Advisors recommend bond refunding that could save district about $500,000; administration outlines preliminary budget with possible 4.17% tax impact after using

PFM Financial Advisors and the district business office presented a refinancing opportunity to the board that, if market conditions hold, would refund most or all of the district’s 2016 and 2019 bond issues and yield an estimated net local savings of roughly $502,866 after accounting for state reimbursement shares.

Jamie Doyle of PFM explained market conditions supporting refunding and noted the transaction’s sensitivity to small changes in rates. She recommended the board adopt a parameters resolution at a future meeting that would authorize the financing team to execute the refunding only if a minimum net local savings threshold (suggested at $500,000) is met. PFM outlined a typical timeline that could bring the parameters resolution to the March board meeting and conduct the sale thereafter if the saving threshold is achieved.

On the budget front, administration presented updated revenues and expenditures for the coming fiscal year and an initial projection showing a roughly 4.87% tax increase in a baseline scenario. Business staff recommended using committed fund balances (a $250,000 allocation from a reserved committed fund and approximately $301,649 from the debt service reserve) to lower the near‑term tax pressure, which the administration estimated would reduce the impact to about 4.17%. Additional unassigned fund balance options and continued budget refinements were discussed as further levers.

No binding financing action was taken Monday; the board was asked to consider a formal motion at a subsequent meeting if the refunding meets the board’s minimum savings parameters. The business office will return with final numbers and a parameters resolution for a future vote.