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School board adopts 2025-26 millage, $588.98 million budget and approves $32 million tax anticipation note
Summary
The Martin County School Board unanimously approved final millage and the 2025-26 budget, finalized budget amendments and authorized a tax anticipation note of up to $32 million to cover cash-flow timing until tax revenues arrive.
The Martin County School Board on a unanimous vote adopted final millage rates and the district’s 2025–26 budget and approved a tax anticipation note to bridge cash-flow until property tax revenue is received.
The board adopted a recommended millage rate of 5.177 mills — about 1.47% below the rollback rate — and approved a total budget of $588,981,339, according to presentations during a special TRIM hearing. Board members also approved final budget amendments for fiscal year 2024–25 and the superintendent’s required financial submissions to the Florida Department of Education.
Carter Morrison, finance staff, presented the documents and explained the changes that reduced capital spending by roughly $23 million while aiming to protect named projects in the five-year capital plan. "We are poised now to recommend the superintendent's recommendation of a millage rate of 5.177 mills," Morrison said during the presentation.
Board members moved and seconded the formal resolutions in sequence. Motions on the budget amendments and related compliance forms carried unanimously. The board then adopted Resolution 2025-26-04 adopting final millage rates and Resolution 2025-26-05 adopting the final 2025–26 budget.
Board members also approved a resolution authorizing issuance of tax anticipation notes not to exceed $32,000,000. Presenters and bond counsel said the note is intended to bridge district cash-flow variability between operating expenses and the timing of tax receipts in November. The board heard from a PFM Asset Management representative and bond counsel before voting.
The board approved the superintendent’s annual financial compliance form (ESE-348) required by the state and a district summary budget form (ESE-139) tied to the adopted budget.
The board recessed the special meeting after the budget votes and then reconvened the regular meeting. Several board members thanked staff for work on the budget and emphasized that cuts were made mainly in capital spending and did not reduce classroom operating funding or staff salaries.
Votes at a glance: - Final budget amendments for FY 2024–25 — approved unanimously (motion by Miss Roberts; second Miss Powers). - ESE-348 (Superintendent’s annual financial report submission) — approved unanimously (motion by Miss Roberts; second Dr. Moriarty). - Adoption of final millage rates (Resolution 2025-26-04) — approved unanimously (motion by Miss Powers; second Dr. Moriarty). - Adoption of final budget for FY 2025–26 (Resolution 2025-26-05) — approved unanimously (motion by Dr. Moriarty; second Miss Powers). Total adopted budget: $588,981,339. - Authorization to ensure TRIM compliance/document filings — approved unanimously (motion by Miss Roberts; second Miss Powers). - Approval of tax anticipation note (not to exceed $32,000,000) — approved unanimously (motion by Miss Powers; second Miss Russell).
Board members said the operating budget and classroom services remain intact under the state funding formula and thanked staff for work in tightening capital spending while protecting operations.
