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Treasurer says Kenmore rebuild estimate rose to $76M; board and city LFI decision needed to proceed
Summary
During the June 9 meeting treasurer and superintendent briefed the board that the Kenmore project estimate rose to about $76 million, leaving a multimillion-dollar shortfall that depends on the city’s LFI funds; the board scheduled a finance committee meeting June 16 to review options and design changes.
The Akron Public School Board heard detailed finance and schedule updates on June 9, 2025, after Treasurer Dr. Ruth Thompson told the board a recent architectural update put the Kenmore rebuild project at $76 million—about $13 million higher than the original $63 million estimate. Thompson said the district has $42 million in certificates of participation (COPS), $15 million in ESSER funds reserved, and about $18.34 million in the city LFI account (local funded initiative), but the LFI amount is not guaranteed to come to the district in full.
“That number hit us just like it did you,” Thompson said, describing the $76 million estimate and explaining that inflation and extended timelines had increased costs since the original budget. She said the COPS balance increased modestly to $42 million due to interest and that the district is consulting…
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