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Board hears updated referendum financing and $5M in project savings; staff flags options to reduce levy
Summary
Administrators reported an updated referendum financial plan that reduces the capital ask to $97.5M and estimated a 42¢ tax impact; Vogel Brothers told the board of roughly $5M in end-of-project savings that could be used for levy relief or maintenance.
At the board’s budget update, administration explained an updated financial plan prepared with adviser PTMA that lowers the referendum capital figure from $105 million to $97.5 million and estimates the tax impact at 42¢ per $1,000 of assessed value. "The reason why there's not a significant change, even though the dollar amount goes from 105 to 97,500,000, is other factors like interest rates also change and were adjusted," the administrator said.
Vogel Brothers presented an estimate of approximately $5,000,000 in end-of-project savings related to the middle-school project; staff clarified about $1,500,000 of that amount is unspent contingency the board had previously tracked, while the remainder represents new savings the district can allocate. Administration suggested options for those funds range from returning savings to taxpayers via a lower levy to directing money to district-wide capital maintenance; the board agreed to continue discussion in the coming months and reserve any decisions for the October levy-setting process.
