Mill Valley board approves elementary design work, unaudited financials and authorizes up to $75 million in Measure G bonds

At its Sept. 11 meeting, the Mill Valley School Board approved several agenda items that advanced the district's capital and operating plans: design‑development documents for two elementary modernization projects, acceptance of unaudited fiscal‑year actuals and authorization to issue the second series of Measure G general‑obligation bonds.

Design development. District staff and architects from JKAE presented design‑development plans for Strawberry Point and Tam Valley elementary schools, detailing accessibility upgrades, outdoor learning environments, replacements of drinking fountains, fire‑alarm and sprinkler system upgrades and play‑area work. The board discussed prioritization of play‑structure work and school‑safety features before voting to approve the design‑development documents. The presentation included current cost estimates of about $2,737,487 for Strawberry Point and about $3,497,000 for Tam Valley (staff presentation).

Unaudited actuals and GAM resolution. Assistant Superintendent Paula Brignet presented the district's unaudited actuals, explaining revenue sources (property taxes and local parcel taxes), the share of restricted versus unrestricted funds and salary/benefit cost drivers. Brignet noted that parcel tax revenue accounts for a substantial proportion of local funding and that salaries and benefits comprise roughly 81% of the district budget. Trustees asked for a reconciliation showing why cash balances were higher than budgeted and requested county assessor trend data to inform multiyear planning. The board approved the unaudited actuals and the GANN/GAM calculation resolution as presented.

Measure G Series B bond authorization. The board reviewed draft bond documents with bond counsel Courtney Jones and financial adviser Greg Isom, who presented three options balancing speed of access to bond proceeds against total repayment cost. The board accepted staff's recommended structure (option 2b1) and authorized staff to proceed with issuing Measure G Series B bonds not to exceed $75,000,000. Isom discussed current market rates and used a conservative modeling assumption around 4.5% while noting market movement suggested possible rates nearer 3.8%–4.1%. The measure authorization passed on a roll‑call vote with all trustees recorded as "aye." (roll‑call recorded at meeting).

Other actions. The board approved first‑reading CSBA policy updates related to Title IX and added future agenda items including a January safety plan review and a November briefing on property‑tax projections and demographic study results. The district also announced support for a proposed state bond (Prop 2) that could allocate additional school funding to districts.

The approvals move the district closer to construction milestones but also prompted trustees to request more detailed fiscal reconciliations and demographic trend data to guide long‑term budgeting decisions.