Wayzata board canvasses referendum, approves revised 2025–26 budgets and refunding bond sale that saves $3.1M

The Wayzata Public Schools Board of Education on April 20 formally canvassed the district’s April 14 special election, approved midyear budget revisions and ratified a refunding bond transaction that staff said will lower future debt service by roughly $3.1 million.

Election clerk Amy Guy reported the canvass results to the board: Question 1 passed with about 78% support, Question 2 with roughly 70%, and Question 3 with about 60%. Amy said the district saw an average of about 8,020 voters participate in the special election, representing approximately 16% turnout of registered voters. "We could not have done it without the election judges, county support and extensive communications," Amy said.

The board then heard financial reports and approved the revised 2025–26 budgets for the general fund, food service and community education programs. Jack, the director of finance, told the board that overall revenues and expenditures were tracking close to expectations and that the district’s general‑fund cash on hand was about $52 million as of Feb. 28. He and Jen Welk explained key assumptions behind the revisions, including updated property‑tax receipts, a $4 million increase in special‑education state aid and a downward adjustment in interest income because market yields have declined from last year.

Treasurer and finance staff said those changes increase unrestricted revenue and increase salaries and benefits spending compared with the preliminary budget; the projected unassigned general‑fund balance is expected to move toward about 12.5% of operating expenses by fiscal‑year end.

The board also ratified a refunding bond transaction. Matthew Hammer, the district’s financial adviser, described a voluntary tender of a portion of the district’s 2021A taxable bonds followed by the sale of approximately $32.47 million of tax‑exempt refunding bonds priced at about a 3.2% yield. "The structure and participation produced roughly $3.1 million of net future debt‑service savings after transaction costs," Hammer said. Board members voted to ratify the sale.

As part of facility planning tied to the approved referendum projects, the board authorized purchase of a privately owned lot on Hamill Road for $325,000. Trevor Peterson said the district will allow the current resident to remain on the property under a post‑closing occupancy agreement through Dec. 31, 2026, if needed. The purchase was approved by roll call.

Board members described the financial position as strong and said the combination of stable fund balances, careful forecasting and the refunding savings will help the district implement approved construction and program plans without near‑term cuts. The board approved the revised budgets, ratified the refunding sale and authorized the land purchase in separate roll‑call votes.

What’s next: staff will close the refunding transaction and execute the land sale; building‑project planning and procurements for referendum projects will proceed according to the district’s implementation timetable.