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Monrovia Unified board adopts refunding and new bond resolutions and accepts unaudited actuals
Summary
Trustees approved a $15M not-to-exceed refunding bond resolution, authorized a series B general-obligation sale not to exceed $22M, and accepted unaudited FY24-25 actuals showing an unrestricted ending fund balance of about $17.5M and restricted funds of about $10.7M; all votes were unanimous.
The Monrovia Unified Board of Education voted unanimously on multiple fiscal items, adopting a refunding resolution, authorizing a new general-obligation bond series, and approving unaudited fiscal statements for the 2024-25 year.
The board adopted Resolution 25-26-03 to authorize the issuance and sale of one or more series of the district's 2025 general obligation refunding bonds in an aggregate principal amount not to exceed $15,000,000. District advisors said refinancing shortens maturities and should result in interest savings for taxpayers; the district will publish the final savings once the refinancing is completed. "We have better interest rates than when it was refinanced earlier, and so this is a savings to our taxpayers," a district advisor said during the discussion.
The board also adopted Resolution 25-26-04 authorizing sale of series B bonds not to exceed $22,000,000. Trustees emphasized that priorities for the next bond draw will emphasize safety and required maintenance and that a full, CIF-compliant 50m aquatic facility with soft costs could exceed the $22,000,000 authorization if not carefully scoped.
Director of Fiscal Services Glenda Herrera presented the unaudited actuals for FY 2024-25. Herrera reported an unrestricted ending fund balance of approximately $17,500,000 (including a board-approved $6,000,000 commitment to protect against fiscal risk and a required 3% reserve of about $2.8M) and restricted funds totaling about $10,700,000 (including a carryover for expanded learning and Educator Effectiveness funds). Herrera noted most district revenue (about 70%) derives from the Local Control Funding Formula and other state sources.
The board approved sending the unaudited actuals to the county office of education and asked staff to provide clear, public documentation of what the first bond draw funded and to post the updated cost lists for transparency. All fiscal motions passed by roll call, 5-0.
Trustees said they will return with more detailed projections before any large capital decision is finalized.
