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Board materials show $19.8 million in bonds to match BEST grant funding for school projects
Summary
Notes describe the district's general obligation bonds used to provide matching funds for a State BEST grant (about $3.7 million) and include a bond repayment schedule extending through 2046.
Notes to the financial statements describe long-term borrowing used to support school construction and improvements. Management reports the district issued general obligation bonds that provide the matching requirement for the State of Colorado Building Excellent Schools Today (BEST) grant program; the transcript lists the BEST grant amount at $3,699,809 and bond proceeds of $19,800,000 tied to the project.
The notes describe the bond repayment schedule and list outstanding general obligation debt of $21,420,000 after scheduled repayments; the bond-payment-to-maturity schedule in the notes shows principal and interest requirements through 2046. The district's capital-asset section also notes construction-in-progress and capital additions during the year that increased capital assets to $41,358,682.
Why it matters: the bond series and associated BEST grant underpin current construction and capital-improvement spending; debt-service obligations affect future debt capacity and the tax levy needed to support repayment.
Board members and financial staff will weigh the timing of principal and interest payments, debt-service fund balances and ongoing capital needs in upcoming meetings and budget decisions.
