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District financial advisor outlines $542 million Measure N bond plan, estimates lower-than-expected max tax rate

Elk Grove Unified School District Board of Education · February 4, 2026

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Summary

Elk Grove Unified’s financial advisor presented a Measure N financing plan calling for up to $542 million issued over four series, with estimated net proceeds of roughly $533.45 million and an updated estimated maximum tax levy of about $32.90 per $100,000 of assessed value (pre-election estimate $34). Staff scheduled a sale in late March and said proceeds would be deposited with the county in April.

At the board meeting, Dr. Coates introduced Lori Ranieri of Government Financial Services (a joint powers authority) to present the Measure N bond financing plan and the district’s approach to issuing the first series.

Ranieri said the plan contemplates issuing $542,000,000 in bonds across four series to fund projects approved by voters in 2024. She explained tax-rate mechanics, noting that the county—not the district—sets the annual tax levy based on assessed value, and that the district expects to spread borrowing across multiple series to match expenditure schedules and federal rules on expenditure periods.

Ranieri described the district’s conservative assumptions: anticipated net proceeds of about $533,450,000 after issuance costs, conservative interest-rate budgeting for expected credit profile, and a current estimated maximum tax levy of $32.90 (lower than the pre-election estimate of $34) because the district’s assessed value has grown more than forecasted. She said staff plans a competitive sale process (GFOA-recommended), with a current sale date of March 24 and deposit of proceeds with the county treasury on April 7 if schedule holds.

Trustees asked few questions. Trustees and staff emphasized opportunities for public education about the process and for stakeholders to join market briefings or Q&A sessions prior to the sale. No action was taken; staff said bond-sale results will be presented at a future meeting after the issuance.