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North Shore board adopts balanced 2025–26 budget, authorizes up to $75 million in bonds and a refinancing
Summary
The board approved the district’s 2025–26 budget and a resolution authorizing sale of bonds up to $75 million and refunding of older bonds to capture lower interest rates; directors praised staff for producing a balanced budget amid ongoing fiscal pressures.
The North Shore School District Board of Directors approved the district’s 2025–26 budget and passed a separate resolution authorizing bond sales and refunding at its July 8 meeting. The board adopted Resolution No. 904 to finalize the 2025–26 budget, which the administration described as "balanced" and the product of extensive staff work. "It is balanced and minimal harm done," Director Sandy Hayes said as the board voted to adopt the budget.
At the same meeting the board approved Resolution No. 903, authorizing the sale of unlimited tax general obligation (UTGO) bonds of up to $75,000,000 and authorizing the refunding of 2015 bonds to capture lower interest rates. The administration told the board the refunding is expected to free roughly $58 million back into the community; the resolution delegates authority to the superintendent, deputy superintendent or chief financial officer to approve bond sale details within established parameters.
Why this matters: the UTGO authorization is tied to a previously approved measure (Resolution No. 840) and a special election held on Feb. 8, 2022; bond proceeds are designated mainly for Phase 1 of Leota and Inglemore projects and other capital work outlined by the district. The board recorded several additional ministerial resolutions required after a superintendent transition — authorizing district agents, facsimile signatures, warrant signatures and auditing officers (Resolutions 902, 905, 906 and 907) — all of which were approved.
Board discussion: directors thanked the district’s finance and administrative teams for producing a balanced budget under difficult circumstances. "A balanced budget is a really, really, really important thing for our school district to have," one director said, noting state takeover remains a risk if budgets are not balanced. Deputy superintendent/CFO Bergey and staff were specifically acknowledged for their work.
Outcome: the board approved the 2025–26 budget (Resolution 904) and the bond/refunding resolution (Resolution 903) at second reading and final vote. No individual vote tallies were recorded in the meeting minutes presented at the board meeting.
