Westminster board accepts clean audits, authorizes bond refunding expected to save about $2 million

The Westminster School District Governing Board on Jan. 22 accepted the district’s 2024–25 audited financial statements and the final Measure T performance audit and authorized a plan to refinance several prior bond series to lower costs for local taxpayers.

Jeff Nigro of Nigro & Nigro told trustees the audits carried an unmodified (clean) opinion and that a prior finding reported last year had been corrected. “If you flip to the back of the audit report, you’ll find no audit findings this year,” Nigro said, and he congratulated district staff for correcting the prior issue.

Financial advisor Chris Hyatt of Keygent LLC presented a refunding plan for three series tied to Measure T and Measure O 2016 issues. Hyatt said the district’s estimated present‑value savings exceed industry thresholds, noting a roughly 5.2 percent present‑value savings and “about $2,000,000 for taxpayers, and that is after all costs which are paid from the financing, not from the general fund.” The refinancing would replace higher‑rate bonds (example cited: 3.87%) with lower‑rate debt (example cited: ~3.22%), without extending final maturity.

Trustees discussed sale‑timing options (current vs. forward delivery), call dates and whether the transaction would affect the district’s books (administration confirmed savings are passed to taxpayers, not paid from general fund). The board adopted Resolution 25‑26‑17 authorizing issuance of 2026 general obligation refunding bonds to pursue the refinancing; the vote was unanimous.

President Johnson said staff will coordinate credit‑rating work and finalize documents, and the district indicated it would issue community communications after the sale is completed to explain estimated savings per household. Hyatt said the transaction would likely close by May 2026 if market conditions permit.

The board’s acceptance of both the audited financial statements and the Measure T independent financial and performance audit were carried by separate motions earlier in the meeting; both votes were 5–0.

Next steps: (1) complete preliminary official statement blanks and seek updated credit ratings; (2) finalize sale timing with the financing team; and (3) issue a press release to explain realized taxpayer savings once the sale closes.