School Board Reorganizes, Gets New Deposit Rate with Help from Borough that will Save Thousands

The Bristol Borough School Board leadership will remain in place for another year with the added bonus of new deposit rates due to a big assist from Borough officials that will lead to just under $80 K in savings for the district.

On Thursday night David J. Chichilitti, and Mary Jane Potena-Paglione were voted in by members to serve as president and vice-president for the upcoming year.

Potena-Paglione replaced Mike Poploskie who resigned from the Board in May of this year.

John D’Angelo was voted in again to serve as treasurer and Intermediate Unit (IU) representative with John Stiltner serving as IU alternate.

The board once again approved the continued legal representation by Hill Wallack, LLP’s David Truelove.

The board also decided to meet twice a month beginning in July as part of preparations for next year’s district budget, officials said. 

In related board business  School Board President Chichilitti announced that the school district with a major assist from Bristol Borough Council President Ralph DiGuiseppe   and Borough Manager James Dillon were able to request a deposit rate hike from 0.5 percent to 3 percent.

Dillon and DiGuiseppe met with Penn Community Bank officials recently to request deposit rate hikes for Bristol Borough’s banking accounts, Chichilitti said.

While municipal representatives were finalizing the new rates they requested the same new rates should also be given to the school district, and the bank agreed, said, Chichilitti.

We have agreed to increase the Deposit Rates of all the Bristol Borough accounts, and the Bristol Borough School District accounts effective December 1, Christopher McHugh, Business Manager, explained Monday.

According to McHugh, the new rate will be 3.10% per account, guaranteed for 2023.

“The Difference” he said, between our current rate and the new interest rate will result in a savings to the District of an estimated $78,000.

Chichilitti was effusive in his praise for Dillon and DiGuiseppe asking that the school district have their rates increased also.

“We really want to thank Mr Dillon and DiGuiseppe for what they did” Chichilitti said.

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