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State monitor reports loan repayments, Rosenour sale proceeds and grant opportunities for district
Summary
State monitor Dr. Savio told the board he reviewed audits and the 2025-26 budget, described outstanding borrowings and scheduled repayments (a $6 million 2023-24 loan repaid at $600,000 per year), confirmed Rosenour sale proceeds and a $2.9 million bridge loan were used to close fiscal 2024-25, and said staff are pursuing energy and water infrastructure audits and grants.
Dr. Savio, the state monitor assigned to the district, briefed the board on financial oversight, audit findings and recovery steps taken over the past year. He said he began work in the district on May 20 and reviewed the 2023-24 audit and the 2025-26 approved budget line by line.
The monitor described prior borrowings and repayment plans: a $6 million borrowing from 2023-24 is being repaid at $600,000 per year over 10 years, a condition tied to releasing daily monitoring; he also noted $10 million borrowed in 2024-25 had been arranged in anticipation of Rosenour school proceeds and that the district obtained a delayed state aid payment (described as a $2.9 million bridge loan) that arrived in July and was used to close out the 2024-25 fiscal year and pay back that borrowing.
"You're paying that off at 600,000 per year over 10 years," Dr. Savio said of the earlier borrowing. He outlined other fiscal steps under consideration, including researching a health insurance fund alternative to the state health benefits program and pursuing a water infrastructure grant to seek reimbursements for lead-related plumbing work back to 2016, and said the district was exploring supply contracts for electricity and gas to manage energy costs.
Dr. Savio also said he had asked finance staff multiple questions, that purchase orders were being processed to close the year, and that the district has taken steps to ensure solvency so the monitor can be released once repayments and assurances are in place. Board members did not take new borrowing or repayment votes at the meeting; Dr. Savio said staff would follow up through routine finance committee processes.
