefits, and more than $100,000 for the district's share for an asbestos removal project at the Board of Cooperative Educational Services facility on Windfall Road.

Other board action included amending a building proposal by approving additional borrowing of $950,000 after bids for renovation work exceeded anticipated costs.

Mahar said the project now totals $14,850,000, including all costs from land acquisition, to engineering fees and construction and furniture.

Considering state aid available for the project, the district will pay 22 cents of every dollar spent.

Work will include renovations and additions at the high school, junior high school and five city elementary schools.

Mahar said the money will be borrowed for 10 years using budget anticipation notes later converted to serial notes.

The project architect is Alfred E. Smith of Preston R. Abbey Associates Inc. of Bradford, Pa.

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