In August 2022 as part of the budget process, the District estimated the funds necessary to pay the principal and interest due in June of 2023 on outstanding bonds and the bonds planned to be sold later in the fiscal year. The School Board approved this budget for the debt service fund at that time.
During the fall of 2022 interest rates rose more quickly than originally anticipated. The District held a bond sale in December of 2022. With the higher interest rates, the payment due on June 1st 2023 is $1.5 million more than originally estimated. While this amount was not part of the original budget, the district does have the funds available in its debt service fund for the payment and does not need to collect additional funds from taxpayers to make this payment. Resolution 2023-2 asks the Board to increase the budget capacity of the debt service fund by $1.5 million to cover the payment due June 1 2023.
A public hearing on this proposed budget increase (Resolution No. 2023-02) will be held at the regularly scheduled Board Meeting:
Thursday, April 20th at 4:30 pm.
Per Washington State law, public notice of this hearing was published in the Seattle Times on April 1, April 2, April 8 and April 9, 2023.