001have given. Welcome everybody here tonight. We'll go ahead and stand for the pledge. I pledge allegiance to the flag of the United States of America and to the republic for which it stands. One nation under God, indivisible, with liberty and justice for all. >> Next item on the agenda is our public comment opportunity. We have one signed up to speak for a couple minutes. Mr. Myers, >> won't take that long. >> Okay. >> Thanks for allowing me to speak. I hope you can hear me. Um I [clears throat] I guess there's not going to be a lot of discussion today, but if if you can use the mics, folks at home can hear you. Um just want to reiterate, I reached out to a couple of um board members, haven't had a chance to connect
002with them, talking about the the master plan and the ultimate desire to to to build the new high school. And all I want to reiterate is that as I've mentioned, if if you can assure the taxpayers the the bottom line amount that you'll need for whatever that millillage may result in for the big top and and eventually down the line the high school to keep that number as low as possible. I think I hope people will listen and and understand that that it may be needed but it has to be prioritized. Um, all I can say is you can't have 50 priority ones. And if the new school and the and the big top are the top priorities then and I don't understand that the funding issues, the the the facilities budget and all that.
003I know a lot of money goes through there for the [clears throat] parking lot at Kingston and the roof at the, you know, I guess Hackler. Um, those are large sums of money and and I know maintenance is part of your assigned task, maintain the schools and operate them. Uh, all I want to do is help you all in in in helping the the public, the taxpayers to support what you believe is a priority one. And and and I'll leave it at that. I hope to visit with um a couple of the the school board members at some point. Um, have gun will travel uh where wherever I need to go. I'll be happy to visit with you. I know and and I just found out the other day another member of the school board
004works. Uh Tommy told me he's working. It's Medicare time and all that. I know Scott works. I know you Jason work. Um, you've got a a business and and so it sounds like I know Brad's not here, but he runs a business, one I like very much and you know have have supported over the years. Um, my dogs love the furniture. [laughter] At any rate, um, all I'd like to say is I'd like to be part of the solution as opposed to anything else. Thank you for your time. >> Thanks for sharing. H >> motion to approve the agenda. Make a motion we approve the agenda. >> Second. >> Motion and second. Any discussion? All those in favor? It's unanimous. We move on to our board training session. Mr. Kevin, thanks for coming over. >>
005Yeah, thank you for having me. Um, >> did everybody have a chance to sign? >> Yes, sir. I'll pass to you. >> Take that with me. >> Yes, sir. >> And for those that aren't here, Miss Dwey, if they want I mean, we can set up a Zoom call so they can get the training. >> And this is also being live streamed, >> okay? >> So, there will be a video that's available, >> okay, >> for folks to watch as well. >> No pressure. Okay. >> Anyway, um I appreciate you all um taking the time to to do this tonight. Um do have a packet in front of you. I'll try to speak in the mic, too. Um, and so I'll just go through that. Um, probably will take about an hour, but certainly stop
006me if you have any questions. Um, I want it to be pretty interactive with you all. So, um, with that, let me let me skip a little bit around. If you want to, let's go to the second tab, uh, which is really the training portion, if you will. Um, we in our offices, we call this really school finance 101. And it's going to be basically where your funding comes from through the state. All of this will tie back to the third tab, the state aid notice. Um, and so that's the final state aid notice for the 2425 school year. Um, now this document is going to be updated. Um, so that's a little bit that state a notice is a little stale because the funding has changed slightly, but that's the final one. So that's
007what I included in your packet. If you want to go to to DOE's website, you can find all the state aid notices. Just search by your district. Um, there's preliminary ones put out several times a year. So with that, let me just start. Um, if you'll flip on over to page four and you can see that pie chart there. Um, and basically that's just to to give you a sense of where the funding for school districts come from. U, where the funding comes from in the state of Arkansas for school districts. As you can see, most of it's going to come from your state and local. Uh, there's a small portion 20% from federal and 9% other. You'll notice at the bottom in particular uh as you all know if you accept federal funds there's
008usually strings attached. So uh you can see there um certain things when you accept that federal dollars they have to be spent on certain things and you can see uh it has to be things like uh improving teacher quality spent on at risk children nutrition head start those sort of things. On page five, the local funding again um going to be almost the the largest amount of the funding. Um so that's basically your local sources of funds. So your assessments really um one thing I want to point out at the top um in Arkansas properties assessed at 20% of its market value. And you can see there just in that little bar chart there, if your if your property is valued at $100,000 and you're assessed at 20% of that or $20,000 and you multiply
009that times 0001 for that representative of one mil as a decimal. Um so that's $20 per $100,000. Your maintenance, there's two t three different types of um millage classifications, if you will, in the state of Arkansas. your M mills. Uh you're required to have 25 M MS which uh is oftentimes referred to as URT or uniform rate of tax. You all have slightly over that at 25.29. Now again, you're going to have to have at least 25 a minimum. And once that's approved, the tax will continue to be levied each year unless voters authorize a change. So keep that in mind. Your debt service meals is at 6.87 and that's just as it sounds. Um the revenue is used to pay debt service payments on your bonded deadness and I'll go over that with you
010here in a little while. What you have outstanding um dedicated M mills. Um you all don't have any of those. Very few districts in the state of Arkansas do but you if you do, you have to have the voters authorize it for a specific purpose. For instance, Russellville uses theirs for um it information technology. So that's an option, but not a lot of districts do that. You can only have a maximum of three mills that you can ask voters to approve, but again, you don't have any of those. Okay. Um at the bottom there, homestead tax credit, property tax relief. You probably know this, but um eligible homeowners can receive up to $1,600 credit on their real estate bill. Essentially, you just when you go down to the county assessor's office, you sign a piece
011of paper and so you get that credit for that tax credit, that $600 that increased a little bit this year. Any questions on that before I move on? I'm going to kind of go quickly, so please stop me though if if something doesn't make a lot of sense. Um, next category really is again the 37% that I showed you earlier in that pie chart. That's the state funding sources. That's where majority of your funds come from. The biggest amount of of funding comes from the foundation funding formula and you can see that in the middle of the page. That's basically a set amount per ADM or average daily membership for your number of students. It's kind of a complicated um calculation and you can see it there. Um under that third bullet, you take your
012district assessment times your 025. So that represents that uniform rate of tax or that 25 m mills times 0.98% plus any miscellaneous fund and you divide that by your prior year ADM um in the 2425 school year. If you do that calculation um you come up with $3,797.39 you subtract that from 7771 which was what it was last year. It's gone up here again. um it'll tie back to the state aid notice. Um and that comes up to 252676. So that's basically what they're going to fund you per student. So you multiply that number that took $2,526.76 times your your ADM or that 37.97 and you get to 9.59 million essentially is what the district receives in the 2425 school year from foundation funding. That make sense? I know it's kind of a a weird
013I don't know how they ever came up with that formula, but someone did. Um, but anyway, that's how it's calculated. Um, and again, as I say on the next page, it all ties back to that state aid notice. One thing to mention in part of that formula you see there, that 98% I want to point out that if you collect more than 98% of your 25 ms, you're required to send that back to state. If you if you collect less than that, they're required to fund you up to 98%. Okay, you all are a little below 98% I believe. So, I think it's in here later, so that shouldn't be an issue. But we've had districts in the past, I believe it was Eureka Springs, it's been some time ago now, um actually collected more
014than that 98% and the state came looking for that money and they had spent it. Um and the state sued the district and the district won. So, I don't know. It's been a long time ago now. It's probably been 15 years ago. Um, but basically the the Eureka's defense was the money's gone. We've spent it and I don't know what you want us to do. And courts agreed with I don't know. That's what it's that's the way it's supposed to happen. Okay. Um, other K through 12 uh state funding or categorical funding. um alternative learning environment or ALE actually are getting about 300 almost $379,000 in this category a little over 72 kids in that category. Um and it can only be used for eligible activities as you can see they're identified by the rules.
015Um it's student intervention programs, those sort of things. Um the funding you can see is 5212 and then it's going to go up to 5341 per child in that category next year. Okay. And the English langu language learner funding that's $375 per student next year. It's 366 now. Uh you don't have a lot of kids in that category. Uh only generating a little over $12,000 in that category. And then 2627 you can see at the bottom it's going to go up to 384. So all that was approved at the last legislative session all these amounts. Okay. Our professional development funding um up to $41 um and that's multiplied by the district's prior year three quarter ADM membership. again those number of students uh $142,42 to the district. Uh prior year uh years were funded at
0163750. That's kind of a weird one. It's always had this maximum amount, but generally the state has never funded up to 41. I don't really know why, but that's the way it's worked in the past. So now your enhanced student achievement state categorical ESA, that's your school lunch. Um used to be NSLA, National School Lunch. um three different uh funding amounts if you will. If you fall in less than 70% um you'll get funded at 551 per student. Um as much excuse me and if those districts are uh at 70 but no more than 90 goes up to 113 and then over 90% 1653. You guys are actually in the lowest as you might guess. Um so you're in that that C that 551 student. But it's a sizable amount, $937,000 that the district received
017from the state from that funding. Um, again, these funds have to be used for specific programs and purposes. You can see at the bottom, literacy or ma mathematics or science, uh, specialists, coaches, highly qualified classroom teachers, tutors, teachers aids, that sort of thing. But you have to use it for those things. Okay? student growth funding. I know you all have have a little bit of declining enrollment, so you're obviously not getting the funding there, but but there it is for you that how that's calculated. Uh declining enrollment, you're getting a little bit there, 109,804. Um and it's equal to, you can see there in that second paragraph, the 3/4 ADM of the prior fiscal year subtracted from the average of the three quarter year of the prior fiscal year. Um through all that, but you
018have had and we'll I'll touch on that here in a minute, too. And you can see how those numbers have dropped just a little bit here for the district. Isolated funding um you won't qualify for that or special needs uh funding um or special needs small district funding um nor we qualify for that isolated transportation. Um you do get about $34,000 for en enhanced transportation funding. Um, Miss D, I don't know that I know how that how you get classified there. Do you know? >> It's a secret. >> Yeah, I don't know. Um, >> that's what you said. It's a secret. >> I'm not sure. >> Don't spend it on transportation. >> Yeah, >> these are the two rules. >> So, and then finally on [laughter] >> finally on that page, bonded debt assistance. Um,
019this is that's being phased out. You all don't get any of that anyway. Um but years ago um the state used to when you issue debt the state actually paid a portion of your payments um that was phased out I believe in 20 let's see I think it was around 2010 and the ration the reasoning for that was the state was participating in it was kind of northwest Arkansas which is where I am uh I think it was Bentonville had built a fairly sizable football stadium and the state was helping pay for that and there were some state leaders that thought that wasn't the way their funds ought to be spent. So, we started phasing that out and perhaps to try to ease the pain of phasing that out through this bonded debt assistance. So,
020y'all don't have that so it doesn't matter but but that's where it came from. Now, your salary acquisition fund uh act 680 of 2021. Sizable amount of funding there. 713,643 and y'all are familiar with all that in the learns act. Um you're collecting about a million520 there. Um we don't get any documentation about how that's calcular. I don't get it. Maybe the district does. Um it's not part of the state aid notice. So, I don't how they come up with that. I don't know, but it's a salable amount of money there for the district probably each year. Um, and on page 12, um, obviously on your fund balances, uh, if that net legal balance exceeds 20%, you need to send that usually to a building fund. So, you don't carry that. Um the academics facilities
021partnership program um that is something you all probably talked about in the past. If if you apply to the state for funding and you get approved there's another calculation where they come up with the wealth index and then um if your project's approved the state will participate in in funding that project. So the latest we have is the state um for your district if you're approved for if you apply for a project you're approved for the project you would have to cover 60.2% of it and the state would cover 39.8. Now keep in mind that doesn't mean you're going to get full funding either. >> Um yeah um when that program started there was a lot more money in it than there is now. Um, and so, uh, they will only fund up to a
022certain amount and it's usually based on a square footage number, whatever they come up with. And of course, a lot of my districts, um, that have been approved for these things will come in, you know, they can't build the building for what they're being funded at, you know, at least on a per square foot basis. But the state sets that and if you get approved, then, you know, they're going to participate at those levels. So, even though it's probably not going to be what you would like it to be. So, Um, and then I won't read this necessarily, but that high high growth district loan program. Um, obviously you're not eligible for that. You're not growing at that kind of rate, but but that's um is a funding mechanism from the state. Um, the next
023section is is really, and I know we're not talking about this in your district, but this is just kind of part of our presentation, so it's included here. Um, this is just types of debt financing. Non-bonded debt is is really short-term debt. So, it's something that's going to be paid within 10 years typically. Um, usually bonded debt is going to be, you know, 25, 30, 35 years. Um, I heard you all mention the new high school. If that's something you look at in the future, it's probably going to be, you know, a 30 or 35 year financing. But non-bonded debt, usually 10 years. Um, several examples of those would be posted warrants. Um, we don't do those much anymore, but basically those are post-dated checks. Uh, I've worked with some of the smaller districts. Um,
024usually it's something less than a million dollars where we would negotiate with the bank and set an interest rate and then the district would would basically write out 10 checks and they would at closing hand it over to the bank and each year the bank would just cash that check. So, it's just it sounds like a posted check. uh installment contracts, um lease purchase agreements, you know, oftentimes you would buy buses, those sort of things with a lease purchase. Uh revolving loans is actually through um the state. Um that is the same interest rate at 4.95 since I started at Stevens 21 years ago. It's never changed. Um, you can typically always I usually advise my districts if you need to borrow some money, we can always do much better than 495, but that's a
025that's a program that that you can borrow through through the state. Um, and again, not again, but on page 15 at the top, you know, some of those short-term loans, as I mentioned, schools, um, you would purchase buses, um, and then, you know, renovations of school fac new buildings, that sort of thing. Now, I mentioned bonded debt. Um, three different kinds of bonded debt. A voted bond issue, of course, you all more than 22 and 23, I guess it was. When you ask the voters for millage increase, um, that would be considered a voted bond issue. Um there's only two laws changed several times that there's only two shots really anymore at a if you went to your voters and asked for some sort of project and mill or extension or increase or whatever it
026might be. Really only March and November now. Uh used to be you could um there were several chances to do special election but that's solved and changed. So you only have two two shots at it now. Um so um and next year it's March 6th I think it is. Um and Miss Carter I think in fact already has the proposed budget that we've sent. So for you all to get all that together. Um, a second lean bond issue uh is is considered bond and debt, but that is something that voter approval is not required, whereas the one I just described, the voted obviously is. Um, one of the caveats with second lean bond issues is you can only go out as far as your your voted issue. So what's already been authorized by the voters
027and how you um pay for those is that that service mill as I mentioned your 6 point was it 87 um as excuse me as that um that so-called surplus that you're not using for debt service on your bond issue um you can use that to make payments on a secondly bond issue. Think of it more like a second mortgage on a house essentially. Um So, that's an option that you could you could issue some debt with. Um, and then again, non-voted refunding bond issues. Several years ago, and I'll show you this in a minute, we did a refunding for the district where the district saved money because the interest rate dropped. And so, you don't have to ask voters to authorize that. Um, because you're not extending the term. All you're doing is changing
028the interest rate. Okay? So, that's what's called in my world refunding. [clears throat] Uh, it's just like if you refinance a house, same kind of principle. Um, couple of I won't necessarily read these to you, but there are a couple of things to consider when you refunding outstanding debt is to evaluate optional call date. Um, when you do restructure or refund a bond issue, you're going to have an a new call date, meaning and typically in Arkansas, they're going to be five years. We do them shorter than that, but usually there needs to in my mind there needs to be a reason to do it shorter, but usually that's five years and that's typically a lockout period. So if you did a bond issue this year, you would typically call date would be 2030 and
029you can't do anything else with it until that time. Now there's some exceptions to that um like restructuring it on a taxable basis meaning that the bonds would now be taxable rather than tax exempt which would be normal for a school district. Um so you can do it taxable but that's going to be a higher interest rate. So typically you just got to you need to keep in mind if you restructure something that you know you're not going to be able to do anything with it for a while. That kind of make sense. And I mentioned refunding for savings. Um, and sometimes you can restructure existing debt. Again, back to this voted issue. You might restructure your existing debt, roll it into a new bond issue, ask the voters to authorize this restructuring of your
030existing debt because you're going to generate um construction funds. By doing that, the one thing to keep in mind when you restructure debt, particularly if you do it to push it out the maturity out to generate funds, is you're going to interest on interest you've already paid. So that's one thing to always kind of keep in mind. Uh it' be the same thing like if you again borrowed money on a house, you paid on it for 20 years and then you went back to the bank and borrowed money against that house and pushed it out 30 years. You paid interest for 20 years and now you're going to pay interest again. Now sometimes it makes sense. Um it just depends on what the situation is, but that's just something you need to always kind of
031keep in mind and that's something that we would communicate to you all. got to that point. Um, next page is post issuance compliance. Um, this is something that that is part of our contract with the district, we help the district with. Um, this is basically when you borrow money and I mentioned tax exempt bonds. When you borrow money on a tax exempt basis, meaning if someone purchases your bonds, um, they get paid twice a year on semiannual basis. That interest is tax exempt from federal taxes. If you live in the state in of Arkansas, it's tax exempt from state taxes as well. So, as a result, you get lower interest rates by doing that. But, um because you do that, the Internal Revenue Service requires certain things of you. Um and basically, it's to ensure
032that bond holders or people that own those bonds um can look at your financial situation. There's a website called EMA um which stands for electronic municipal market access. We'll do an annual report for you and I'll show you one in a minute. Um and we file that for you every year to comply with those um continued disclosure requirements. Um see if there's anything I'm missing there. Um I did I want to mention the responsible person at the very bottom. So we there was would have been a postition compliance manual that would have been adopted by the board several years ago. Um, and it it's basically just a a um guide, if you will, of what the district is required to do. The responsible person is typically always going to be the district treasurer. Um, and
033that person is the official recordkeeper for the district. Um, one of the things that, um, we always stress when we do a bond issue is the district's required to keep all documentation of the of their bonds. So, and basically you have to keep it forever, which is kind of seems crazy, but you essentially do, but you have to keep it for the life of the bond issue plus three years, excuse me. Um, so a long time, longer than I'm going to be here, and I hope everybody else quite honestly. Um and then finally on page 17 um the the school district enhancement program or intercept program. One of the things um in fact we our firm Stevens worked with the legislature back in uh 2013 to get this adopted. But um the district is required
034to make their bond payments no later, you see it in the second paragraph, no later than 15 days before the date uh is due. If you do not, the state will intercept funds um that are going to come to the district to make those payments on the district's behalf and then they will come back to the district to try to recover those funds. That's never happened since I've been here, but that's the rule. And as a part of that an enhancement program or intercept program rather, Moody's has assigned a double A2 rating. You can see that at the bottom basically to any school um in the state of Arkansas regardless of what their really their financial situation is because of this intercept program. And I mentioned continue disclosure and I jumped around a little bit
035but you can see Emma there um on that second paragraph electronic market access. Um just some basic stuff and this is just just our kind of our standard. So I kept it in here. Uh school bond examples. Um you can see and I mentioned this a little bit while ago but ask voters for additional debt service mills or debt service millage and just some examples. I won't necessarily go through those unless you'd like me to. Um, but just in this example, you can see quickly 50 million assessed value, 20-year bond issue at 3% interest rate, and you can see what one new mill generates revenue of $50,000. So that supports a $745,000 bond issue, and so on. And again, I remind you that in Arkansas, your excess value is 20% of the value of your
036property. Okay? we get to that 50 $50,000 there. Uh and I mentioned restructuring and again um you know you might use an existing bond issue roll that into a new bond issue and push it out and generate funds. That's but basically that option two and option three um excuse me that was yeah just a restructure and option three is just what I describe it um additional debt service meals and restructure existing debt. And when we looked at your stuff before, we didn't do that. It was just new new village. So, uh, there's some I'm not going to go through these, but the next few pages are just some some debt financing terms. Um, maybe just a good reference if you're just so inclined to go look at this stuff. It's just so interesting. Sort of
037those sort of things. Um, why don't I go back to under tab one and I mentioned the the filings that we do for the district, the the disclosure filings. This is really um I'm showing financial analysis on the front cover, but it's really the annual report that you're required to file every year. And again, we do this for you. Um, but really it starts out with your assessment history. And you can kind of see there had pretty nice growth last several years. Um we're averaging there a little over 5%. Um a little more than that at 5.26% from 23 to 24. So um you know not great great big huge growth but pretty nice steady growth. And I mentioned your millage structure on the next page. Uh 25.29 MS or maintenance and operation mills and
038then again your 6.87 87 debt service mills. So your total there is 32.16. Uh you can see there the average millows rate for school districts in Arkansas is 39.25. So you're obviously quite a bit below that. You know for what it's worth that's that's the average. And again this is some of this is redundant but one mill is onetenth of 1%. You see the assess value is times 01. Again, that 20% 100,000 times is now becomes 20,000 times .01. So that's $20 in this example. And you can see here, one mill produces about $88,000 in um Mountain Home. And that's basically just your assessment at 95% collection, which is about where you all are. And then finally there at the bottom is just a millage comparison with sim similar enrollment. And you know again we're
039we're not necessarily trying to to compare your area but really enrollment and you can kind of see where you fall. Um I guess every district at least in that chart is higher mills than you guys. Okay. And then the next one is comparison with similar assessments. You can see how you fall there. And then finally, similar at the bottom. So, Hebrew Springs, Cotter obviously close by, Bergman close by. All those are pretty close to where what you're collecting. Any questions on any of that? So average daily membership I mentioned earlier and you can see here since 2021 um where you are not a that bar that line chart is a little misleading just because of the scale um but you have dropped a little bit here in your enrollment you see where you stand today
040at 3735 versus 3841 back in 20 21 and then enrollment by grade of course we got this from ad it's there so I assume It's probably as up to date as we have. Um, but you can see how you how you fall. It's pretty even uh for you all. I guess high school 9th through 12th would be probably the largest group of kids, but pretty even overall by grade. And then the sources uses the fund. I look at this from from Leah and the district and put this together for you and you can see what your fund balances look like. pretty steady there, over seven million each year. And then finally, um your your two outstanding bonded debts there. Um in 2000, that's a 2011 qualified qualified school construction bond. Um that actually will pay
041off here pretty soon in 2027. Those are really just um short-term debt. All that came out of um American Recovery Reinvestment Act 2009. If you'll recall, we had pretty deep recession through there. Um and this was just a to help stimulate um some funding for districts u through the federal government. Um the federal government was is actually helping um pay your your interest on this bond issue. Um, a lot of districts did these because you could borrow this money and with the with the help from the federal government, often times you pay it into a syncing fund like this one and that syncing funds generating interest as you pay into it. Um, and often times you would pay less than you actually borrowed at the end of the day. So that's the reason districts did
042them there. There were some strings of course because again it's federal government, but it was a good way to borrow some money and so the district did that. U 2018 uh is your your commercial bond issue uh 37.57 and you can see I mentioned refundings earlier. Uh we actually refunded your 2013 bonds. So that would have been I mentioned that call date. So in 2013, excuse me, 2018 we were we would have hit that 20 that fiveyear call date. So we were able to restructure the debt and generate about 2.76 million in savings to the district. Um, again, it's just like you would refinance a house. You just take advantage of lower interest rates. So, your payment is less. And when you add all that up, it was over $2.7 million in savings to the
043district. You have one lease purchase there. It was done in 2024. Um, for $250,000, a little a little more than that. Uh, and then I'm jumping, forgiving you around a little bit, but your balance is there. you can see to the right. So, your total outstanding debt of 30,18274. [snorts] And then finally at the bottom, your total debt to assessment is is 3.55%. That's I didn't go back and double check this, but that's probably lower than any district that I work with. So, that's really low. >> So, that's you all have a nice job managing debt. Um you can see on the next page um that's what we call a coverage chart. So we take your total assessment times your debt service mills. And again those are the mills that are dedicated to paying your
044debt service. Um so you can see the debt service working from left to right is around 2.8 each year and you're generating about 5.5 in in revenues. And so we're dividing those two to get a coverage of 1.98. So that means 1.98 times more revenue than debt service. And then on your far right is the so-called surplus. Now, every district in the state is using that surplus to fund operations. That's just there's there's not enough money elsewhere to not do that. So just so you know, every district is using that money somewhere. You heard me mention earlier second lean debt. That so-called surplus to the right is what you use. issue debt and make payments on a second lean bond issue if you so chose. Again, I always caution my districts, you know, you may
045have the capacity to do a second lean bond issue, but you're probably using that money somewhere else. So, you always got to just like in your your own finances, do you have enough can you afford that payment is what it really gets down to if you issue secondary debt. Okay? And then at the bottom is just the growth in um a chart showing the growth in debt service mills. You can see um now 80,000 back in 2020 growth up to about 277,000 this last year. And I mentioned your your tax collections. Um and we would have gotten this from the district. Um but you can see um you're around 95 96%. I didn't do the The average is down there 96.95. So a little more than 95, but you're not quite at that 98 number
046that we talked about. >> Are you seeing other districts that collection go down? We've been a little disappointed that >> you know, I don't remember off the top of my head. Um I think my districts in Northwest Arkansas probably doing a little better than that. But um that may you know they're growing so fast too though. So it's that's I don't know but that's a really good comparison. Um but some of the smaller districts kind of have you know have some of this issue that you're seeing I think. Okay. Um let's see any questions on any of that I jump around. Um on page, excuse me, tab three, there's that state aid notice. And again, you can go to um DOE's website and find all of these. But this will basically tell you the story.
047Um that training portion shows you how a lot of that's collected or or the how much you're allotted per child. But if you just follow the state aid notice, that'll basically tell you what the district's going to get funded every year. If you look to the top right hand side, you'll see that initial per student found foundation amount. That's 7,771. I mentioned that earlier. Um, and they basically take do that calculation and come up with, you know, 5,244 per student you generate. And so they subtract the two and then you get that 252676. You multiply that by your ADM number. to the left and then down below and I know I'm jumping around number 28 you can see that $9,595,000 amount that you receive from state and the rest everything else just follows what I
048was talking about earlier and it should show you and it does how much they um fund per category you look at number 37 professional development again that's the weird one where they say they're going to fun to 4 They only fun you 3750. I don't really know why they do that, but that's the way it works. Okay, any questions on that? The next tab under number four, um this is something we do for the district every year too. We're we are basically taking the state a notice as a preliminary and and projecting the amount of revenue that the district is going to receive. Um and so we work from from the state aid notices and then you know use this um spreadsheet and come up with uh at the very bottom it looks like based
049on our calculations the district's going to receive about 1.4 4 million in the 25 26 year versus last year. Okay, we always qualify that. Please check our math because you know don't necessarily rely on this but this is based on uh your preliminary state aid notices what you should collect. questions on that. And then finally, I just just for your information and I mentioned that ML website again, if you Google EMA MSRB, you can find that website and you can search for Mountain Home and find all your outstanding debt. Um, but I've included here an official statement so you can kind of see what that looks like. So, when we did that in 2018, we produce um a preliminary official statement that goes out to biders. And if you're not familiar with that process, we
050put together a preliminary official statement. Anytime you issue debt, that's submitted to investors at least a week ahead of time. And then we have a bid just like you might bid a truck. uh and we get um interested parties to bid at an interest rate and once we get those final bids I work with my analyst in Little Rock come up with the final um par out of the bond issue which is the principal amount you can see at the top 30 million 570 fill in all the interest rates um and then this final so-called final official statement is submitted um it basically talks gives an potential investor everything they need to know about the district. Um you can see on page eight um it starts with description of the school district and it'll show
051the that time and who the school board was. Um shows Dr. obviously was the superintendent at that time and we'll have information like on the next page the different schools uh in the district and then your enrollment after that assessment history all those sort of things that a potential investor might want to know is included in this document but you can find all this information on the next page page 11 is your outstanding and all the financial information for the district's included as well. That's really kind of what I had unless y'all have questions. I know that's just super interesting. Let's do is there anything I left out or didn't cover or >> I think it's nice to have our own numbers when we're looking at >> with the training. That's really nice. >> So
052that state aid notice was was that the final state? >> Yes, ma'am. >> Yeah, that was the final final one. Right. I will, Miss Dwey. I'll send this to schoolboard association copy of this >> um and and copy you so that they know the training was done and then the district gets their C hours again. I'm happy to Mr. Knight and Mr. Butler want >> I can go over it with them and >> include them later. That works. >> Great. Thank you. You bet, >> Mr. Kevin. Thank you. This was really this is really good good information. >> Well, I hope it's it's not, you know, really riveting stuff, but maybe it's a good reference for you. Sure. I mean, it's always kind of a good good exercise for me to go back through this
053every year when I look at them. So, um, happy to do this every year if it's helpful for you all. If you just let me know, come back. So, >> thank you. >> Nothing else. >> Appreciate it. >> That was easy. >> Thank you. Thank you very much. My and and my contact information is on that um financial analysis section, email, phone number, all that stuff is there. Y'all have questions later, something comes up and you want to talk about it after. >> Do you have a digital version of this? >> I can send you one >> because we could attach that right to the website to the >> Send me the one. >> Yep. >> Yes, ma'am. I'll do that >> and I can get that done tomorrow. >> Um get it to you
054hopefully tomorrow morning. >> Perfect. >> Is that okay? >> Yes, sir. >> Okay. >> Thank you all very much. >> Have a safe drive back. >> Thank you. >> Watch out for the year. >> Oh, I know. It's that time of year, is it? >> Yes. It's always that time of year. >> Thank you. >> Thanks, Kevin. not with me. >> Um, next item on the agenda is going to executive session for personnel resignations. So, we'll take a short break and then we'll go. >> Thank you. >> When I get the digital, I'll make you a copy. >> I just thought