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Agua Fria district reports $197 million in bonds issued, $10.8M in M&O override revenue
Summary
District staff reported FY25 bond and override spending at the Oct. 1 board meeting, saying voters approved a $197 million bond in 2023, $112M was spent in FY25, and the district—s M&O override brought in $10,770,000 last year. Staff said roughly $75M remains available for future projects.
District finance and facilities staff on Oct. 1 presented the Agua Fria Union High School District—s annual bond and maintenance-and-operations (M&O) override report, reviewing recent bond sales, fiscal-year expenditures and remaining balances.
"Most recently, this was reauthorized in November 2022. We received a 15% maintenance and operations override," said the district—s finance presenter, who reported last year—s M&O override revenue at $10,770,000. The presenter told the board the district issued a $197,000,000 bond approved by voters in November 2023 and began selling and spending those proceeds in 2024.
Staff said FY25 expenditures drawn from bond proceeds were "just over $112,000,000," with large allocations toward the construction of Goodyear High School and other capital projects. As of the June 30 fiscal-year close, presenters said the district had just over $75,000,000 available from the 2023 bond series for future spending.
Facilities staff noted project-level updates tied to bond funding, including a kitchen/cafeteria remodel at Agua Fria, a CTE agriscience barn at Desert Edge, stadium lights and the Millennium Concourse, auditorium-seat replacements and the nearing completion of Building C at Goodyear High School. The facilities director said the board had authorized the sale of the remainder of an earlier bond series in April to preserve the district—s bond tax rate.
The presentation framed bond issuance timing as a tool to avoid increasing the bond tax rate for taxpayers. Staff said the district sequences bond sales "so that we are maintaining the bond tax rate, where it's been and it is not increasing." The board did not take a formal vote on the presentation itself; it served as the district—s required annual compliance reporting on bond and override spending.
What happens next: staff said the district will return to the board when timing is appropriate to sell additional bond authorization and continue project work tied to the approved bond program.
