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Lee's Summit R‑VII schedules tax‑rate hearing as treasurer details $2M timing bump and bond proceeds
Summary
The finance committee set a Sept. 25 tax‑rate hearing and heard Treasurer Dr. Herzog explain a roughly $2 million revenue timing shift, a recent $45 million bond sale and the district's choice to reinvest maturing funds to lock higher yields.
On Aug. 18, 2025, the Lee's Summit R‑VII finance committee set the tax‑rate hearing for Sept. 25 at 6:30 p.m. and heard Treasurer Dr. Herzog outline recent revenue timing, investment moves and the effect of bond proceeds on the district's portfolio.
Dr. Herzog told the committee staff will present the full tax‑rate materials at the Sept. 25 hearing and that final approval of the rate is expected at the board meeting that evening. "So the date, for that tax rate hearing ... is September 25, so the same day as our board meeting, so at 06:30PM," he said.
Why it matters: the district is still awaiting Jackson County's data to finalize a rate figure. Dr. Herzog said Jackson County supplies late-arriving property‑tax data that can materially affect the tax‑rate calculation.
Revenue and timing: Dr. Herzog said July included roughly $2 million that the district had anticipated in the previous fiscal year but which arrived in FY26 (early‑childhood special education and Title funding). "So that's really the the two main factors of why those particular funds are running a little bit heavy," he said. He added that Special Education Part B funding will arrive later in the fall.
Fund balances and transfers: For July the district did not request a transfer of funds. The treasurer explained that fund‑2 activity was elevated primarily because summer‑school salaries extended into July, producing about $200,000 of additional expense that month. He also noted a positive fund‑2 balance of over $6 million that could reduce the need for transfers in August.
Investments and bonds: Dr. Herzog said the district has sold about $45 million of bonds and has reinvested maturing instruments to capture higher yields. He highlighted a $2 million security that matured Aug. 4 and was reinvested in a treasury yielding 4.23% maturing Aug. 28; the shorter maturity keeps a portion of the portfolio within a 12‑month window to meet the district's near‑term liquidity target. He said the total invested portfolio across funds is roughly $146.44 million after adding bond proceeds.
Next steps: staff will deliver updated tax‑rate materials once Jackson County provides final figures; the public tax‑rate hearing is scheduled for Sept. 25 at 6:30 p.m., immediately prior to that evening's board meeting.
