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School board reviews multiyear facility plan; Stifel adviser says levy could fall while funding prioritized projects
Summary
District staff and financial adviser Matt Shoemaker (Stifel) presented a multiyear facility improvement plan and bond strategy that the board says could fund projects over the next decade while lowering the levy from the current level, with a large projected funding need around 2034.
The Whitley County Consolidated Schools Board of Trustees heard a presentation on a multiyear facility improvement plan and a proposed short-term bond schedule intended to fund prioritized capital projects while aiming to reduce the district's levy.
Matt Shoemaker of Stifel told trustees, “In 2026, your current debt service levy for this budget year is about $10,700,000,” and outlined a plan of bond issues (’26, ’28, ’30-’32) that could fund projects over the next decade. Shoemaker said the levy target moving forward "could be as low as $9,275,000," and highlighted a major projected capital need around 2034 of roughly $36,000,000. He said the schedule is designed to preserve flexibility and avoid a sudden tax spike by staggering issues and payoffs.
Todd Fleetwood framed the plan as a long-range roadmap for prioritizing projects, timing and estimated budget numbers, stressing the document is a planning tool rather than a firm commitment to every item. Fleetwood noted the district added two in-house maintenance technicians in recent years and said those positions generated savings on recent projects: “They saved us about 250,000 renovating that building by themselves, and then they also saved us, another 200,000 of demo, on the CTU Building.”
Board members asked about timing and the two-year planning horizon; Fleetwood explained that a bond issued in one year typically funds projects over the next two years (for example, a 2026 bond would fund 2027-28 work). Fleetwood also summarized recent debt payoffs, noting multiple bonds retired in the last 18 months and that only high-school bonds and a 2019 construction bond remain as longer-term obligations.
Shoemaker described Stifel's role as funding adviser: the firm reviews repayment strategies, sets interest-rate assumptions, prices bond issues and helps locate investors, while architects and construction managers produce project scopes and cost estimates. Fleetwood said the district expects to work with bond counsel (Ice Miller) and produce a formal timeline this fall if the board moves forward.
Why it matters: the plan aims to let the district address pending facility needs while limiting the immediate tax burden on taxpayers by timing projects and leveraging bond schedules. If trustees approve moving forward with bond sales and counsel timelines, the board will receive further detail on the specific projects, schedules and any measures the district would place before voters.
