Treasurer reports bond sale, tax collections and AEP substation timeline; district projects tax receipts in 2028

Treasurer Beth Collier gave the board a routine financial update, reviewed recent activity in the general and project funds, and described a bond sale and progress on an AEP substation project that could affect future tax receipts.

Collier said the district is mid-process on tax collections and is "at about 87.1%" of collections to date pending the final settlement expected in March. Interest revenue for the month was "just over $61,000" and fiscal-year-to-date interest was about $551,000. Expenditures remain roughly two percentage points under budget, she said.

On capital financing, Collier reported a bond sale that closed with an average interest rate of 4.42% and that the bond proceeds are expected to be received on the April 1 closing date. The district plans to separate interest revenue tracking for the bond anticipation notes and for the long-term bonds in its accounting records and will share details with the finance committee.

Collier also updated the board on a multiyear conversation with AEP about a substation project. She said revised AEP estimates indicate the company's on-site investment is larger than earlier projections, and the district is working with tax specialists to determine what portion of the investment will be assigned to property inside district boundaries. Based on AEP's current schedule, Collier said she expects any tax dollars tied to the substation to appear on the tax roll in calendar year 2028.

What happens next: the district will receive bond proceeds on April 1, continue reconciling tax-settlement numbers in March, and follow up with AEP and tax specialists to refine projected revenue impacts.