Edina School Board Approves Bond Refinancing to Save Taxpayers Millions
The Edina School Board unanimously approved a plan to refinance existing debt that could save local taxpayers between $5.2 million and $7.7 million, while also ratifying a new two-year contract for paraprofessional staff.
At its September 9 meeting, the Edina School Board moved forward with issuing Series 2024A General Obligation Capital Notes and Facilities Maintenance Bonds, a refinancing strategy designed to take advantage of lower interest rates on debt voters originally approved in 2015.
The refinancing will only proceed if the district can secure a true interest cost of 3.46% or lower. Board Director Elliot Bergman, who made the motion, described the approach as an opportunity to "take your winnings off the table," calling it "a win for our taxpayers." District officials emphasized the move is tax-neutral for the school budget but will provide direct relief to property tax levies.
The board also unanimously approved a new collective bargaining agreement with paraprofessionals represented by the Minnesota School Employees Association. The two-year contract, running through 2026, includes step advancement, retroactive pay to July 1, a $30 monthly increase in health insurance contributions, and two additional paid holidays during spring break. Human Resources Director Sonia Sailor said the agreement "values the important work that our paraprofessionals do" while respecting the district's financial limits. The total package represents a 10.99% increase.
During public comment, resident Laura Lucans raised concerns about a head lice outbreak in the district's summer Kids Club program, particularly at Normandale Elementary. Lucans told the board that treating a family of five can cost over $1,000, calling it an equity issue for many families. "This is simply not feasible for many EPS families," she said. The board took no formal action but referred the matter to the superintendent for follow-up.
In other business, the board reviewed policy updates required by new state legislation, including renaming the "World's Best Workforce" initiative to "Comprehensive Achievement and Civic Readiness." Staff also presented a review of summer programming, noting record participation in youth enrichment activities. Valley View Middle School received recognition for earning a shout-out on CNN 10 for its school culture.
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Full analysis
Votes (3)
Intent to Issue General Obligation Capital Notes and Facilities Maintenance Bonds Series 2024A
Dissent: None
Moved by Elliot Bergman [1:21:56] · Seconded by Karen Gable [1:22:04]
Director Mert Woodard and Jody Zesa (Ehlers) explained that the refunding of 2014 and 2015 bonds is contingent on a true interest cost (TIC) of 3.46% or lower. The move is tax-neutral for the district's budget but provides direct relief to property tax levies.
2024-2026 Collective Bargaining Agreement: MSEA Paraprofessionals
Dissent: None
Moved by Unknown [1:24:57] · Seconded by Unknown [1:25:01]
The agreement includes step advancement, retroactive pay to July 1, 2024, a $30/month increase in health insurance contributions, and two additional paid holidays during spring break to level out income distribution.
Public Comment: Head Lice Mitigation
Dissent: N/A
Moved by N/A · Seconded by N/A
Parent Laura Lucans reported that local lice clinics were 'incredulous' at the number of cases from Edina Kids Club. She urged the board to treat lice not just as a nuisance but as a significant financial and disruptive event for families.
Notable Quotes (3)
The expression that was used in our discussion was 'take your winnings off the table' meaning that we can book now savings of at least 5.2 million... it's a win for our taxpayers.
Our negotiation teams worked collaboratively to reach a settlement that values the important work that our paraprofessionals do and also respects the school board's financial parameters.
Treating a family of five costs over $1,000. This is simply not feasible for many EPS families.
Ordinances & Resolutions (4)
General Obligation Capital Notes and Facilities Maintenance Bonds for refinancing and bus replacement [16:25]
Public participation and community comment guidelines [10:27]
Assessment, Grading, and Reporting policy updated for secondary school GPA clarity [1:11:04]
Labor agreement for paraprofessionals, including a 10.99% package increase [1:24:45]
Source document
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Other Topics from This Document
Public Health Concern: Head Lice Outbreak
Summer 2024 Programming Review
Legislative Policy Alignment
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