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Business services outlines debt schedule, $35.7M capital plan and $7,200-per-employee health benefit
Summary
Executive Director Cara Stacell walked the board through four restricted funds that make up 36% of the district budget, highlighting a 10-year debt principal near $238 million, a preliminary $35.7 million capital budget and a health benefit trust that covers 5,466 lives and pays $7,200 per employee annually.
Cara Stacell, the districts executive director of business services, presented a multi-part budget briefing focused on restricted funds that cannot be used for daily operations: the debt service fund (Fund 30), bond fund (Fund 43), capital projects fund (Fund 40) and the health benefit trust (Fund 72).
Stacell said Fund 30 is used to repay voter-approved general obligation debt and that the districts current levy distribution is $0.73 per $100 of assessed valuation. She summarized long-range amortization projections and stated that, over the next 10 years, the amount of debt principal to be paid off or retired is "a little less than $238,000,000." She said amortization schedules by bond series are posted in the budget document and counsel structures repayment schedules to balance levy impact and principal payments.
On the bond…
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