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Finance briefing: Normandy’s reserves, ESSER 3 funds and a potential $35–40M bond discussed
Summary
District finance staff reported July revenues and expenditures, said overall fund reserves recovered to ~33.9%, reviewed ESSER III spending on capital projects, and flagged a potential $35–40 million no-tax-increase bond that could raise roughly $3 million annually for operations.
Normandy Schools Collaborative finance staff presented a year-to-date financial report showing July revenues of about $8.3 million, expenditures near $3.4 million and fund reserves that recovered to roughly 33.9 percent.
A district financial presenter said the operating levy fund balance stood near 25.8% and that the district received approximately $6.6 million in federal Title-related funds during July. The presenter also warned of short-term delays in some federal funding flows that could reduce cash receipts by several hundred thousand dollars in the near term.
On capital spending, the district noted the use of ESSER III funds for construction and campus projects. The presenter estimated that newly ordered electric buses would cost about $350,000 each — roughly three to four times the cost of a conventional bus — and said the district would need to protect that asset.
Finance staff also raised an early concept for a potential no-tax-increase bond in the $35–40 million range that could increase operating revenues by an estimated $3 million per year if approved by voters. Staff said the district would develop detailed plans and a timetable for a possible April election and that any such proposal would be brought to the board for detailed vetting.
Board members asked for more granularity: school-by-school disaggregation for assessment and budget data, a clearer accounting of how ESSER funds are being spent, and follow-up documents that would allow close review before votes. Administration said auditors would be on site for field work in September and that an audit report is scheduled for later in the fall.
