CFO outlines 10‑year facility‑maintenance plan; district may issue $30M general‑obligation debt in FY28

Kristen Hoheisle, the district’s chief financial officer, told the board on June 8 that the district is preparing a 10‑year LTFM plan that would run alongside any potential voter‑approved capital program and that staff plan to place a resolution approving that plan on the board agenda next week.

Hoheisle emphasized two funding tracks: an annual pay‑as‑you‑go levy (Fund 1) that gives the district maximum flexibility but requires spending in the year requested, and debt issuance (Fund 6) that carries interest and issuance costs but allows the district to hold proceeds until projects are ready. ‘‘When you issue debt … that money stays in your pocket and there’s no timeline per se to spend it down,’’ she told the board.

Key numbers and timing

• Preliminary modeling shows a possible $30 million general‑obligation bond issuance in FY28 (the 2027–28 school year) and a secondary $15 million issuance in 2030, with additional issuance to reach a roughly $70 million total by 2032 if the board pursues that path.

• The LTFM expenditure schedule presented projects roughly $22–25 million in annual LTFM spending during the plan’s peak years, with a previously discussed $140 million LTFM‑only fallback plan already identified if a facilities referendum is not approved.

Staff noted legal and procedural constraints: pay‑as‑you‑go levy funds must be spent in the fiscal year they are levied, whereas bond proceeds remain available for the board to program across years. Hoheisle said the board can approve the 10‑year plan next week and still delay or decline issuance until the board confirms a final decision (the levy is finalized in December).

What the board will vote on next week

Staff said the board will be asked to approve a resolution adopting the 10‑year LTFM expenditure and revenue plan and associated debt‑issuance paperwork (a resolution to place the debt authorization in the queue). The CFO and bond counsel will return with more detail and answer technical questions before any debt sale occurs.

"We would be looking at issuing $30 million right away," Hoheisle said when summarizing the preliminary issuance schedule, adding that the plan and issuance schedule are still subject to board direction and finalization.