$20.9M bond closes at 2.61%; budget proposal opens at 10.5 mills

JP Morgan Securities won the low bid on the 2026A general-obligation issue against thirteen others; the resulting bond premium retires 1.5 mills of debt service.

The board closed its $20.9 million series 2026A general-obligation bond on April 29 at a 2.61% interest rate, with JP Morgan Securities the low bidder against thirteen competitors. The resulting ~$600,000 bond premium was applied to reduce the debt-service millage from 86 to 84 mills. Categories one through five of the proposed 2026–27 budget were funded in this first walkthrough; categories six and seven were deferred for the May 18 follow-up.

1. i.

   Approval of April Minutes

   April 1st and April 14th meeting minutes approved with no corrections.

   7–0 · Unanimous Approved
2. ii.

   Certified Staff Replacements & New Positions

   Accept the administration’s recommendation for 24 replacement and 6 new certified positions.

   7–0 · Unanimous Approved
3. iii.

   Director of Student Services Appointment

   Accept the administration’s recommendation to name Candidate A as Director of Student Services.

   7–0 · Unanimous Approved

• Facilities

  Monthly Financial Report — March 31; Bond Series 2026A

  District completed a bond sale of Series 2026A for $20,900,000 at 2.61% interest; a bond premium of approximately $600,000 was applied to reduce debt millage by 1.5 mills, from 86 to 84. Six additional bond issues are potentially available for refinancing in the fall.

  Bond premium of approximately $600,000 applied to reduce debt millage by 1.5 mils (from 86 to 84 mils). Six additional bond issues potentially available for refinancing in fall.

• Facilities

  2026–2027 Budget Recommendation — Discussion and Preliminary Approval

  Proposed budget includes opening Flint Hill Middle School as a primary cost driver, requiring 44 new FTEs and over $5 million, alongside a millage rate increase of 10.5 mills. Final budget action deferred to the May 19th meeting pending confirmation of state allocation numbers.

  Property tax growth at 2%, and millage rate increase of 10.5 mils (within CPI allowance of 8 mills plus 2.5 additional).

• Board
  Advertise public hearing for 2026–2027 budget.
  By 9 May
• Ms. Lordo
  Provide updated state budget allocations and 135-day ADM count.
  By 12 May
• Administration
  Begin hiring process for teaching positions, contingent on state allocation confirmation.
  By 12 May
• Administration
  Provide ESOL student growth vs. overall student growth comparison analysis.
  By 19 May