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Santee Board reviews monthly finances, directs staff to pursue GO refunding bonds
Summary
The board received a monthly financial report showing a General Fund cash balance of about $36,383,402 for February and unanimously adopted Resolution No. 2425‑09 directing staff to pursue General Obligation refunding bonds that staff estimated could save roughly $2.7 million.
At its April 1 meeting, the Santee School District Board accepted the monthly financial report for Feb. 1–28, 2025, and heard that the General Fund ended February with approximately $36,383,402 in cash. Assistant Superintendent Dr. Marcia Hamilton told the board the balance was sufficient to meet the district’s financial obligations using internal cash.
Hamilton also presented Resolution No. 2425‑09 directing staff to take steps necessary to pursue issuance of certain General Obligation refunding bonds. She told the board that prior refinancings over the past decade had produced $24 million in taxpayer savings and that refinancing the Series 2015 refunding bonds could yield about $2.7 million in further savings. Member Dianne El‑Hajj moved adoption of the resolution; the motion passed 5‑0.
Board approval directs staff to continue the refunding process, subject to required approvals and market conditions. No specific sale schedule or final savings guarantee was adopted at the meeting.
