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Davenport district presents FY26 proposed budget; forecasts another $80 million borrowing and about $14 million annual debt service
Summary
District staff presented the proposed FY26 budget showing the district borrowed roughly $79.8 million already for Phase 1 and expects to borrow an additional ~ $80 million in FY26; staff forecast an annual debt-service cost of roughly $14 million and said legislative changes and ESSER timing drive year-to-year swings in revenue and expenditures.
District staff presented a three-year comparison of revenues and expenditures for FY24–FY26 and outlined how federal ESSER funds, state actions and planned borrowing for capital projects will shape next year’s budget.
Kevin (staff member) said the district has already borrowed about $79.8 million for phase 1 projects and plans to borrow a second roughly $80 million in FY26. That second borrowing is reflected in a projected annual debt-service expense of about $14 million, which combines payments for the current borrowing and the anticipated first-year payment on the second borrowing.
The presentation also described large year-to-year swings driven by ESSER grant spending in FY24 and by a reduction in Title I allocations tied to census counts. Kevin…
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