Jefferson City board adopts budget amendment after $30 million bond sale; projects $4 million state boost and teacher pay raises

The Jefferson City School Board on the evening of its May meeting approved a budget amendment reflecting proceeds from a recent $30,000,000 bond sale and reviewed the district's preliminary fiscal year 2025'26 budget, which assumes roughly $4,000,000 more in state aid and funds planned teacher pay increases.

Sherry LePage, a district staff member who presented the amendment, said the market "was in a great place, and we ended up issuing our $30,000,000 in bonds, which sold at a premium." The amendment records the premium and the underwriter discount on the revenue side and the issuance-related expenses on the expenditure side. The board approved the amendment by voice vote.

The board also voted to waive a required second reading and adopt the policies presented by Policy Committee Chair Suzanne Luther. No substantive changes to the policies were discussed on the record at the meeting.

In a detailed budget presentation, Mr. McGraw,…