Monroe Local board renews up to $36.75 million in bond anticipation notes, adopts FY2026 appropriations and financial forecast

The Monroe Local School District Board of Education voted Sept. 22 to renew short-term construction financing and adjust the district’s budget plan as trustees sought to limit tax pressure while covering near-term debt obligations. The board approved a series of resolutions authorizing the renewal of existing notes and the issuance of new bond anticipation notes not to exceed $36,750,000 in combined principal, and adopted permanent appropriations for fiscal year 2026 and the district’s updated financial forecast.

The board heard a market update from Andy Bursar of Barclays, who advised trustees that short-term interest rates have begun to fall, improving the district’s refinancing outlook. "In the last month and a half, we've really seen this accelerate downward," Bursar said, briefing the board on yield-curve movement and the planned timing for a November issuance if the ordinances are approved.

Treasurer staff explained the mechanics of the financing: the district will renew two note series (one for $15,000,000 and a second for about $21,750,000) and combine them into a single financing package to be repaid when longer-term bonds can be issued. The treasurer noted interest obligations tied to the outstanding notes and that the district has shifted $5.7 million into the debt retirement fund to cover debt-service needs through 2029.

Trustees also approved FY2026 permanent appropriations, which incorporate the note renewals and transfers that reallocate existing fund balances. The treasurer told the board grant allocations for FY26 are slightly above $1 million and called out a nearly $400,000 annual earmark for counseling and student-success positions; she also cautioned that the forecast is sensitive to state policy and property-tax changes.

The board unanimously approved the recommended measures by roll-call vote. Missus Moore called the roll for each motion; recorded votes for the major financing motions and the appropriations were all "Aye." No trustee voted against the measures.

Votes at a glance

- Resolution authorizing renewal/issuance (combined) of bond anticipation notes not to exceed $36,750,000 — Approved (unanimous roll call). - Resolution authorizing issuance of bond anticipation notes not to exceed $21,750,000 — Approved (unanimous roll call). - Renewal of prior $15,000,000 note — Approved (unanimous roll call). - Permanent appropriations for FY2026 — Approved (unanimous roll call). - District financial forecast (FY26 submission) — Approved (unanimous roll call).

Why it matters: District officials said the financing plan uses on-hand cash to minimize millage pressure while preserving the board’s pledge to voters about long-term debt millage. At the same time, the treasurer’s forecast shows projected deficits that grow after 2029 if state-driven property-tax reforms or reductions in business-assessed values reduce local revenue. The board signaled plans to meet Representative Thomas Hall to explain the local funding impacts of any state action.

What’s next: If market conditions remain favorable, the district’s advisers said bond issuance could proceed in November; trustees will continue to monitor state legislation, property valuation changes and grant funding updates that could require future adjustments to appropriations or the forecast.