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CHITTENANGO, N.Y. -- The Chittenango School District is taking drastic measures to close a $2.4 million budget gap. Board members agreed Tuesday night to close Lake Street Elementary School.

The closure won't take effect until the 2015-2016 school year, but district leaders say it will save them at least $500,000 a year.

In addition, they don't anticipate having to cut any teaching jobs. However, some other building staff may be let go.

The superintendent says it was a difficult situation, but they felt it was the best way to keep programs in tact so that students aren't impacted negatively in the future.

"Lake Street School is located only a mile from our other elementary school and then Bridgeport Elementary is about 13 miles away from the Village of Chittenango, so we wanted to keep the neighborhood schools together and we felt moving the Lake Street Children into Bolevar still keeps them in their neighborhood," said Superintendent Michael Schiedo.

Schiedo says over the past four years, they've cut more than 50 staff members, as well as student programs.