Board hears bond-project construction update, sells $15.75M bonds and approves budget actions; treasurer says fund balance is improving

The Stillwater Public Schools Board received a multi-faceted update on Bond 2023 projects, awarded $15,750,000 of general obligation bonds and approved several fiscal items after presentations from architects, municipal financial advisors and the district chief financial officer.

Construction and bond-project update: a representative from 5 0 5 Architects presented the board with a monthly progress report on the new high school and other bond-funded work. Presenters described completed and in-progress items including window replacement and interior office fit-out at the transportation facility, HVAC and roofing work at Single Ridge Middle School and the high school fieldhouse, and ongoing site paving and bus loop approaches at the new high school site. The architects and contractors reported equipment lead times have caused some schedule risk (specialized PAC units were tracking for August delivery) but said the project is generally on track to be dried-in by June and to advance FF&E procurement for fall furniture moves.

Bond sale and award: the district's municipal finance advisor opened bids for $15,750,000 of combined-purpose general obligation bonds (Series 2025A). Three firms submitted competitive bids; Robert W. Baird submitted the lowest true interest cost at about 3.5690% and was awarded the sale. The board then approved a resolution authorizing issuance under the stated parameters; the district finance advisor noted premium received on the sale will help offset the current-year levy.

Treasurer's report and budgets: CFO Christy Newby told the board the district's general fund balance has stabilized after ESSER-era staffing increases and is projected in current estimates to roughly double by the end of the fiscal year, assuming continued conservative spending and ad valorem collections. Newby also noted several expected revenue reimbursements from federal programs and recommended a first revised budget for Child Nutrition to allow the program to temporarily use fund balance while federal reimbursements are processed. The board approved the treasurer's report and the Child Nutrition budget revision.

Votes and actions: motions to award the bond sale to Robert W. Baird, to approve the related authorizing resolution, to accept the treasurer's report, and to approve the first revised Child Nutrition budget passed on roll-call votes (Douglas, Dylan, Riley, Washington and Baker voted yes on each recorded vote).

Details to watch: bidders and bid rates were listed publicly at the meeting; the district's municipal advisor said comparable transactions showed similar rates. Construction presenters flagged lead-time risks for large mechanical units for the PAC and said they maintain plan B strategies if deliveries miss the summer window. District staff said FF&E procurement work will be brought to the board for approvals this summer so furniture and technology packages can be bid and procured before school-year moves.

What the board approved: award of the 2025A bonds to Robert W. Baird (low bidder) with a TIC near 3.5690%, a resolution authorizing issuance of the bonds, acceptance of the treasurer's report, and the first revised Child Nutrition budget to allow temporary use of fund balance pending federal reimbursement.

Next steps: staff will return with FF&E procurement packages for board approval, continue construction monitoring and update the board if material deliveries or scheduling require contract or timeline changes. The district will reconsolidate bond-related checking accounts as planned once outstanding checks clear and continue monitoring federal reimbursements to Child Nutrition.