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Board hears second-interim budget update; staff flags COP maturing in August 2026
Summary
District finance staff presented the 2nd interim showing improved revenue estimates (presenter said revenue rose from about $28 million to $30 million), maintained an 8% reserve goal and noted a certificate of participation (COP) maturing in August 2026 that the board may choose to pay off or refinance.
District finance staff presented the 2nd interim budget and asked the board to certify a "positive" certification for the district's financial condition. The presenter said projections have increased since the adopted budget and singled out one-time funds and updated local revenues as drivers of the change; staff reported general-fund balances and a plan to keep an 8% reserve.
Staff also advised the board that a COP instrument will mature in August 2026 and presented payoff options and scheduling for a future board discussion. "Went from 28,000,000 to 30,000,000," the presenter said when describing the revised revenue estimate. Board members asked for a follow-up discussion before August about payoff options and cash-position planning.
