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District financial team and PFM outline potential $5M'$6.6M savings from bond refunding
Summary
Rochester Community Schools staff and municipal advisor PFM recommended refinancing 2016 bonds, estimating $5.5M to $6.6M in interest savings; trustees questioned market timing, sale method (competitive vs negotiated) and asked for more detail on staffing and enrollment variances.
Rochester Community Schools finance leaders and municipal advisor PFM briefed trustees on a proposal to refund outstanding district bonds, presenting estimated interest savings and the mechanics of a refinancing.
PFM managing director Nate Watson told the board that the district could realize an estimated $5.5 million in savings under current market assumptions, and later described a higher estimate of about $6.6 million based on last week's tax-exempt rates. "Total cash flow savings...savings of interest is about $6,600,000," Watson said during the presentation, while cautioning that market rates change and that savings estimates…
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