Sat., 9:18 pm: Newton Falls schools, village to reach $208K electric settlement

COMING SUNDAY: Newton Falls Village Council will vote Monday on a nearly $208,000 settlement with the local school district after underbilling the district for electricity over nearly a decade.

The discrepancy discovered in March 2013 stems from a software issue with the village’s electric transformer that was feeding the school since January 2005. Initial estimates of what the village was failing to charge hovered around $500,000.

The settlement is to be paid in monthly increments of about $2,500 to the village, beginning no later than October. It will take the district approximately seven years to pay off the amount. Should the district fail to pay three successive installments they will be held in default.

The settlement holds neither parties at fault and must be approved by both the school board and the council before becoming active.

“We’d obviously prefer not to be paying anything since it wasn’t our mistake, but they also have a legal obligation to collect money,” Board of Education President Don Baker said.

Read more in the Sunday Tribune Chronicle.