Centennial School District finance committee reviews $6.1M in refinancing savings, projects $1M surplus and moves PCCD grant to board

The Centennial School District finance committee met April 16 and received a financial update that included the pricing of the third of three planned bond refinancings, which staff said will save about $630,000 on that transaction and contribute to just over $6,100,000 in combined refinancing savings that reduce annual debt‑service by roughly $450,000.

Director provided the figures and said the refinancings were supported by prior board actions. “We will be saving, upwards of $630,000 through that transaction,” the Director said. He told the committee the three refinancing steps taken since 2024 together will lower debt‑service costs across the term of the bonds.

The committee also reviewed year‑to‑date revenues and expenditures for the nine months ending March 31. Staff said revenues are largely in line with the budget but noted a timing shortfall in state payments earlier in the year; staff expect about $560,000 from Access funding and forecast roughly $1,400,000 in total federal funding for the year, including Title allocations and lingering ESSER balances.

On the expense side, the Director flagged salary and benefit increases and the district’s purchase services line (which includes placement and IU charges) as pressure points. He said the district is currently about 33 placements under budget (21 at the IU and 12 at other placements), which should help contain costs. “Right now, we are looking at a surplus of about 1,000,000 dollars,” the Director said, adding that roughly half of that surplus is driven by revenue and half by expense management.

Staff outlined several budget initiatives intended to narrow the district’s multi‑year deficit: transferring some classes and two IU positions into the district, running RFPs for related services, implementing 0‑based budgeting, expanding access billing, and offering targeted retirement incentives. The Director said two IU positions have accepted district offers and are scheduled to transfer this summer; the RFP for related services returned vendors whose prices were substantially lower than prior IU costs.

Committee members discussed retirement incentives and attrition as a path to savings. One member noted 11 retirements are already confirmed and that a recent survey produced 57 responses indicating interest in an incentive; staff said if about 30 staff accept a targeted incentive, the district could realize significant additional savings. “There would be extremely significant savings,” the committee member said.

Using the committee’s modeled assumptions, staff reported the cumulative effect of the initiatives reduces the projected operating deficit from $7,000,000 to about $3,700,000 over the five‑year planning window, a roughly 3.3% improvement relative to the prior projection.

The committee unanimously approved a resolution to forward informational items and a two‑year PCCD grant of $198,319 (earmarked for safety and security, residency verification and supports for special education) to the full board for final consideration. Chair put the question and members voted in favor.

The committee set a next meeting for May 14 and then adjourned.