BOE Work Session 2026.06.23

The Siloam Springs Public Schools Board of Education held a work session on June 23, 2026, focused primarily on the funding options and financial planning for the Day Spring Elementary renovation project. The discussion included a detailed review of the district's assessed property values, millage rates, bond issues, and debt capacity. The board explored the possibility of issuing a second lien bond to finance the project, with an estimated cost range of $15 to $18 million, including furniture and fixtures. The board was advised on the legal and procedural requirements for bond issuance, including state board approval, public notice, and the timing of bond payments. The impact of state funding formulas and enrollment declines on the district's finances was also addressed. The board emphasized the importance of transparency and fiscal responsibility, considering potential material cost increases and the need to balance debt payments with operational expenses. Additional revenue sources, such as the sale of district property and grant applications, were mentioned as part of the funding strategy. The session concluded with a consensus to proceed cautiously with the bond application process, ensuring the board's comfort with the financial commitments involved.