A recent bond refinancing produced better than expected results, Lehighton Area School District’s top business official said Monday night.

After projecting around $1 million in savings in April, Lehighton learned it is set to save $2.2 million over the course of the next 20 years on its Series A of 2015 Bonds.

“This is the culmination of months worth of work,” Business Administrator Edward Rarick said. “The savings equate to just over 7% of the principal and we’d like to thank our partners on this including Public Financial Management, RBC Capital, Fox Rothschild and our board of directors.”

A majority of the savings, $777182, will come in the fiscal year ending June 30, 2024.

The district has been looking at the refinancing opportunity for several years.

“This is a multi-year process we have been monitoring for the district and with the November 2023 call date upcoming, if long term borrowing rates stay low, it may be time to strike,” Zach Willard of Public Financial Management said during an LASD board workshop in April.

Lehighton was able to consider the refinancing because Moody’s reevaluated its credit rating and removed the negative outlook.

The district concluded fiscal year 2021 with $3.8 million operating surplus that brought its available fund balance to a four-year high of $4.7 million. The surplus was driven by increased state PlanCon reimbursements from prior building projects and an influx of federal funding related to the COVID-19 pandemic. Lehighton is expected to receive $6.9 million in COVID-19 aid through 2024.