Thompson district financial update: $99M bond sale over‑subscribed; premium raises available funds to roughly $115M

Chief Financial Officer Bobby Ebersol briefed the board on Feb. 18 about revenue timing, budget-to-actual presentation improvements and the district’s recent bond transaction.

Ebersol explained that higher property tax collections reduce state aid under Colorado’s funding formula and noted the district will reconcile state aid and tax receipts in coming months. He said the finance team is refining budget classifications and implementing new budgeting software that will improve transparency and reporting.

Regarding the capital bond authorized by voters in the prior election, Ebersol reported the district received a double‑A2 credit rating and strong market demand for the issuance. Bidders provided about nine times the amount of orders sought, producing a blended interest rate around 4.45% and $17 million in premium. Ebersol said those proceeds increase available project funds from $99 million to roughly $115 million after premium allocation; the district will apply $4 million of bond‑redemption reserve toward the new debt and hold another $4 million as a reserve.

Board members asked for follow‑up on where the additional premium and project priorities will be allocated and for clearer three‑year budget planning tied to the change in assessed value of tax increment financing areas in 2029. Ebersol said staff will return with more detail and provide financial tables in a larger, more usable print format for the board packet.

No vote was required; the board discussed next steps for prioritizing bond projects and aligning them with budget planning.