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District outlines sinking fund, bond debt plans; sinking fund shows higher expenditures now
Summary
Shaw said a Headley rollback and dedicated mill levies fund the building/sinking fund and 2020 bond debt; some sinking fund projects are moving forward now, producing projected expenditures above near‑term sinking fund revenues.
Superintendent Cassie Shaw described the district’s sinking fund and bond debt plans during the hearing, citing a 0.9987‑mill levy for building and site sinking fund purposes (post‑Headley rollback) and 1.5 mills levied for the 2020 bond debt fund. For the 2020 bond debt fund she reported a beginning balance of $2,428,081, anticipated revenues of $3,738,375 and expenditures of $3,465,550, leaving a projected ending balance of $2,700,906.
Shaw explained the sinking fund shows higher expenditures because the district had delayed some projects while completing bond work and is now progressing with those projects, which increases near‑term spending. "The sinking fund, we have held off on some projects because we've been completing the bond work, and now we are needing to proceed with some of those projects, which is why we are proposing expenditures exceeding that revenue that's coming in," she said.
