Mahtomedi Public Schools — Transcript
Monday, December 15, 2025
Educator Recognition: Ann Gary
Student Representative Report
Superintendent's Report
Truth and Taxation Presentation and Hearing
Resolution to Issue General Obligation School Building Bond Series 2026A
Votes (3)
Approval of Donations and Grants for October and November 2025
Moved by Director Peterson [Timestamp] · Seconded by Director Domen [Timestamp]
The board considered approving donations and grants received in October and November 2025, totaling $36,961.24 and $100,734.13 respectively. These funds are designated to further the district's mission and adhere to donor wishes, indicating community support for the district's activities.
Truth and Taxation Presentation and Hearing
Moved by Director Domen [Timestamp] · Seconded by Director Witson [Timestamp]
The Director of Finance presented the proposed 2026 tax levy (funding the 2026-2027 school year) and the 2025-2026 fiscal year budget. The presentation detailed levy deadlines, categories of levies, and the significant impact of the voter-approved operating and building bond referendums, which increased the total levy from $17.2 million to $20.4 million. The discussion included a comparison of tax impact estimates, affirming that the projected $32/month increase for a $500,000 home aligned with earlier referendum communications, despite slight differences in reporting methodologies.
Approval of Resolution Stating Intention to Issue General Obligation School Building Bond Series 2026A
Dissent: Director Drew voiced strong opposition to splitting the bond issue, advocating for a single, immediate issuance due to concerns about future market volatility and risk.
Moved by Director Ryan [Timestamp] · Seconded by Director Peterson [Timestamp]
Jody Zesba from Ellers presented a plan to issue the voter-approved school building bonds, recommending splitting the $28.5 million authority into two issues ($14 million early 2026, remainder in 2027). This strategy is projected to save taxpayers about $500,000 in interest costs and provides flexibility to respond to future market conditions and actual project costs. The board debated the risk of market volatility with a split issue versus the certainty of a single, immediate issuance. Ultimately, the board approved the resolution with the flexibility for a split issue and decided to delay the bond sale from January 5th to later in the week to allow market conditions to stabilize, requiring a special meeting for the award ratification.
Notable Quotes (5)
With passage of the operating referendum, the board has reduced levies, as we've talked about before. And so when we look at what those reductions in levies do, when we look at a $500,000 residence, it's approximately just under $100 of tax relief, direct tax relief. So $97 to be exact.
So it is actually what we said was going to happen did happen.
Overall with a split issue, you're not issuing that entire authority and you're not paying interest on that entire authority right off the bat. So we are um estimating the savings with that split issue uh in interest cost to your taxpayers at about $500,000.
I am of the opinion that if we can hit our financial targets within the range we told her by we told our uh our taxpayers that we should issue one um do it once because we know we can pay for it. I think no one in this room knows what will happen tomorrow with interest rates and I'm unwilling to risk a lot of downside for a potential amount of limited amount of upside.
I don't necessarily view it as necessarily playing the market. I think that in my in my opinion splitting into two issues. Um we're fixing a large chunk of the debt right away. We're we als we also have flexibility to respond to we don't even have project costs in. You know, we might get a screaming bid on project costs and not have to borrow 20, might have to borrow 26 million.
Ordinances & Resolutions (13)
Foundational document whose bullet points are reflected in Ann Gary's teaching.
District-level plan that Ann Gary's classroom activities are said to reflect, and on which she serves on a committee.
A high school publication where the student representative's article will be published.
A publication distributed to community members about educational offerings.
A voter-approved measure to generate approximately $2 million for the district to cover inflationary costs.
An existing voter-approved levy primarily dedicated to technology.
A voter-approved measure to fund safety and security upgrades, HVAC improvements, and other facility renovations across the district.
A document from Ellers summarizing the proposed bond issue timing and financial schedules.
A schedule indicating when bond funds will be needed for construction projects.
A document to be distributed to underwriters in advance of the bond sale.
The formal document authorizing the sale of bonds for voter-approved projects, including specific parameters for interest rates.
A Bond Buyer Index chart used to illustrate the historical trend and volatility of municipal bond interest rates.
The Association of Metropolitan School Districts' legislative priorities, presented to the board.