MMSD board approves $55M temporary borrowing, raises board stipend, and adopts multiple budget amendments

The Madison Metropolitan School District Board of Education on Sept. 29 approved the sale of $55,000,000 in tax-revenue anticipation notes, adopted several budget amendments to expand programs and facilities, and updated policy language related to board compensation.

The board first voted to approve temporary borrowing to sell $55,000,000 in tax revenue anticipation notes at a total interest expense of $2,375,694.44 and a true interest cost of 2.69 percent. The board’s motion passed unanimously, with Student Representative Lee giving an advisory “aye.”

Budget amendments and key board votes

- Board member stipend increase (approved): The board amended the 2025–26 budget to add $60,100 in fund 10 to increase board stipends: an additional $1,200 annually for the board president and $600 annually for the board vice president, instruction work group chair and operations work group chair. The board voted to adopt the amendment; Student Representative Lee recorded an advisory “aye.” The board also approved a corresponding amendment to board policy 15.50 (additional compensation for board members) and waived the usual second reading required by policy 13.01 to effect the change immediately.

- Board health-care access for members (failed): An amendment to add…