Superintendent: bonding potential down, state awards $7.5M toward gym project but cost still short

The superintendent told the Garrard County Board of Education that the district’s borrowing capacity has tightened as interest rates have risen and that a state gap‑funding award has partially offset the shortfall for an anticipated gym project.

"Last month, your bonding potential was $13,000,000. This month, it's 11,608,000," the superintendent said, noting the change reflected rising borrowing rates. He later said, "The state has made available for 1 project only, $7,500,000." Combining the reported local bonding potential and the state award, the superintendent said the district could marshal roughly $19,200,000 toward the gym, but added that amount still "doesn't cover the cost of the gym."

The superintendent also reviewed the district’s recent tax‑rate history, saying the rate has fallen over the past six years to about 62.6 cents per $100 of assessed value, and that 15 cents of the rate is earmarked for the building fund. He cautioned that external factors such as tariffs and federal reimbursement uncertainties could affect construction costs and grant reimbursements, and said district staff (including the director of federal programs and the food‑service director) are monitoring developments.

The briefing was presented as informational; the board did not take an immediate vote on capital project approval at this meeting. The superintendent recommended continued monitoring and additional planning to identify other potential funding sources before proceeding to construction commitments.