SE Valley Times

Kyrene Elementary School District has announced its first bond sale from the $161 million bond approved by voters in November 2023. The Kyrene Governing Board, at its meeting on February 25, approved the sale, which is expected to provide the district with approximately $43 million. These funds will be used for capital projects over the next three years, including safety and security upgrades, replacement of aging school buses, maintenance of playgrounds and facilities, technological improvements, and building maintenance.

The state funding covers only a small portion of these types of projects' costs. Consequently, the district relies on voter-approved bonds and overrides to maintain safe learning environments. Without voter support, Kyrene would struggle to keep its facilities in their current condition.

In addition to the bond sale, the Governing Board voted to refinance about $40 million of outstanding bonds. This move is anticipated to save taxpayers roughly $2 million. The district aims to lower tax rates by refinancing old bonds at better interest rates. Chris Herrmann, Kyrene Chief Financial Officer and Associate Superintendent stated, “Kyrene spends a lot of time in this area, and our goal is to always lower tax rates over time whenever we can.” He also noted pride in seeing consistent rate drops over the past five years due to these efforts.

Superintendent Laura Toenjes highlighted that “100% of the savings and benefit of refinancing goes to taxpayers in the form of lower rates,” adding that through bond refinancing efforts over a decade, nearly $8 million has been saved for taxpayers. She emphasized Kyrene's commitment to fiscal responsibility by stating: “This is one more example of Kyrene’s commitment to fiscal responsibility.”

Kyrene prioritizes allocating most bond dollars directly towards schools. On average, 96% of bond funds are directed towards supporting students and maintaining schools, while only a small fraction is used for office facilities and work environments.