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District plans $3 million short-term borrowing to bridge capital project cash flow
Summary
Officials said invoicing for the 2022 capital improvement work has accelerated and the district plans a $3 million BAN in March as a bridge until July maturities; final bond maturities tied to aid timing are expected June–July 2026.
Mr. Carter told the Board that heavy contractor activity and early invoicing related to the District's capital projects mean funds from the first borrowing will likely be exhausted by April or May. To maintain schedule, Administration proposed a $3 million Bond Anticipation Note (BAN) in March as a short-term bridge, followed by a combined BAN in July covering Phase 1 and the March borrowing, with final bond maturity anticipated in June–July 2026 when aid is expected to arrive.
Mr. Carter said the proposed transactions should not affect the aidability of the projects. He also reviewed the 2025–26 budget-development timeline and rollover assumptions (a starting projection of a 3.39% increase), and discussed timing of future state-aid runs and the Board's role in budget advisory meetings.
