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Academy District 20 board adopts midyear budget updates, one-time staff payments and bond-sale parameters
Summary
At its Jan. 9 meeting the Academy District 20 board approved a midyear budget update that includes one-time staff payments, transfers to capital and reserve funds, and parameters to allow a first series of bond sales; the board also authorized negotiating the sale of a 5.75-acre parcel to the City of Colorado Springs.
The Academy District 20 Board of Education on Jan. 9 approved a midyear budget update that adjusts revenues and expenses for fiscal 2024–25, authorizes one-time staff payments and moves funds into capital and reserve accounts. Trustees also approved parameters for the first issuance of voter-approved general obligation bonds and authorized a purchase agreement to sell a district-owned 5.75-acre parcel to the City of Colorado Springs Parks Department.
Chief Financial Officer Becky Allen briefed the board on key midyear changes: the district ended the prior fiscal year with about $13.1 million more in unassigned fund balance than was budgeted, largely reflecting positions that went unfilled (about $9.7 million), she said. Allen recommended several one-time and reserve actions, including a transfer of about $5.2 million into the district’s capital reserve and a proposed one-time payment to staff.
“...we want to recognize our staff with a 1 time payment,” Allen told the board, adding that the plan is to provide $1,000 to full-time employees and $750 to staff working less than half time; the district estimated about 1,250 full-time staff would be eligible. Allen said the midyear revision would keep the district’s unassigned fund balance at approximately 10.7% of operating expenditures, within the district policy range.
On bonds: Trustees approved a parameters resolution to permit the district to issue the first series of the voter-approved bonds. Superintendent Haber and bond counsel said the first issuance will be structured so the district can spend at least 85% of proceeds within three years; the presentation estimated a first series of about $36.14 million (not to exceed $37 million) for non-charter projects and about $2 million set aside for design work on Air Academy High School, with a later issuance to follow. Bond counsel noted the parameters resolution does not force a sale but authorizes officials to proceed within set limits.
Real-estate sale: The board approved moving forward with a purchase agreement for a 5.75-acre parcel in the Coomba (Cumra) Vista area. District staff said parks land is valued differently than school land; the proposed sale price is roughly $790,000, with standard environmental and title contingencies and a target closing period in spring.
Votes: The board approved the midyear budget update (Resolution 17-25) by roll call; the bond parameters (Resolution 18-25) and the purchase-agreement authorization (Resolution 19-25) also passed on roll calls recorded in the public minutes.
Ending: Trustees and staff said the midyear update reflects both continuing enrollment and staffing pressures and a desire to use one-time funds to shore up reserves and recognize employees. The board will next consider final bond-sale documents and closing materials when staff return with the completed agreements.
