The most significant topic of the meeting was the discussion and approval of bond refundings aimed at financial savings. Superintendent David Law introduced Paul Bis, Executive Director of Finance and Operations, who elaborated on the specifics of two bond refundings—2024 C and 2024 D certificates. Mr. Bis shared that the district has a long history of refunding bonds to benefit financially, having refunded $48.5 million across 50 transactions since 2008. He explained that the district had reduced the frequency of refundings in recent years due to rising interest rates and inflation concerns but managed to execute ten refundings in 2021 to lock in lower rates.

For the 2024 C bonds, Mr. Bis initially anticipated lowering the interest rate from 4.97% to 4.16% and reducing the par value by $350,000. However, favorable market conditions allowed the district to secure a 3.90% interest rate, a 20% reduction, resulting in a total par value reduction of $760,000. This unexpected reduction in costs led to positive feedback from the board, which approved the sale following a motion and second.

Mr. Bis then discussed the 2024 D bonds. He had projected a decline in the interest rate from 4.28% to 3.92% and a reduction in par value by $250,000. The actual achieved rate was 3.66%, leading to a 62% reduction in the rate and a net present value savings of $185,000, along with a par value reduction of $400,000. The board approved the sale of the 2024 D bonds after a favorable discussion, acknowledging Mr. Bis and his team for their effective financial management.

The meeting then transitioned to the certification of the preliminary levy for the 2024 pay 2025 period. Superintendent Law emphasized the statutory requirement for annual levy approval, clarifying that a formal vote would take place in December. Mr. Bis provided an overview of the preliminary levy, highlighting that operating referendum revenue had increased by $1 million from the previous year due to inflationary pressures. He pointed out that the local optional revenue, which remains frozen at $724 per adjusted pupil unit, would have been approximately $1,000 if adjusted for inflation.

The technology referendum, under capital projects, reflects an 8.1% rise in property values, totaling just over $10 million for the current levy period. Mr. Bis also mentioned the equity levy, which contributes an additional $69 per pupil. He stressed the need for ongoing transparency and communication regarding the levy, assuring the board that the district would address public inquiries.

Financial discussions also included the Q Comp alternative teacher compensation funding, which remained flat at $260 per pupil, totaling approximately $2.9 million, with 35% derived from state aid. The Operating Capital Levy, about $2,295 per pupil, saw an increase due to aging buildings and a reduction in the state’s contribution to total revenue from 64% four years ago to 42% this year. This shift increased the local levy share from 36% to 58%.

The instructional facilities lease levy, frozen since 2014, was set at $212 per pupil to fund bond payments for past construction projects aimed at accommodating enrollment growth. The debt service levy, primarily for long-term facility maintenance bonds, was set at $10.9 million.

Further, the board discussed the other post-employment benefits bond, which saw a slight decrease of $99,000, and the district’s unique ice arena levy, generating approximately $542,000.

The total of all levies is reported to be increasing by about $350,000, rising from $3.1 million to $3.4 million. The estimated total preliminary levy for 2024 pay 2025 was proposed at approximately $70 million, representing a 6.51% increase over the previous year. Various examples illustrated the tax increase’s impact on homeowners, noting a $98 increase for a $300,000 home and a $310 increase for a $900,000 home.