Statewide Interest Rate for Assumed Amortizations of Transportation Capital Expenses for the 2023-24 Aid Year
The calculated statewide average interest rate based on bus borrowings between 7/1/22 and 6/30/23 is: 3.25%.
This interest rate will be permanently applied to all assumed amortizations of transportation capital expense that will begin in the 2023-24 aid year. The rate will also be the preliminary rate applied to amortizations beginning in the 2024-25 aid year, until a permanent rate based on borrowings between 7/1/23 and 6/30/24 is established in fall 2024.
Mathematical Explanation of the Interest Rate Calculation
| Aid Year | Rate |
|---|---|
| 2023-24 | 3.25% |
| 2022-23 | 0.875% |
| 2021-22 | 1.000% |
| 2020-21 | 1.875% |
| 2019-20 | 1.875% |
| 2018-19 | 2.000% |
| 2017-18 | 1.500% |
| 2016-17 | 1.500% |
| 2015-16 | 1.500% |
| 2014-15 | 1.375% |
| 2013-14 | 1.375% |
| 2012-13 | 1.375% |
| 2011-12 | 1.625% |
| 2010-11 | 2.125% |
| 2009-10 | 3.00% |
| 2008-09 | 3.125% |
| 2007-08 | 3.25% |
| 2006-07 | 3.125% |
| 2005-06 | 2.375% |
Last Updated:
October 12, 2023