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Hickman Mills reports voters approved $20M bond and levy reallocation; district projects multi-year deficits
Summary
At a regular meeting, district staff told the board voters backed a $20 million general obligation bond (Question One, 80.5%) and a 30¢ transfer from the debt-service levy to operating (Question Two, 74.9%). Administrators said those measures will ease a projected deficit but forecast deficits again in 2027–28 and 2028–29.
Cox, a district finance presenter, told the board the district's voters approved two measures on April 7: Question One, a general-obligation bond for about $20 million, carried with 80.5% support, and Question Two, which transfers 30 cents of the 1.10 debt-service levy to the operating levy, passed with 74.9%.
"These measures will not result in an overall tax increase to our homeowners," Cox said, and she said the changes will generate about $1.4 million in additional operating revenue beginning in 2026–27 and about $2 million the following year as the levy reallocation takes effect.
Cox reviewed the month-ended March 31, 2026 financials: year-to-date revenue at about 82.31% of expectations (roughly $75.4 million) and expenditures at about 68.37% (roughly $70.2 million). She told the board the district began deficit spending in the 2022–23 year and that after accounting for planned savings and the newly approved measures the district still expects a deficit of roughly $400,000 in 2027–28 and about $1.9 million in 2028–29 unless additional savings or new revenue are identified.
Board members asked for clarifications about the projections and how the approved measures factored into the multi-year plan; Cox pointed to identified cost-saving items and to the intention to monitor expenditures monthly. "Voters have approved those [measures], so we are anticipating those additional revenues in the budget to be able to help us address and slow down our deficit spending," she said.
The board did not take separate action on the election results here; the financial presentation was followed by questions and discussion and then other agenda items.
