2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing

4 Tuesday, September 9, 2025 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing District School Board of Indian River County, Florida 6500 – 57th Street Vero Beach, FL 32967 Time: 5:01 p.m. Room: Joe N. Idlette, Jr. Teacher Education Center (TEC) If a person decides to appeal any decision made by the Board with respect to any matter considered at these meetings, he will need to ensure that a verbatim record is made which includes the testimony and evidence upon which the appeal is to be made. 1. MEETING OPENING Subject A. Call Meeting to Order Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Information, Procedural Goals Focus Area 5: Organizational & Fiscal Responsibility File Attachments 1. MEETING OPENING Subject B. Pledge of Allegiance to the Flag Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Procedural Goals Focus Area 2: Safety, Culture & Climate Focus Area 5: Organizational & Fiscal Responsibility File Attachments 1. MEETING OPENING Subject C. Adoption of the Orders of the Day Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Action Preferred Date Sep 09, 2025 Absolute Date Sep 09, 2025 Fiscal Impact Yes Budgeted Yes Budget Source Adoption of the Budget Goals Focus Area 3: Communication & Engagement Focus Area 5: Organizational & Fiscal Responsibility File Attachments 2. PURPOSE OF THE SPECIAL MEETING Subject A. Purpose of the Special Meeting Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Information Goals Focus Area 3: Communication & Engagement Focus Area 5: Organizational & Fiscal Responsibility File Attachments 3. PUBLIC HEARING - MILLAGE RATES Subject A. Discussion of Final Millage Rates Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Information, Procedural Goals Focus Area 3: Communication & Engagement Focus Area 5: Organizational & Fiscal Responsibility File Attachments 3. PUBLIC HEARING - MILLAGE RATES Subject B. Public Hearing on Final Millage Rates Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Action (Consent) Preferred Date Sep 09, 2024 Absolute Date Sep 09, 2024 Fiscal Impact No Budgeted No Goals Focus Area 3: Communication & Engagement Focus Area 5: Organizational & Fiscal Responsibility File Attachments All matters listed under Consent Agenda are considered by the Board Members to be routine and has been approved by the Superintendent/Secretary (Board Policy 165.1). There will be no separate discussion on these items prior to the time the Board votes on them unless a Board member requests a specific item be removed from the Consent Agenda for discussion and a separate vote. Public comment on Consent items from anyone completing a card will be heard prior to the Board's vote on the Consent Agenda. 3. PUBLIC HEARING - MILLAGE RATES Subject C. Approval of Resolution #2026-03 Adoption of the Final Millage Rates Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Action Preferred Date Sep 09, 2024 Absolute Date Sep 09, 2024 Fiscal Impact Yes Budgeted Yes Recommended Action Superintendent recommends approval. Goals Focus Area 1: Academic Success Focus Area 2: Safety, Culture & Climate Focus Area 3: Communication & Engagement Focus Area 4: Talent Development & Support Focus Area 5: Organizational & Fiscal Responsibility This is the official Board approval of Resolution #2026-03 determining revenues and millage levied, including Required Local Effort, Basic Discretionary, Additional Voted and Capital Outlay. T he Indian River School Board conducts a Public Hearing and adopts the 2025-2026 Required Local Effort Millage Levy of 3.0050 for the Operating Fund, Local Capital Outlay Improvement Millage Levy of 1.5000 mills for the Capital Projects Fund, Basic Discretionary Operating Millage Levy of 0.7480 Mills for the Operating Fund, and Additional Voted Discretionary Operating Levy of 0.500 0 mills for the Operating Fund Section 200.065(2)(f)1, Florida Statutes, requires that the School Board hold a Public Hearing to finalize the Budget and adopt a Final Millage Rate within eighty (80) days (and not earlier than sixty-five (65) days) of certification of the tax roll by the tax assessor. The certification of proposed millage rates to the tax assessor is due within three (3) days after approval and must include the date, time, and place of the second public hearing. File Attachments Resolution 2026-03 Millage ESE 524.pdf (149 KB) 4. PUBLIC HEARING - PROPOSED BUDGET Subject A. Amended - Discussion of 2025-2026 Final Budget Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Discussion, Procedural Goals Focus Area 1: Academic Success Focus Area 2: Safety, Culture & Climate Focus Area 3: Communication & Engagement Focus Area 4: Talent Development & Support Focus Area 5: Organizational & Fiscal Responsibility Annually the District is required to prepare and present the annual budget for the upcoming year in accordance with School Board Policy 6233 along with, Chapter 200 of the Florida Statute. The Budget for 2025-26 includes the following funds: General Fund Debt Service Fund Capital Projects Fund Special Revenue Fund (which includes federal entitlement grants and other grant Food Service Fund Internal Fund (which is the District Health Insurance program) Enterprise Fund (which is the District Extended Day program) File Attachments 2025-2026 Final Budget 9.9.25.pdf (46,173 KB) 4. PUBLIC HEARING - PROPOSED BUDGET Subject B. Public Hearing on Proposed 2025-2026 Final Budget Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Discussion Goals Focus Area 3: Communication & Engagement Focus Area 5: Organizational & Fiscal Responsibility File Attachments 4. PUBLIC HEARING - PROPOSED BUDGET Subject C. Amended - Approval of Resolution #2026-04 for Adoption of 2025-26 Final Budget, which includes the Approval of the 2024-2025 Annual Financial Report dated as of June 30, 2025 Inclusive of Cost Report and the 2024-2025 Final Budget Amendments for Fiscal Year 2024-2025 Number 10 Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Action Preferred Date Sep 09, 2025 Absolute Date Sep 09, 2025 Fiscal Impact Yes Dollar Amount $420,465,513.00 Budgeted Yes Recommended Action Superintendent recommends approval. Goals Focus Area 5: Organizational & Fiscal Responsibility Focus Area 4: Talent Development & Support Focus Area 3: Communication & Engagement Focus Area 2: Safety, Culture & Climate Focus Area 1: Academic Success Adoption of Final Budget Requesting the approval of Resolution #2026-04 , that represent all funds required by the District to execute all duties and responsibilities of the School District of Indian River County. The Indian River School Board adopt the final budget for the 2025-2026 fiscal year in the following amounts. General Fund in the amount of $238,906,595 Debt Service Fund in the amount of $32,648,033 Capital Outlay Fund in the amount of $87,049,044 Special Revenue Fund (Federal & Food Service) in the amount of $21,591,151 Internal Service Fund (Health Benefits) in the amount of $37,125,583 Enterprise Fund (Extended Day) in the amount of $3,145,107 Total Final Budget $420,465,513 Section 200.065(2)(f)1, Florida Statutes, requires that the School Board hold a public hearing to finalize the budget and adopt a final millage rate within eight (80) days (but not earlier than sixty-five (65) days) of certification of the tax roll by the tax assessor. The certification of proposed millage rates to the tax assessor is due within three (3) days after approval and must include the date, time, and place of the second public hearing. 2024-2025 Annual Financial Report Inclusive of Cost Report The 2024-2025 Annual Financial Report in accordance with the SBE Rules 6A-1.0008 and 6A-10071, inclusive of the Cost Report in accordance with Section 1010.20, Florida Statutes, are submitted for the use and consideration of the Board for the fiscal year ending June 30, 2025, as presented, and the 2024-25 Final Budget Amendments for Fiscal Year 2024-25 Number 10 . File Attachments Resolution 2026-04 Adopting Final Budget 9.9.25.pdf (103 KB) ESE348 - 9.9.25.pdf (328 KB) Budget Amendment #10 June 2025 9.9.25.pdf (1,576 KB) 5. TAX ANTICIPATION NOTES (TAN), SERIES 2025 Subject A. Amended - Resolution 2026-05 - Tax Anticipation Notes (TAN), Series 2025 Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Action Preferred Date Sep 09, 2025 Absolute Date Sep 09, 2025 Fiscal Impact Yes Dollar Amount $15,000,000.00 Budgeted Yes Budget Source 2025/2026 Budget Recommended Action Superintendent recommends approval. Goals Focus Area 5: Organizational & Fiscal Responsibility The purpose of this action is to adopt the attached Resolution #2026-05 authorizing the issuance of Tax Anticipation Notes (TAN), Series 2025, in the amount of not-to exceed $15 million to provide interim funds for the payment of operating expenses; approve the form of documents in connection with the issuance of the notes; delegate to the Superintendent and appropriate staff the authority to accept the most favorable bid for the notes, subject to certain restrictions; and to take all necessary actions in connection with the issuance of the notes. The issuance of the TAN is required in order to provide necessary, short-term financing to position the District in such a manner that it is able to meet projected cash flow deficits of the General Fund. Based upon staff analysis, it is projected that the District will experience cash receipt deficits ranging from approximately $15 million during the month of October 2025. These cash flow deficits are mainly attributable to the intense slow-down of cash receipts from the Tax Collectors Office that is usually experienced from July through the middle of November every year. File Attachments Tax Anticipation Note Resolution 2026-05 with Exhibits 9.9.25.pdf (274 KB) 6. ADJOURNMENT Subject A. Closing Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Procedural Goals Focus Area 5: Organizational & Fiscal Responsibility File Attachments 7. DISCLOSURES Subject A. Legal Disclosures Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Information Goals Focus Area 3: Communication & Engagement Focus Area 5: Organizational & Fiscal Responsibility File Attachments 8. SIGNATURE PAGES Subject A. Signature Pages Meeting Sep 9, 2025 - 2025-2026 Final Millage Rates and Final Budget Special Meeting/Public Hearing Type Information Goals Focus Area 5: Organizational & Fiscal Responsibility File Attachments