Ferguson-Florissant board hears fiscal snapshot, recommends two-part repayment of $7.05 million tax anticipation note

The Ferguson-Florissant School Board received a financial update Wednesday showing $58,700,000 in revenue collected through Dec. 31, 2024, and a recommendation to repay a $7,050,000 tax anticipation note (TAN) in two principal payments on Feb. 1 and March 1.

The detail matters because the district reported property tax receipts about $4,600,000 below the same point last year and has $25,364,831 in cash available as of Jan. 17, 2025. Dr. Singleton said the district is “about 37%” of revenue collected against the original $158,000,000 budget and described a drop in investments from roughly $20,000,000 to about $114,184 as funds were used to meet payroll and payables.

In the presentation, Dr. Singleton said the district’s year-to-date expenditures totaled about $74,400,000 across funds through Dec. 31, with roughly $41,400,000 spent on salaries and $13,200,000 on benefits. He reported capital outlay at about $6,100,000 expended and that overall 47.5% of budgeted expenses had been spent through December.

On the TAN, the board was told the district closed the borrowing on Oct. 29 to draw up to $9,500,000, with $50,000 taken immediately as cost of issuance and actual draws of $3,000,000 (Nov. 13), $2,000,000 (Nov. 26) and $2,000,000 (Dec. 16), for total draws of $7,000,000 and an outstanding balance of $7,050,000 including issuance costs. The finance office said it locked an interest rate of 7.35% on the borrowing and to date had paid about $50,000 in interest.

The recommended repayment plan is two principal payments: $3,525,000 on Feb. 1 and a final payment of approximately $3,546,590 on March 1 (the March payment includes remaining interest). The recommendation, Dr. Singleton said, balances reducing debt quickly with maintaining cash to support daily operations.

Board members asked for follow-up detail about accounts payable and reserves. Dr. Singleton said he would provide a more detailed accounts-payable number to the acting superintendents and board members. Members also pressed about the district’s investment (MOCAT) balance and options to rebuild reserves over multiple years, including possible levy action.

The finance presentation concluded with board discussion about near-term cash planning and a note that tax-receipt timing and state funding will affect the district’s ability to restore reserves.

Ending: Board members asked for monthly financial updates and additional data on accounts payable and comparative reserve percentages from neighboring districts to inform budget planning.