Minnetonka School Board approves $55 million bond issue and $73.74 million levy, adopts amended FY26 budget and accepts clean FY25 audit
Loading...
Summary
The Minnetonka School Board authorized a single $55 million general‑obligation bond tranche, certified a $73,736,113.36 levy (a 5.09% increase), adopted an amended FY26 budget projecting a $3.9 million surplus, and accepted a clean FY25 audit with one food‑service adjustment.
The Minnetonka School Board voted Dec. 11 to authorize a $55,000,000 general‑obligation school building bond issuance, certify the district's 2025 payable 2026 property tax levy at $73,736,113.36 and adopt an amended fiscal year 2026 operating budget. The board also accepted the district's FY25 external audit, which delivered a clean (unmodified) opinion.
Executive Director of Finance and Operations Paul Bourgeois told the board the bond resolution replaces an earlier two‑tranche plan and would be issued in a single $55 million tranche "with no change to the tax impact as we told the public would be the case." Bourgeois said the single tranche is expected to yield an additional roughly $550,000 in interest earnings that can be applied to construction costs without increasing taxpayers' share.
Bourgeois asked the board to certify a levy of $73,736,113.36, which he described as a 5.09% increase (about $3,572,498 over the prior year) to help fund fiscal 2027. The board voted to certify the levy as presented.
The board adopted the amended FY26 general operating fund budget after Bourgeois summarized projections showing roughly $178.4 million in revenues and $174.5 million in expenditures for FY26 (a projected surplus of about $3.9 million), with teacher salaries totaling approximately $126.16 million and paraprofessional salaries about $12.8 million. Bourgeois noted the district expects tighter conditions in FY28 and said continued planning is necessary.
Auditor Greg Popenhagen of CliftonLarsonAllen told the board the firm issued a clean opinion on the FY25 financial statements and reported one material adjustment in the food service fund (about $179,000). "Basically unmodified is kind of the accounting jargon for that," Popenhagen said, adding that the district's unassigned general fund balance was about 7.99% and that overall statutory compliance was good.
The agenda items passed by voice vote in sequence: the bond authorization, levy certification, adoption of the amended FY26 budget, and acceptance of the FY25 audit. Bourgeois said the board will notify county auditors and the Minnesota Department of Education to finalize levy and tax‑bill processing.
Next steps: with authorization in place, the district will proceed with bond issuance and initial facility planning; staff will file the audit with state authorities and incorporate the amended budget figures into operational planning for FY26 and FY27.
