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Finance staff says refunding 2017 ESIP bonds could yield about $600,000 savings
Summary
Finance staff told the board the district's financial advisors are tracking refunding opportunities for 2017 ESIP bonds and that a refunding with a present value savings above the district threshold could save about $600,000 over the life of the bonds; a resolution will be considered in coming months if criteria are met.
During the Budget & Finance portion of the committee meeting, finance staff reported they are monitoring opportunities to refund the district's 2017 ESIP bonds.
A finance presenter stated that refunding opportunities are pursued when present value savings reach a threshold (noted in the packet as roughly 3%). The presenter reported a present value savings of about 3.6% on the 2017 ESIP bonds and said that would "save us about $600,000 through the year 2038." Staff said that, if the threshold is met, the board will see resolutions on upcoming agendas to proceed with refunding.
Separately, staff congratulated the finance team on receiving the Certificate of Excellence in Financial Reporting for the 2022–23 audit — a recognition the district has earned for multiple years.
No formal refunding resolution was voted at the meeting; staff said further work and formal agenda items will appear in the coming months if advisors recommend moving forward.
