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Board hears capital project timelines and 2025-26 budget outlook; middle school renovation estimated at $34.1 million
Summary
Finance committee reports outlined capital project status for a phase of school bond-funded work including a middle school renovation estimated at about $34.1 million, an expected construction start in Feb. 2025, and a 2025-26 budget timeline tied to an Act 1 index projected at 4%. The board received an unmodified audit opinion for 2023-24.
Board members received detailed financial updates during the Nov. 19 meeting that covered capital projects, debt plans and the district's budget timetable for 2025-26.
A finance committee presenter summarized items from the Oct. 24 committee meeting, listing projects included in the current bond phase: a partial roof replacement at the high school (phase 3), middle school track and field renovations (phase 1 complete), an Erdenheim ramp with an expected two-week completion window, and the middle school renovation/addition whose design phase is complete. The presenter said construction for the middle school addition is expected to begin in February 2025 with an anticipated calendar-year-2026 completion and estimated the project cost at around $34,100,000.
The presenter described the district's borrowing history and plans: the district issued bank-qualified notes in 2023 and 2024 and expects to issue an additional $20,000,000 in 2025 and 2026 to complete capital projects.
At a subsequent finance report the board was told the 2023-24 audit resulted in an "unmodified clean opinion" with no audit findings. Revenues in 2023-24 were reported approximately $2,000,000 higher than budgeted due largely to investment earnings; the district's final fund-balance figure was reported in the meeting remarks (see clarifying details). The report also noted $1,460,000 in special losses tied to Carson Valley for 2022-24.
On budget guidance for 2025-26, presenters said the Act 1 index is projected at 4%, which the district estimated could yield roughly $2,000,000 in additional revenue. Known expenditure pressures cited included year-three of the STEA contract, debt service related to phase 3 borrowing, and projected medical and prescription cost increases of 11'12%.
Superintendent and finance presenters framed the Act 1 discussion as preparatory: approving an accelerated budget opt-out resolution (considered later in the meeting) would give the district more time to prepare a final budget to bring back for approval in the spring. The board was reminded the final 2025-26 budget is scheduled for approval on June 3, 2025.
The board did not take new borrowing actions at the meeting; the finance reports were informational and framed the timeline and cost assumptions for forthcoming bond-related activity.
