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DTSD Webinars: Yes.

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DTSD Webinars: good evening, and welcome to the September 23rd Finance Committee for Dairy Township School Board.

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DTSD Webinars: We will do a roll call this evening with name and position

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DTSD Webinars: here on the Finance Committee. I will start, and then we'll go to my right. So Mike Rizzo, School Board member

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DTSD Webinars: Stacey Winslow, superintendent, and I did want to take a moment to introduce Mrs. Carol Pitts, who is our interim business manager, and make sure that everybody is aware of who she is and what she looks like, and I'm sure she'll introduce herself when she gets over there.

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DTSD Webinars: Lindsay, True School Board member.

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DTSD Webinars: Jennifer Wren School board. Member Stuart Mccarver, School Board member.

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DTSD Webinars: Carol Pitts, interim business manager.

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DTSD Webinars: Mindy Bell, assistant business manager, Michelle Leche Board secretary.

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DTSD Webinars: Okay, so that's everybody in the room online. Can you please state your name and your affiliation with the Finance Committee?

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Michael Bunn: Hi! It's Mike Bunn, citizen advisor.

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Brian Ostella: Brian Estella, citizen advisor.

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DTSD Webinars: And I believe that is everyone. Then so okay, thank you.

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DTSD Webinars: So as we move to the agenda I would like to get an approval of the summary minutes. From the last meeting.

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DTSD Webinars: and I apologize. I wasn't here. It was august 26th Finance Standing Committee meeting.

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DTSD Webinars: So move storm second Jennifer Renz. Any discussion

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DTSD Webinars: all in favor, say, aye, aye, aye.

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DTSD Webinars: opposed

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DTSD Webinars: motion carries

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DTSD Webinars: tonight. There is no unfinished business for the finance committee, so we will go to item number 5, new business

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DTSD Webinars: and tonight with us we have Louverdelli and team from raymond James to discuss elementary financing going forward, and he will present his presentation.

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DTSD Webinars: Thank you. Good evening. Introduce the team real quick also with Raymond. James is Olivia Lassic and Scott Shear is here as your financial advisor from PFM.

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DTSD Webinars: We wanted to give you a brief update based on, I believe, the latest 2 versions of the options that you're looking at in terms of the building project. So Dr. Winslow had reached out to me a couple of weeks ago, and

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DTSD Webinars: Inquired in terms of when the next financing was that we were talking about, according to the original plan that we had reviewed with all of you pretty extensively over a year ago. When you made that decision to borrow the 15 million that we did not quite a year ago in October.

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DTSD Webinars: So what we wanted to do was really just update that plan. Obviously the timeline seems to be changing just a little bit on your project compared to the assumptions that we were making a year ago. So we've adjusted that the number that we're solving for right now.

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DTSD Webinars: I think all of you remember, we had always really just picked a number to show you scenarios of potential impacts of these borrowings. That number that we had been using was 100 million dollars. So these 2 options that Dr. Winslow sent to me really, what we ran was the low end and the high end. So you can really kind of see the parameters of that in terms of what the impact would be of borrowing for project costs that size.

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DTSD Webinars: So we have handouts similar to what we've shown you before. And so just by way of the update that we always like to provide to you in terms of what's happening with interest rates in the bond market. I'm sure everybody heard all the coverage last week about the decision that the fed made to lower short term interest rates by half of half of a percent. The bond markets had really

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DTSD Webinars: bake that in, and that assumption that rates were going to be lowered by 50 basis points. So our rates had really adjusted over the last 2 months, and had come down in advance of that, so much so that over the course of the last 3 or 4 business days since the fed made its announcement.

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DTSD Webinars: Interest rates have not moved one bit in terms of the municipal bond market, and actually in the Us. Treasury market interest rates are up about 7 basis points since the fed made their announcement on Wednesday. So

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DTSD Webinars: in terms of this chart on page 2,

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DTSD Webinars: we continue to be at very attractive levels in in the municipal bond market we have a lot of clients that have been borrowing new money recently, and 20 year fixed rates right now would be about 3 and a half percent. So continues to be an attractive time

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DTSD Webinars: in the markets. The expectation is that the Fed's probably going to continue to lower short term rates

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DTSD Webinars: November, December, and probably 3 or 4 times in 2025. So, as we think about the schedule that we have laid out for potentially the next borrowing, sometime in 2025

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DTSD Webinars: that might work out well. Interest rates might even be lower than where they are today.

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DTSD Webinars: So that's just a quick update for you. There.

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DTSD Webinars: quick refresher. Just since we've now moved into a new fiscal year, we always like to update your debt. Summary. So on page 3, this is the summary

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DTSD Webinars: of the school districts outstanding loans again, as another year has turned. We're getting very close to many of these existing loans, making their final payment. For instance, in Column 5. When you look at the the 2019 seas, this year will be the last payment on that issue. So we've been paying down debt pretty aggressively as we've talked about

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DTSD Webinars: over in Column 9. We do have your debt service structured in a level manner for the next few years. But again, you can see, we're getting closer to that drop off of the existing debt. Dropping to a lower rate. And when you look in Column 8, that new issue that we did last year, the 15 million

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DTSD Webinars: series of 23, you can see, just as a reminder, we had structured those payments and column 8 to wrap around those higher existing payments, so that we eventually would end up with

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DTSD Webinars: very level payments in terms of the annual debt service being about the same amount each year as we move out in time. As you finance the potential projects. Thank you, Mr. Verdelli. Can I interrupt for just a second? I'm so sorry.

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DTSD Webinars: Mr. Nicholson, are you able to forward the slides by any chance. Just so

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DTSD Webinars: people watching can see that are online.

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Michael Bunn: So we we actually, I have them.

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DTSD Webinars: Oh, you do. Okay.

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Michael Bunn: Yeah, they were in the agenda manager today.

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DTSD Webinars: I also just

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DTSD Webinars: we're on 3. I just wanted to make sure that anybody who goes back and watches can follow along, too. I'm sorry.

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DTSD Webinars: Thank you. Sure. Sorry, Mr. Verdelli. No, no problem.

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DTSD Webinars: So that's the update on the debt. Summary

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DTSD Webinars: page 4 is where we just net out the little bit of state reimbursement you get towards those payments. So when we look at over on the far right column 18, there you see that run rate, the net payments that the district makes is just under 4.7 million dollars per year. And so you'll see in these next structures. That's really kind of what what the assumption is is that is in place versus

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DTSD Webinars: what we have talked about in terms of generating the revenue necessary to cover that existing debt service, plus additional additional borrowings that would increase the debt service above that.

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DTSD Webinars: So a page that should look familiar to all of you is then page 5.

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DTSD Webinars: This is the millage study that we were working on

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DTSD Webinars: last year, where, across the top, we were solving for 100 million dollars of new borrowing. So now, up in the title box, you can see we're solving for 117,500,000 being the low end of the updated options that you've received from your architect.

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DTSD Webinars: So what we've done the other change is, when I talked to Dr. Winslow a couple a couple of weeks ago

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DTSD Webinars: the original plan had called for us, borrowing money in 2023,

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DTSD Webinars: 2024, 2025.

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DTSD Webinars: In that order

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DTSD Webinars: given where you are at given that we haven't really spent any of the money. From the 2023 issue.

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DTSD Webinars: I had said. There's really no rush to be looking at another borrowing now until you are comfortable with your project until you've selected the the option that you're ready to pursue until you know the timeline a little bit better in terms of when you might be actually breaking ground and construction invoices would start to be coming into the business office.

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DTSD Webinars: So

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DTSD Webinars: what we've done is. There's no planned borrowing in 2024. You'll see in the green or mint column 4

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DTSD Webinars: that we show the next borrowing happening in 2025 we actually have it in the summer of 2025, based on some of the updated schedules that I've seen in terms of your timeline

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DTSD Webinars: that might even be a little bit early in terms of needing to borrow funds, so that could certainly be later in 2025. But again. All of this was always just meant to be a potential plan to show you the potential impact of this project and what the debt service impact would be on your budget.

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DTSD Webinars: So the assumptions that we're making column 4 is, you can see that's about a 31 million dollar issue. We just took the amount, split it over the next 3 years.

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DTSD Webinars: And and basically did equal amounts there in columns 4, 5, and 6.

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DTSD Webinars: So as you go down each one of those columns, 4, 5, and 6. You see, the debt service starts to impact. You have to start making the payments to the bondholders. Once you've borrowed the money, and then we tally all that in Column 7.

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DTSD Webinars: And I think last year we really focused on

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DTSD Webinars: what's the current run rate and potentially. Where would you have to get to? How much higher given these borrowings?

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DTSD Webinars: Would that run rate have to be? And coming up with those revenues to close that gap. So if we just go down column 7,

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DTSD Webinars: you can see where we are.

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DTSD Webinars: For the year ended 2024, which had that small payment. On the 2023 issue, you were about 4.1 million of total debt service moving up to 4.6,

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DTSD Webinars: and then

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DTSD Webinars: 5.4, and you can see, as you go down a couple of years you would have to get to a run rate of about 7.7 million per year

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DTSD Webinars: up from where we are right now.

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DTSD Webinars: So what we were trying to do

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DTSD Webinars: then was, think about, how do we gradually spread that over several budgets to get there.

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DTSD Webinars: The plan that we had reviewed and I think everybody kind of bought into a year ago was that 1.9% tax increase would be needed for 4 consecutive years to get to that run rate on that timeline.

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DTSD Webinars: And so over in Column 12,

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DTSD Webinars: we've highlighted in green. Basically what has already been put in place the 1.9 that was done for the 2023

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DTSD Webinars: year, and then the 1.9 that was just done for this current budget year that we're in now.

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DTSD Webinars: I I think that the takeaway is obviously you're having to borrow more money than the amount that we were solving for a year ago. So column 12, you can see now, is

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DTSD Webinars: 3 additional years of revenue raising would would be needed to get to this run rate.

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DTSD Webinars: Now again, the big assumption in Column 8.

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DTSD Webinars: We've not assumed any growth in the value of a mill. We've done this conservatively. We've talked a year ago that there may be other revenues that are increasing in the district, whether it's earned income tax.

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DTSD Webinars: whether it's additional

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DTSD Webinars: property tax that's coming from new projects coming online that are here in the school district, that this really was just a guidepost to be thinking about what the potential really the maximum would be needed, and that hopefully

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DTSD Webinars: we would be able to bring that in under that, if revenues are being generated just from kind of organic growth

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DTSD Webinars: here rather than having to do each of those tax increases.

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DTSD Webinars: So this really just shows you, I think, on the 1 17 amount

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DTSD Webinars: that

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DTSD Webinars: you'd be looking at 3 additional years at about 1.7 per year. I'll point out over in column 14,

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DTSD Webinars: with the timeline slowing down on the borrowings.

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DTSD Webinars: and since the 2 revenue increases were put in place last year. And now this current budget we kind of get a little bit ahead of schedule, which is sometimes good that the revenues are coming in, even though all the debt service is not there yet. So you end up with those positive balances over in column 14

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DTSD Webinars: that a year ago we were talking about as that money comes in. If you take it, put it aside in a capital projects fund. We can use that towards the project which can either reduce the total amount that we borrow, and some of these borrowings could be lower. It can be used if you needed to, to make a 1st Debt service payment. If there was a tough budget year and you had to

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DTSD Webinars: figure out how to pay the debt service. You can have that pot of money available to use for that purpose. So column 14 is important. I think you can see there's some

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DTSD Webinars: some nice cushion that would develop if you followed column 12 in terms of those types of increases

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DTSD Webinars: raising more revenue versus the debt service that would actually be online. But I think the big takeaway for you to think about is on the 1 17 you have to get from where we are now to annual debt service of about 7.7 million.

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DTSD Webinars: We've assumed current interest rates again on all this. Of course, if interest rates are lower when we start to do all this, all these numbers would look better, and those debt service amounts would be less.

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DTSD Webinars: Okay.

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DTSD Webinars: Any questions before I move from that.

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DTSD Webinars: So, Lou, if I may. This is Lindsay Drew. I just want to clarify just for the purpose of discussion is

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DTSD Webinars: when you say an additional 3 years. We had already been anticipating on a total of 4 years of increments. So this is really just one additional year, right?

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DTSD Webinars: With lower amounts that you're projecting out per year. That would be needed because we were looking at 4 years of 1.9. That's correct. Okay, yes. Yep.

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DTSD Webinars: So if we turn to page 6.

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DTSD Webinars: I'm sorry. Yeah. Page 6 on our clicker. Looks like you're there. Thank you.

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DTSD Webinars: Across the top. This is now solving for what was the high end on those estimates of 130 million.

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DTSD Webinars: So all we have done in columns 4, 5, and 6. We are on the same timeline, but we've increased each one of those borrowings.

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DTSD Webinars: So the takeaway there column 7 where we were just saying you would have to get up to a run rate of the 7.7 million per year.

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DTSD Webinars: I'm sorry 7.3 million per year. Here you have to get up to a run rate of about 8.5 million per year.

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DTSD Webinars: and then if you slide over to Column 12

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DTSD Webinars: to get there, you would need larger annual increases. Those 3 years in yellow. You can see about 2.3%

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DTSD Webinars: each year

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DTSD Webinars: to fund getting to a run rate of 8.5 million. Again. Column 14. You'd be generating some pretty significant surpluses that again could be used, as as we mentioned, towards reducing the borrowing.

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DTSD Webinars: So that's kind of both ends of the spectrum.

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DTSD Webinars: And then the single sheet of paper that we just passed out

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DTSD Webinars: was another option that Dr. Winslow asked us to take a look at.

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DTSD Webinars: And

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DTSD Webinars: it's basically applying about 10 million dollars of capital reserve funds, funds that you would have on hand

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DTSD Webinars: and saying, What's the impact of doing that? And so the way we applied that which is the norm is, we took it off the final borrowing.

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DTSD Webinars: So the only difference is, column 6. We took the 117 scenario. One

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DTSD Webinars: assumed you'd have 10 million dollars that you would put towards your project of your own cash, so we can reduce the final borrowing out in 2027. So you see, that amount goes down. And now our our run rate

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DTSD Webinars: is a little bit lower.

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DTSD Webinars: so that over in column 12,

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DTSD Webinars: those increases, of course, get down to a lower number about 1.3%

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DTSD Webinars: for the next 3 years versus the 1.7.

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DTSD Webinars: That's a lot of numbers.

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Michael Bunn: Okay.

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DTSD Webinars: You know, this is really just a continuation of the discussions we've had before, again, a lot of variables in terms of timing.

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DTSD Webinars: But I think this gives you some idea of the impact

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DTSD Webinars: of your current estimates versus what we were looking at about a year ago.

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Michael Bunn: Lou, this is Mike Bond. Just a question. So in the in that 3rd example, where you're applying the the scenario of 10 million to the final borrowing. Is that

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Michael Bunn: is there some conventional logic to that? Or this assumption that you you have built into this model?

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DTSD Webinars: Sure good question, and a lot of it revolves around maintaining the district's triple a credit rating.

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DTSD Webinars: So one of the things that we talked about a year ago was, that's really important, because that rating has a direct correlation to the interest rate that we borrow this money at.

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DTSD Webinars: So if we can keep the reserve numbers higher each year. When we talk to the rating

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DTSD Webinars: agency to get the rating updated before we do the borrowing, they're going to ask for an update on all the financials, and they look very closely and getting that trip away. One of the heaviest weighted things is, what are your fund balances and reserves.

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DTSD Webinars: So if we can keep those higher

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DTSD Webinars: while we're doing the initial borrowings

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DTSD Webinars: that's going to translate to a lower interest rate on each of those borrowings, so we'd rather keep the cash around and have it on hand to help bolster the credit rating

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DTSD Webinars: as we go through those 1st borrowings, and then when we get to the last one.

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DTSD Webinars: if we say, Well, now, we're applying some of this cash. Of course those reserve levels are going to go down.

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DTSD Webinars: Maybe that impacts the credit rating. But at that point it's impacting a smaller borrowing. So that's that's typically Mike, the strategy that we use when we have multiple

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DTSD Webinars: borrowing spread over several years is put the cash in at the end.

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Michael Bunn: Got it. Thank you.

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Michael Bunn: Sure.

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DTSD Webinars: This is Lindsey Drew, and I think.

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DTSD Webinars: thank you for these scenarios.

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DTSD Webinars: the looking at the one that takes into account the cash using the cash reserves, and the timing of that, I think, is important, because we've always planned for having cash reserve balances, and we have a committed line item in the general fund directly for that we also would be able to hold on to cash. And while we're in this interest rate environment for the time being, you know, yielding

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DTSD Webinars: interest on on those balances. Can you speak at all to kind of long term planning, and

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DTSD Webinars: what our borrowing base is, what our capacity really is, you know, looking at it because

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DTSD Webinars: our debt service doesn't really peak until 2029, which we've planned thoughtfully, for I think in the structure of the debt we have to date, and so the the only debt we would really have by that time is relative to a new building.

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DTSD Webinars: But looking ahead 10 or 15 years to other large capital needs that we would have with the other buildings in the district.

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DTSD Webinars: would this pose any limitations kind of like. Where's our Max out of

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DTSD Webinars: knowing that the way

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DTSD Webinars: school funding is currently set up. Our only avenue for

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DTSD Webinars: increasing revenue in a meaningful way is through property tax increases and trying to be mindful and planning for that, you know. What does it look like? Years down the road? Yeah, it's a good, a good question. And so one thing we always remind everyone on that question is the state formula.

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DTSD Webinars: the way that borrowing capacity is calculated. They take your most recent 3 years of revenue

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DTSD Webinars: what they were. You take the average of that, and you multiply it by 225%.

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DTSD Webinars: So we know historically, the total revenues of the district are usually increasing by 2, 3% every single year, so that calculation is always getting to be a bigger number. As the

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DTSD Webinars: revenues are really growing to offset the expenses of of the budget. So you have growth on that side coupled with, even though we're talking about these structures being wraparounds at some point.

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DTSD Webinars: Pretty soon you start paying down principal on those new issues, as all the other existing debt will have been paid off by then. And so your debt.

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DTSD Webinars: outstanding debt that we subtract from the bar the borrowing capacity number that's going to be going down. So really, if nothing changes in terms, say you don't borrow anything. In the next 5 years

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DTSD Webinars: your borrowing capacity will slowly grow because your revenues are going up, and you're slowly paying down your debt.

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DTSD Webinars: So

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DTSD Webinars: you ask a good question, because, of course, there's probably other needs. 5 or 10 years down the road.

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DTSD Webinars: you should have additional borrowing capacity to deal with that. But of course, as we talked about a year ago.

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DTSD Webinars: you know, this very, very large borrowing will eat up a lot of that capacity as these next couple of issues are implemented.

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DTSD Webinars: And what's the effect on our credit rating from that perspective? Just as a I know.

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DTSD Webinars: given where we are, with the credit rating.

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DTSD Webinars: Even a, you know, significant or bit of a decline is not going to be

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DTSD Webinars: terribly consequential from the interest rate perspective compared to, you know, other districts. But just curious on, you know. What would we anticipate, even with the

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DTSD Webinars: the best planning and fiscal responsibility. Right? So we're at triple a as high as we can be.

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DTSD Webinars: The discussion that we had a year ago with S. And P. Was. They were asking about this plan and this project, and how much debt was going to be incurred. And they did raise a red flag and said, okay, everything else, the economy, the tax base.

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DTSD Webinars: all looks good and is growing. Financial performance is good. But anytime that you add that amount of debt

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DTSD Webinars: that becomes a little bit of a red flag for them. So they express that that, you know, as these borrowings are implemented, we could see a 1 notch downgrade.

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DTSD Webinars: I think it's

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DTSD Webinars: possible. I think it's really 50 50 that it would happen, because I think, as other things are growing here in our school district, and the tax base is growing and earned. Income tax seems to be performing very well

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DTSD Webinars: that that could be an offset, but I wouldn't stand here and say, I can guarantee you we're not going to get a downgrade when we look at these amounts of borrowings. I think there could be a 50 50 chance. And then the question is, Well, what does that cost us? We typically in this interest rate environment. When rates are really low.

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DTSD Webinars: it might cost 10 or 15 basis points if we were one notch lower. So not dramatic. When we're talking about borrowing money today would be 3 and a half. So maybe it's a 3, 65

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DTSD Webinars: would be the borrowing cost. So

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DTSD Webinars: some impact. And that's something that we have seen. Certainly between Scott's firm and our firm working with a hundred school districts across this State. The people that are doing construction projects are in your exact same situation, looking at large borrowings

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DTSD Webinars: and the rating agencies at some places are saying, you know what that that amount of borrowing versus that tax base. We think we need to lower them one notch. And so we have seen some downgrades.

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DTSD Webinars: So would you or Scott have an opinion about I know. Typically, they say 10% of your budget

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DTSD Webinars: is what would be

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DTSD Webinars: you know, a target number to keep your debt service underneath. And so, even at the Max amount of 130 million.

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DTSD Webinars: You know the debt service topping out about 8.5 million.

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DTSD Webinars: I would think by that time we're going to be pretty close to about 85 million

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DTSD Webinars: if we continue trending revenue wise, you know where we are today, so it shouldn't exceed too much. I guess I'm trying to find a place that's comfortable of as we look ahead as a board and make a decision and start looking in the schematic design process and doing all those setting thresholds. For what is our Max, and what do we need to

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DTSD Webinars: direct

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DTSD Webinars: the Administration and the architects to to stay within? Right right and I'll let Scott give his opinion, too.

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DTSD Webinars: In all the years when you talk to rating analysts, they always say, Well, it depends on your question, because we've asked. That, you know. Is it 10%? If you're trip? If you want to keep a trip away, is it something lower? 8%, a little bit less they will all say it depends on other things like, you know, the tax base and the economy and the financial reserves of of a district, and the Administration's budgeting skills and keeping the board up to date all those types of things.

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DTSD Webinars: But I would say

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DTSD Webinars: 10% is probably a good number to think about

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DTSD Webinars: you know, as you, we probably don't have too many clients that we deal with

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DTSD Webinars: that are over that 10% number. I mean, some might be

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DTSD Webinars: down in the real high growth parts of our State where they've had to build some schools pretty rapidly, and they've borrowed a bunch of money, and they might be over 10% of the budget. You have any thoughts, Scott. I think that you summed it up. Well, Lou, I mean.

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DTSD Webinars: yeah, there's so many variables. And, like Lou said, we ask that question all the time, and it always what depends on all the other factors? Probably the best thing that we could do is just look at some of the other trip ways and and kind of get those

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DTSD Webinars: data points for you. And you say, you know, there's a lot of other things going on a lot of other variables. But Xyz school district.

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DTSD Webinars: they're at 7% or they're at 11. But you can't take all that you know verbatim. You kind of have to take with a grain of salt, because there's a lot of other

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DTSD Webinars: kind of underlying variables for each one of those districts as well. But you know we're happy to kind of do that comparison for you.

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DTSD Webinars: but that's probably a good guide guidepost of it's as good as any. You probably don't want to be pushing over 10%.

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DTSD Webinars: And I'd have to imagine that

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DTSD Webinars: the increased cost of building is obviously not something that's unique to to our situation. And the numbers that we're looking at to build a building now are significantly higher than they were before, because of the cost of

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DTSD Webinars: inflation and and

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DTSD Webinars: and building these days. So I'm sure

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DTSD Webinars: the models start to change right and looking at what's doing it, because it's certainly outpacing growth.

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DTSD Webinars: Yeah, the in the rating agencies. They obviously understand that construction cost increases and that people are having to borrow more money than they have more historically here in Pennsylvania, just because these construction costs

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DTSD Webinars: thanks.

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DTSD Webinars: So obviously, we're always happy to update these numbers. You know this this plan. I think we tried to give you a parameter of kind of the low end, and and the high end, and and some options. So of course, if you want to see any other options. But we tried to be consistent with what we showed you a year ago in terms of keeping that annual increase around that 2% number.

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DTSD Webinars: Obviously, to do that, we had to to go out that additional year.

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DTSD Webinars: But hopefully, this, this gives you some guidance on the potential impact.

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DTSD Webinars: And and again, there's other variables. You know, we're not taking into account interest earnings. How much might be generated from these borrowings. But that's kind of a variable, as as interest rates go lower, and we can benefit

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DTSD Webinars: from borrowing at lower amounts. Those interest earnings would also be less so those 2 are kind of a natural hedge. If interest rates go up. Of course you're gonna have more interest earnings to offset the higher. So we didn't take that into account. We tried to keep this simple for you of just showing the borrowings versus the project cost estimates.

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DTSD Webinars: This is Lindsay Drugan. Just one other question I have is,

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DTSD Webinars: The projected millage increase that you have in yellow on all of the charts is appears to be structured to meet the needs based on this timeline for financing and doing the

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DTSD Webinars: 2526, 27 series. If the timeline were to change, if we were to, you know, maybe consolidate that down, and everything was going to be issued by 26,

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DTSD Webinars: we would just increase.

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DTSD Webinars: We would be looking to increase, or maybe stay with the 1.9%.

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DTSD Webinars: I'm just trying to understand. Like, you know, we've been projecting 1.9% for 4 years. So to do 1.9% for the 1st 2 years. And now that we have different numbers to lower that down.

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DTSD Webinars: is there benefit to

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DTSD Webinars: just splitting that evenly over 3 years, or to continue on the path we were on of 1.9%, and then make up any difference in the final year, if needed, because then we would maybe have a better handle from a budget position. The cash that is being used to operate buildings. Now, could that

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DTSD Webinars: revenue be, you know, redirected within the budget to debt service to kind of offset, because this is assuming that 100% of the debt service is going to be provided by a tax increase, not natural growth inside of the general fund. Right? So I think.

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DTSD Webinars: A year ago we had that discussion about

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DTSD Webinars: doing the increases, and if you stick to the plan.

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DTSD Webinars: the money's coming in, and the compounding power of if that increases in place, and then the tax base grows a little bit more.

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DTSD Webinars: You have a little bit more revenue coming in, and so that

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DTSD Webinars: sooner rather than later is what we talked to a lot of our school districts about that have these big multi year plans. Is that getting it in place sooner generates that column. 14

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DTSD Webinars: potential surplus. Now, the reminder obviously is, you have other parts of your budget that are growing, and you're trying to deal with that and manage the the whole overall budget. And maybe that's just not doable at in a certain year, given the other pressures that you have

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DTSD Webinars: pushing. So

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DTSD Webinars: that's where, if you spread it over a couple of more years.

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DTSD Webinars: If you said you wanted to accomplish that, we can always move around that debt service, depending on the timing of when you actually need to borrow the money to pay construction bills so we can

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DTSD Webinars: move that around and and flex it a little bit to meet a longer timeline. But

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DTSD Webinars: you know, to answer, I think specifically, your question is, anytime you get those increases in place sooner.

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DTSD Webinars: There's more power of compounding that it generates more funds that might be able to be used. If you know, if you're disciplined and say those extra funds, we're going to put them towards the project. They're going to be protected, and it's going to reduce the borrowing in the end.

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DTSD Webinars: Thanks. I'm trying to think through it all, because this is a roadmap right for for how we can get there and what we would know we need. And one of the things that I've always found interested, interesting as a School Board member is we make decisions based on well, how are we going to pay for it? Whether it be salaries and benefits? And you know, bargaining unit.

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DTSD Webinars: bargaining, agreement, negotiations, and funding, for you know, various projects, or or something like this. We know at the end of the day what the tax implication could be

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DTSD Webinars: to fund that. But obviously we strive through expense, control and

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DTSD Webinars: you know other prudent

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DTSD Webinars: financial management to not have to do that. And so I think that's an important piece of the conversation. As we're talking with the community through this and kind of laying out what this could look like, that it's not.

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DTSD Webinars: It's not absolutely

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DTSD Webinars: you know what we see on paper. It's

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DTSD Webinars: this could be what's needed right? And that's 1 thing we talked about in a discussion with Dr. Winslow, is that column 12. The variables that can impact that while this, again, is just a roadmap that you referred to it as

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DTSD Webinars: if there's increased revenues.

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DTSD Webinars: whether it's new projects that increase the tax base here, whether it's some adjustment to taxes, whether it's cost savings right

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DTSD Webinars: somewhere else in the district, you know, and we just used a round number of a million dollars. If there was a million dollars of new revenue

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DTSD Webinars: coming in from any of those sources that I just mentioned.

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DTSD Webinars: We can cross off the last box.

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DTSD Webinars: you know, and if that happens in 2027, that would be really good timing, because that would arrive

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DTSD Webinars: right when the debt service is about to hit its peak. So I think that's a variable that we talked about. We all know that there's potential things happening out there here in the school district that could generate those additional revenues. So I think you have to be mindful of that as well. I always try to not take for granted that

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DTSD Webinars: as we sit here and hear this information so often, we understand all the variables that are

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DTSD Webinars: in play. But when a community member and a taxpayer, you know, hears it or read something in the paper about it, and doing that it can translate very differently, you know to what the impact to them and their tax bill is, and so I always like to talk through it, so that then

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DTSD Webinars: I know it well enough to be able to explain it.

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DTSD Webinars: outside of my own head. So thank you. Sure

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DTSD Webinars: any other questions, Scott, did you have anything else you wanted to add.

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DTSD Webinars: Thank you so much, Mr. Verdelli. I'm going to put you on the spot like I did the other day when we were talking, and ask you about the stadium financing, and and what your thoughts are for the district on on paying for that, and I know we had discussion, and I thought your explanation was was excellent.

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DTSD Webinars: but, as everyone is aware, we have a proposal this afternoon or this evening for the Board meeting to approve a proposal for a permanent solution for our stadium, and we're looking at somewhere between 2,000,002.5 million to pay for that stadium.

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DTSD Webinars: and I had asked Mr. Verdeli the other day, like, if you were giving us advice on paying for this, would you do it out of our capital reserve that we've been working on building up, or would you do it out of the bond?

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DTSD Webinars: That we had borrowed last fall, and so sure like him to explain. Okay, yeah, a couple of things. The 1st is that when we did that borrowing a year ago.

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DTSD Webinars: if you recall, we wrote the purpose of issue, of why you were borrowing the money to reference a potential elementary school.

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DTSD Webinars: But it also said other facilities of the district other buildings that the that the district owns. So that was the 1st thing that we looked at was, you have the flexibility, the way that the borrowing was written in terms of what you were going to use that money for, that.

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DTSD Webinars: you know you could use that money to fix something at the high school, or you could use that money for that type of stadium project on on district own property. So you have legal authorization already, and what you've approved the next. Then thing comes down to kind of financially the decision to use that versus some of your cash on hand

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DTSD Webinars: that just reverts to the answer that I gave Mr. Bun in terms of keeping your cash, as we prepare for all of these borrowings, and trying to preserve the highest credit rating we can.

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DTSD Webinars: You have funds on hand.

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DTSD Webinars: you borrowed it.

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DTSD Webinars: The other thing that your bond counsel. If she was here tonight she would like to hear that you're starting to spend that money

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DTSD Webinars: right well, we reminded you, before you borrowed that, that you just had to have reasonable expectations when you borrowed it, that you would spend it within 3 years.

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DTSD Webinars: It would be good to start spending a little bit of it. You have it there so in terms of just starting to spend that money.

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DTSD Webinars: our recommendation would probably be to use. The bond proceeds, that you have rather than the cash you have on hand, Scott. Anything you?

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DTSD Webinars: No, I would say 100% use the the bond issue based on

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DTSD Webinars: all that information. But yeah.

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DTSD Webinars: thank you so much. I really appreciate your your help and advice on that. Sure. Does anybody have any other questions on that piece?

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DTSD Webinars: Thank you. Okay, we'll see you at 7. Okay? And would you like a similar presentation discussion.

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DTSD Webinars: Yeah, that's the plan. Okay, thank you. We'll see you then. Thank you so much. Appreciate it. Thank you, Mr. Rodelli. Mr. Scheer, appreciate it.

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DTSD Webinars: Okay? So now we will move on to

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DTSD Webinars: very brilliantly

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DTSD Webinars: to the next item, which is, item 5 B, the finance report. Ms, Pitts, would you have an update.

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DTSD Webinars: I have a few comments. Here we go. One thing is that Mrs. Bell and I have really been working through our priorities, but one of the things we did prioritize is, we wanted to make sure that you had at least a little bit of information.

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DTSD Webinars: or for July and August. So we've presented that here. And the if you look at the finance report in the in the agenda manager with just those 4 different numbers for the revenue and expenditures for both of those months. That's

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DTSD Webinars: probably the best way to look at it. We did also include the attachments that have some detail. That way. If you're interested in what comprised that revenue, you can take a look through there. I do want to point out one thing is that

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DTSD Webinars: we are still working through things, but we have not been able to post the budget to the software yet. So you will. It will look like we have negative balances. And of course you have approved a budget, and there is a budget. It is just not loaded into the software yet. So we will be working toward having that in the next meeting. Hopefully, we'll be able to reach that. So

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DTSD Webinars: just pointing out, I know when I look at those numbers. The 1st thing I would probably ask is, Well, why is there 6 million dollars of expenditures in August, and only 3 million dollars of expenditures in July.

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DTSD Webinars: and a lot of that has to do with, because that is the beginning of the year, and one of the things you know as an accountant. It just makes total sense to me. But you know, when you're not working with every day, it may not. That is a there's always a delay on when we're paying bills to even include salary. So

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DTSD Webinars: Some of the bills and the teacher salaries that we paid over the summer really were for the previous school year, so they would be recorded in that year. So even though cash may have gone out for those kinds of things, they're not being recorded in July, they would be being recorded in the 2324 school year.

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DTSD Webinars: so that's why the expenditures are looking a little bit lower than July. It's more of a timing issue for the new School year.

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DTSD Webinars: and I do want to touch on a few highlights for the revenues for the 2 months

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DTSD Webinars: of that 5.1 million dollars in revenues in July. The majority of that is in the real estate taxes about 4.5 million in

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DTSD Webinars: in real estate tax collections in July, and since the State has passed their budget, we also started receiving subsidies from the State, so we did receive approximately $250,000 in special Ed subsidy as well.

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DTSD Webinars: and since the end of the discount period is at the end of August, you can see that we have a big jump

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DTSD Webinars: and our revenue collections over 18 million dollars, and the vast majority of that is in the real estate taxes

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DTSD Webinars: about $14,867,000 for the real estate tax collections in August.

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DTSD Webinars: and we also received the basic Ed subsidy in August that usually comes in the even numbered months, and that was around $863,000,

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DTSD Webinars: and we also received the 1st of our 2 real estate tax relief payments, and that payment was about $510,000. And just so, I'll give you a little preview of September. So far

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DTSD Webinars: this month we have collected about 18.3 7 5 million dollars in real estate taxes as well, which puts us, and I'm sure we have another payment, I think, before the end of the month. But that puts us at about 92% of what we had budgeted for real estate taxes.

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DTSD Webinars: So that's that's all the comments I have

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DTSD Webinars: any question for. Ms. Pitts on

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DTSD Webinars: the Finance report.

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DTSD Webinars: Okay.

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DTSD Webinars: we'll move on to item 5 C. October 7th or yeah. October contracts

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DTSD Webinars: any. Do you have any thoughts or comments on that, Miss Pitch.

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DTSD Webinars: Anyone else have any

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DTSD Webinars: comments or discussion on open contracts.

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DTSD Webinars: Okay.

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DTSD Webinars: no questions. Okay? So we'll move to item 6 public comment. I'm assuming that it's the only ones online are the

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DTSD Webinars: citizen advisors. Any questions from the virtual group.

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Michael Bunn: None for me. This is Mike.

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Brian Ostella: And none for me. This is Brian.

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DTSD Webinars: Thank you, Brian. Anyone in the audience like to speak on finance.

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DTSD Webinars: That's shaking. No, so we'll move on to adjournment. We will.

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DTSD Webinars: will be available for the next finance meeting

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DTSD Webinars: in October.

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DTSD Webinars: and we will then continue our discussions.

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DTSD Webinars: Anything else for the

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DTSD Webinars: for the discussion here in Finance Committee.

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DTSD Webinars: Nope.

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DTSD Webinars: could I get a motion to adjourn the finance committee meeting? So move Jennifer Renz.

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DTSD Webinars: second one teacher.

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DTSD Webinars: Any discussion, if if so, all in favor. Say, aye, aye, any opposed meeting is adjourned at 5, 46 pm.

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DTSD Webinars: Thank you.