Fridley board approves bond sale, revised budget and several capital bids
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Summary
At its May meeting the Fridley Public School District board awarded a competitive bond sale, adopted a revised budget, approved capital project bids and accepted a $25,000 gift to support senior programming. All motions passed, most by unanimous vote.
The Fridley Public School District Board of Education on May 20 approved a competitive bond sale for phase 1 of the district's capital program, adopted a revised budget for the current fiscal year, and cleared multiple capital purchases and routine business items, the board said during its regular meeting at the Fridley Community Center.
The board voted by roll call to award the bond sale to Hilltop Securities, which submitted the lowest true interest cost, and later approved the district’s revised fiscal-year budget and a set of smaller construction and equipment bids. The board also accepted a $25,000 gift from the Friends of the Fridley Senior Program to fund an additional year for the district’s part-time senior coordinator.
District financial adviser Matt Hammer of Ehlers told the board the sale attracted three bidders and produced a true interest cost of about 4.66 percent, slightly below the district’s presale estimate. Hammer said the interest-rate result and bid structure allowed the district to deposit roughly $185,000 additional proceeds into the phase‑1 construction fund.
Board discussion on the financings was brief. After hearing the sale results, trustees moved to award the sale and to close on June 12, the date Hammer said will be used to deliver proceeds to the district.
Votes at a glance - Award sale of bonds (phase 1): Motion by Jones; second by Keeler. Roll call vote: unanimous (recorded ayes from Anna, Jones, Karnap, Keeler, Meissner, Stark, Ahmed, Schaub). Outcome: approved. Notes: closing scheduled June 12; callable beginning Feb. 1, 2034; estimated additional deposit to construction fund ~$185,000. - Revised budget for current year: Motion by Meissner; second by Anna. Voice vote: passed. Notes: general fund decline revised from projected -$4.5M to about -$2.4M driven by higher-than-expected enrollment and special‑education receipts; district staff said total revenue up about $2.6M and expenses up about $0.5M. - Hayes Elementary flooring and abatement project bid: Motion by Stark; second by Anna. Voice vote: passed. - New combi oven at Fridley Middle School bid: Motion by Meissner; second by Stark. Voice vote: passed. - Minnesota State High School League membership resolution: Motion by Jones; second by Stark. Roll call vote: unanimous. Outcome: approved. - Accept $25,000 gift from Friends of the Fridley Senior Program: Motion by Meissner ("with gratitude"); second by Keeler. Roll call vote: unanimous. Outcome: accepted; funds designated to support the senior coordinator position for one year. - Consent agenda (minutes, monthly financial reports, personnel items, contracts, lane changes, leaves): Motion by Meissner; second by Anna. Voice vote: passed.
What the board approved The bond award provides roughly $14 million of proceeds for phase‑1 construction, with the district planning a second issuance in 2027 to reach the full program financing target (staff estimated about $28.5 million across the two issuances). District staff said the program continues to be funded from previously established levies and that the plan assumes no tax-rate increases.
Board Treasurer/finance staff presented the revised budget as a midyear true-up. Finance staff described revenue increases driven primarily by enrollment growth and special‑education revenue; they also noted modest increases in salary and purchased‑services expenditures.
Ending All motions under the business agenda passed. The board scheduled its next regular meeting for June 17 at the Fridley Community Center.
