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District projects healthy reserves, details $388,000 Health Life Safety work and capital plan
Summary
Assistant Superintendent Jeremy Davis presented five-year projections showing projected year-end fund balances of $30.1M to $37.9M and outlined capital needs including Phase 2 construction, Oak Terrace upgrades and $388,000 in Health Life Safety work; he noted $11M in expected federal geothermal tax-credit reimbursements over four years and identified risks to the forecast.
Jeremy Davis, Assistant Superintendent for Operations & Finance, presented the district’s five-year financial projections and capital plan at the Oct. 14 Committee of the Whole meeting.
Davis said the projections use conservative revenue assumptions — CPI-U estimated at 2.5% for fiscal year 2025 and 2.0% for fiscal years 2026–28 — and factor in an estimated $11 million in federal reimbursements tied to geothermal energy tax credits expected over the next four years. He told the board projected year-end fund balances through fiscal 2031 range between $30.1 million and $37.9 million, all above the board policy 25% fund-balance target.
On capital needs, Davis identified remaining Phase 2 construction work, upgrades at Oak Terrace, ADA playground enhancements and ten-year Health Life Safety projects at Elm Place, Red Oak, Green Bay and Oak Terrace totaling $388,000. He warned of risks that could affect the forecasts, including inflation, construction overruns, loss of tax credits and potential phase-three development costs.
Davis said the administration recommends a tentative levy increase to ensure funds are available to complete Phase 2 construction while maintaining the 25% reserve requirement; the formal levy presentation and public hearing are scheduled for the Nov. 18 regular board meeting.
