A bookkeeping error will result in Coconino County Unified School District No. 1 over-collecting more than $1.5 million of property tax revenue in fiscal 2011 that will have to be rebated to residents in 2012.

District officials said more than $3 million was taken from the capital outlay fund to finance projects that should have been paid for with bond proceeds. As a result of the error, the capital outlay fund showed a low balance.

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