Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
First interim report approved; adviser says district's bond management has saved taxpayers millions
Summary
Trustees approved the 2025–26 first interim financial report after staff presented updated enrollment forecasts and a modest downward adjustment to near‑term property‑tax growth. Bond adviser Chris Hyatt reported the district's AAA rating and said earlier bond programs came in significantly below initial cost estimates, producing taxpayer savings.
The San Mateo‑Foster City School District board approved its 2025–26 first interim financial report on Dec. 11 after staff outlined revenue assumptions and multiyear projections.
District finance staff said they revised the 2026–27 property tax growth assumption down from 5% to 4% after updated information from the assessor, and presented enrollment forecasts showing a conservative decline of about 400 students over the next two years before projected recovery. Staff emphasized those forecasts will inform staffing and longer‑range budgeting.
Following the finance presentation, Chris Hyatt of Keegan, the district's financial adviser, briefed the board on recent bond activity and ratings. Hyatt said the district has maintained a AAA rating from Moody’s and that earlier bond programs (Measure X in 2015 and Measure T in 2020) have delivered costs well below original voter estimates. "We estimate that in total, we'll end up saving about a $120,000,000, less than what we had estimated to voters back in 2020," Hyatt said of the Measure T program's projected final costs.
Trustees thanked staff and the finance team and asked for additional detail on parcel tax planning, enrollment projections by site and the timeline for returning further analysis; staff said a follow‑up report is expected in January. The board then moved and approved the interim report by voice vote.
Next steps: staff will return in January with the audited figures and more detailed enrollment and parcel tax planning so trustees can consider any budget adjustments ahead of next year's planning cycle.
