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District staff say 2017 ESIP bond refunding could save roughly $600,000; finance team wins reporting award
Summary
Finance staff told the Board the district’s advisors are monitoring refunding opportunities for the 2017 ESIP bonds and identified a present-value savings of 3.6%—which staff estimated would translate into about $600,000 in savings through 2038—and the finance office received a Certificate of Excellence in financial reporting for 2022–23.
District finance staff reported to the Board that advisors are monitoring opportunities to refund the district’s 2017 energy savings improvement program (ESIP) bonds and that a refunding meeting the district’s threshold for action was available.
"If you get to the point of where you have a present value savings of more than 3% you're kind of obligated to proceed," the finance staff member said, and added the district’s advisors had identified a present-value savings of about 3.6 percent. The staff member described that as a district-level savings of roughly $600,000 through 2038, while cautioning the estimate is present-value savings rather than annual cash savings.
Staff also reported two sponsorship and rental agreements coordinated through Shore District Advertising totaling $3,250 for the month and noted the district’s finance team earned a Certificate of Excellence in Financial Reporting for the 2022–23 audit—the district’s 10th consecutive year receiving that recognition.
Board members asked clarifying questions about the bond refunding and sponsorship revenue; staff said formal resolutions to authorize the refunding would appear on future agendas if advisors recommend proceeding.
No formal vote or resolution on refunding was taken at the meeting.
