The district’s callable principal stands at $19 million, providing flexibility in refinancing options. Cely emphasized the importance of timing, noting that refinancing could occur as soon as 90 days before the call date, set for February 1, 2025. He cautioned that a mere 10 basis point change in interest rates could impact the projected savings. The board weighed the possibility of aligning the refinancing with a future bond election, which could offer economies of scale and reduce upfront costs. This decision was deferred, acknowledging the current market conditions and the potential for more favorable rates in the future.

Further financial management discussions were led by Mary from CliftonLarsonAllen, who presented a comprehensive audit report. The district’s financial health was highlighted, with general fund revenues reported at $22.2 million against expenditures of $21.5 million. The audit revealed an increase in the non-spendable and unassigned fund balance by approximately $863,000, surpassing the board’s target fund balance policy of 20% of expenditures, currently standing at 27.5%. This fiscal buffer was lauded as a strategic approach to safeguarding the district against potential financial shortfalls.

A critical point of discussion was the impact of inflation on bond sales and refinancing opportunities. The recent rate hikes intended to curb inflation have introduced uncertainty in the bond market, complicating the district’s refinancing strategies. The board acknowledged the need for diligence in monitoring the evolving financial landscape to optimize taxpayer savings while maintaining fiscal responsibility.

The meeting also addressed operational matters, including the approval of a postsecondary enrollment options contract with Crown College and adjustments to transportation services for students during the winter months. The board proposed maintaining transportation for K through sixth-grade students living over half a mile from Lincoln and for seventh and eighth graders more than a mile away.

The superintendent’s report included updates on community partnerships, highlighting a recent initiative involving a pipeline grant for special education professionals. Seven paraprofessionals are pursuing special education licenses, addressing the high demand for educators in this field.

Additionally, the board acknowledged the efforts of the Future Farmers of America (FFA) in promoting agricultural education within the community. Their presentation at a city council meeting led to the designation of Glencoe as an FFA community, which included blue signs on the town’s outskirts. This recognition highlights the integral role of agricultural programming in the district’s educational offerings.

The meeting concluded with an acknowledgment of the hardworking district staff, particularly in light of the successful audit process. The board expressed gratitude for their dedication and efficiency.