January finances and Town Acres bond proceeds reported; board approves finance report
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Summary
Finance staff reported January revenues of $12.83 million driven by property tax receipts and a net fund‑balance increase; staff also reported bond proceeds earmarked for Town Acres construction and routine debt service payments.
Leah Valley, delivering the district’s financial report, told the board that revenues for January totaled $12,828,000, including $4,493,000 in property tax receipts and $1,849,000 in local option sales tax. "For the month of January, property tax revenues received was $4,493,000," Valley said. Expenditures for the month were reported at $8,500,000, producing a net increase in fund balance of $2,808,000 as of Jan. 31.
Valley also briefed the board on deposits to the PEP account and recent bond transactions, noting that after issuance costs the net from bonds for Town Acres totaled $25,550,000 and currently sits in capital projects funds. The report noted that principal and semiannual interest payments were made on 2020 and 2022 general obligation bonds.
Board members asked clarifying questions about procurement timelines for building materials and the larger-than-expected geotechnical work at Town Acres; Joe Barnes confirmed crews used a geotech "raft" to stabilize unsuitable soil and that work was progressing. The board voted to approve the finance report.
The report will be revisited in the district’s upcoming budget meeting, where tuition rates and certain budget details are slated for discussion.