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Richfield board approves $6.49M facilities levy and authorizes planning for up to $9.5M roofing bond
Summary
The Richfield Public Schools board on July 13 approved the district's long-term facilities maintenance (LTFM) budget, authorized inclusion of a $6,485,965 levy (payable 2027), and directed administration to begin planning for a potential $9.5 million bond issue to fund roofing and other large projects.
The Richfield Public Schools board voted July 13 to approve the district's long-term facilities maintenance budget for fiscal years 2027'28 and to include a $6,485,965 LTFM levy (payable in 2027) in levy planning.
A district presenter told the board the LTFM package includes roughly $1.5 million from the LTFM formula allowance, about $970,000 earmarked for roofing projects that exceed $100,000 per site, and roughly $3.9 million earmarked for debt service on previously issued bonds. The presenter said the 10-year plan sets fiscal-year 2028 expenditures at about $3.72 million and amended fiscal-year 2027 expenditures to about $4.66 million to reflect additional roofing needs.
The board also authorized the administration to begin planning for a bond issue of approximately $9.5 million to finance roofing projects that surpass the district's $100,000-per-site threshold. The presenter said preliminary estimates suggest such a bond would cost an average homeowner about $40 per year; the district said it plans to pursue bond refunding opportunities to reduce long-term interest costs and will bring formal intent to issue bonds to the board later.
Board members asked how the levy and bond would be funded and what state aid the district might receive. The presenter explained the state allocates LTFM funds using a per-student formula and that much of the funding is levy-based; Richfield's property-tax base means the district expects little matching state aid. The presenter said proposed levy figures are submitted early in the budgeting cycle so they can be included in September levy preparation and the district's truth-in-taxation hearing in December.
The board approved the LTFM budget and the request to plan a bond by roll-call vote.
What happens next: the administration will include the LTFM levy in levy planning this fall, return a formal bond-authorizing action to the board for consideration later and present more detailed project scopes and cost estimates before any final bond sale.
