Lastly, the board has cut several positions in light of the declining enrollment, but those cuts have to date been by attrition without layoffs, Ciccarelli said.
This coming year, several more positions will likely be cut, hopefully by retirements, he said, but these cuts may, unlike in the past, include a termination.
The reduced debt has not only saved taxpayers, but it resulted in a bond rating that was just boosted on Friday by rating agency Standard & Poor's, he said.
"Our credit rating just went up two notches, because our audit showed low debt service and minimal obligatory costs," he said. "It's nice to have it reinforced by an outside agency that we're doing the best we can."