Board adopts finance reports, hears five-year forecast amid bond and COP financing

The Yellow Springs Exempted Village School Board unanimously approved the February 2024 finance report and two appropriation increases for the general fund and permanent improvements at its March 12 meeting.

The district's finance presenter highlighted the impact of recent debt issuance and explained that the district's "all-in interest rate" on the bonds is about 4.83% and 4.65% on the COPs, figures driven in part by premiums paid at sale. "We're saving on the long term by paying it earlier," the presenter said while walking trustees through the updated five-year forecast.

Board members discussed how premiums and early principal payments change cashflow timing and stressed that the bond/ COP proceeds were intended for construction projects and debt service, not operations. Trustees and administrators noted that the levy passed in November provides capital but does not replace the need for a separate operational (substitute) levy to maintain staffing and daily operations; without renewal the forecast projects significantly reduced reserves by 2029.

The board voted 5–0 to approve the finance packet and the appropriation increases, and it also approved a set of routine administrative items including the course catalog, ASL 2 course adoption, Greene County ESC services contract, and student trips to Hawkins Hill and the Academic World Quest national event in Washington, D.C. All of those motions were approved without opposition.

What happens next: the treasurer will continue to present monthly updates; the board signaled plans to review levy strategy in upcoming meetings and to examine detailed rent schedules and debt-payment timing with the municipal adviser.