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Debt service levy increases to $18.7M to cover principal and interest; district levies 105% of P&I
Summary
The proposed Debt Service Fund levy for taxes payable 2025 is $18,717,216 (a 5.55% increase), reflecting the district's requirement to levy 105% of scheduled principal and interest payments and adjustments for Alternative Facilities Bonds (LTFM).
Staff materials show the Debt Service Fund levy would be $18,717,216 for taxes payable in 2025, an increase of $984,862 (5.55%) compared with the 2024 certified levy. The packet explains the district levies 105% of scheduled principal and interest payments; increases reflect scheduled debt service, Alternative Facilities Bonds amounts, and smaller debt excess adjustments.
Exhibit III breaks out the components supporting the levy, including the $16,309,608 levy of 105% of P&I and $3,020,028 for Alternative Facilities Bonds (LTFM). Staff noted total debt costs and prior levy timing changes are drivers of the increase; the materials do not record a formal Board vote in these segments.
