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Midstate board approves FY27 capital budget, authorizes $7.5 million in borrowing
Summary
The Midstate Technical College Board approved a FY27 capital budget that includes roughly $7.5 million in new borrowings to fund technology, remodeling and campus improvements, including work at the Wisconsin Rapids campus and a potential Stevens Point downtown expansion.
The Midstate Technical College Board of Trustees on March 16 approved the proposed FY27 capital budget and a financing plan that includes $7.5 million in new borrowings to support prioritized equipment, technology and remodeling projects.
The administration presented a high-level capital spending plan and financing analysis prepared with Baird that showed capital allocations concentrated in information technology (about $2.7 million), followed by student services, academics and remodeling. The presentation said planned work includes parking-lot and lighting improvements at the Wisconsin Rapids campus and potential expansion at the Stevens Point downtown site. The administration defined capital as purchases over $5,000 with a useful life of at least two years.
Financial staff told trustees the plan calls for two financings in fiscal 2027: a primary borrowing in July and a second, smaller borrowing around January. The board packet and the presentation showed the staff and adviser expect the financings and projected debt service to keep the district’s debt repayment schedule on track; the analysis presented indicated Midstate’s outstanding debt is low compared with peer technical colleges.
During discussion, trustees asked about funding sources and the use of existing restricted campaign funds; staff said a portion of project costs would use previously raised capital-campaign funds earmarked for the AMTA/meta project. After discussion, the chair of the Finance & Infrastructure Committee moved to approve the FY27 capital budget “as presented”; a trustee seconded the motion and the board adopted it by roll call.
The roll call as read by the clerk included the following recorded votes in favor: Ronson (yes); Terry Wetmore (yes); Brian Zilo (yes); Tom Becker (yes); Buddy Brucey Malik (yes); Kim Johnson (yes); Fargo (yes). The motion carried and the board authorized administration to proceed with the financing plan and project budgeting described in the presentation.
Next steps: administration will finalize financing timing and bring any required implementing documents back to the board as needed.
