PSD details first-year uses and multiyear plan for debt-free mill levy, including staff pay and facilities work

Poudre School District R-1 finance and school leaders presented the board Feb. 11 with an update on the district's 2024 debt-free mill levy and how the new revenue will be allocated over the coming years.

Chief Financial Officer David Montoya told the board that the district is moving existing operation-and-maintenance staff and corresponding operating budgets into the new mill-levy fund (Fund M). Transferring roughly $21.5 million in current staff and operating budgets into Fund M will free general-fund dollars for distinct investments the district identified in its ballot promise.

First-year actions and cash flow: Because property tax collections are staggered, PSD used available cash to provide a one-time, districtwide 5% payment to employees, distributed Jan. 31. Montoya said the district will receive the bulk of the new mill revenue in the spring and that cash-flow timing constrained immediate capital starts for some projects.

Planned use of funds (ongoing, once fully collected):

- Facilities and maintenance: An estimated $22.9 million annually is earmarked for…