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Cedar Falls board reviews June financials; staff says SAVE property‑tax changes start in 2027 but won’t hit next year’s budget
Summary
The board received a June financial report showing district cash balances across funds and discussed the state SAVE property‑tax legislation that will phase in reductions to per‑student sales‑tax allotments beginning July 1, 2027; staff said current planning and revenue bonds shield the district from immediate impact.
At its July 13 meeting the Cedar Falls Community School District board received a detailed June financial report and discussed how pending state property‑tax legislation (SAVE changes) could affect future budgets.
District finance staff (S3) presented cash balances and fund activity for June, noting general fund revenues of "a little over $4,900,000 with expenditures of $6,500,000" and an ending general fund cash balance of $20,151,562. Staff reported SAVE (local 1¢ sales‑tax) cash investments of $18,645,893, PPEL cash investments of $13,561,132, and enterprise (food service) and activity fund balances; staff highlighted that some of those SAVE and PPEL funds are earmarked for projects such as pool infill work and completion of the natatorium and the Shields Tiger Performance Center.
A board member (S4) asked whether recent SAVE property‑tax legislation would affect the district’s 2027 budget. Staff explained the change is phased beginning July 1, 2027, reducing the per‑student allotment over a multi‑year period through 2032; staff said the district’s budget for next year is not expected to be affected because the phase‑in starts after the 2026–27 fiscal year and because the district uses revenue bonds and planned savings to meet capital obligations. "That starts, actually at 07/01/2027," staff said, and cautioned that the per‑student allocation will decline from the current level over the phase‑in period.
Superintendent (S5) and staff also updated the board on capital‑project timing. Work on the Scheels Tiger Performance Center phase 2 is underway with an occupancy goal of November 2026. Design development for the Pete and Holmes pool projects is in progress; staff estimated that construction documents will take about three months, a board review in October and bidding in November–December with construction beginning in spring 2027.
The board did not take any budgetary action at the meeting; staff said they will continue to model scenarios as the legislation’s implementation dates and allocation rules are clarified.
