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Maricopa USD reports bond, override spending; K–8 school one under construction, second pending state grant
Summary
District finance staff told the governing board the district sold $42.75 million in bonds in April, reported override spending that funded roughly 59 teachers and other initiatives, and said K–8 school No. 1 is under construction and trending under budget while K–8 No. 2 awaits a December state grant decision.
Maricopa Unified School District finance staff told the governing board on Wednesday that the district’s bond sale and override funds remain on track and that construction of the district’s first new K–8 building is under way.
Mr. Harmon presented the annual bond and maintenance-and-operations (M&O) override report required under state law. "Our Arizona Revised Statutes 15.481 and 15.491 require school districts that issue bonds or have budget overrides to report in a public meeting each year between September 1 and October 31," Harmon said, outlining the district’s reporting obligations.
Key financial and project details reported by Harmon:
- Bond sale: On April 30 the district sold $42,750,000 in bonds; the sale averaged about a 4.45% interest rate, Harmon said. The district expects to sell an additional $27,250,000 in authorized bonds next spring.
- Override allocations and staffing: The override’s prior-year expenditures included roughly $5,500,000 for teachers, $500,000 to the Grama Academy, $500,000 for technology and $500,000 for counselors and teachers on assignment. Harmon said the teacher portion equates to about 59 positions across the district: approximately 36 elementary, 14 middle and 9 high school teachers.
- Capital projects: K–8 No. 1 in Sorrento is funded by state grant and bond funds; Harmon said the district broke ground May 15, masonry for the gym is topped out, and the project is "trending slightly ahead of schedule" and "below budget." K–8 No. 2 is in design and is contingent on a state grant decision expected in December; the Maricopa High School workforce development project is in design and fully bond funded.
Harmon also summarized the district’s bond tax-rate impact, saying the county board of supervisors approved a slight decline in the district’s bond tax rate after the sale. A board member reported receiving a Pinal County tax statement showing a reduction in the MUSD line items.
Board members asked clarifying questions about the December grant decision for the second K–8 campus; Harmon confirmed the district accelerated early design work but acknowledged the opening timeline depends on state approval. Harmon encouraged board members and the public to view construction progress on the site.
The report was presented as an information item; board members had no further action on the bond item at the meeting.
