SchoolBondFinder听颈蝉听currently tracking roughly听$49听billion听of opportunities, with many of听the organization鈥檚听Watchlist items having no money attached yet. | Photo Credit (all): SchoolBondFinder
By Petra听Sucher听
SchoolBondFinder听specializes in tracking K-12 capital project bonds across the nation. The platform monitors school district bond initiatives across key stages, providing stakeholders with crucial data on project scope, financing, and voter outcomes. In March,听SchoolBondFinder听shared first-quarter updates and referendum insights for the 2025 and听2026 election听cycles.听
The research team is actively updating听the platform with the latest election results with a 鈥渂oots on the ground鈥� approach. Most updates for referendum votes are reflected within 24 to听72 hours听of听passage.听听
Read more for听an in-depth look at April and May results, highlighting essential insights for the 2026 K-12 bond market.听
An Overview of April Elections听
For听April听a majority of elections occurred on April 7.听Approximately听80%听of the bonds (120 out of 150) passed,听whereas听30听failed. The total value for both passed and failed bonds amounts to听$4B.听听Most听districts focused on infrastructure and safety. Missouri and Oklahoma were the most active states this month. Missouri had听64听bonds听and Oklahoma had听39听bonds.听听
Key Districts:听
Wayzata, Minn.听($450,000,000):听
- Scope:听New construction of a听public听elementary听school and a middle school,听as听well听as听classroom and lab additions at the high school,听kitchen听and cafeteria听expansions,听and gymnasium additions.听
- Status:听Passed听
Tulsa, Okla.听($276,000,000):听
- Scope:听Extensive renovations听to an existing public school,听including new classrooms, kitchens, ADA compliance upgrades, HVAC听systems听and roofing across multiple sites.听
- Status:听Passed听
Howard-Suamico, Wis.听(147,000,000)听
- Scope:听New classroom additions and gymnasiums at three elementary schools,听plus Career and Technical Education听labs and听performing-arts听spaces at the high school.听
- Status:听Passed
Dallas Independent School District Passes $6.2 Billion in Bonds 听
On May 2, voters approved听92听of听118听propositions for a passage rate of听78%, which is consistent with national trends. Many Texas school districts had multiple propositions on the ballot. In Texas 10 out of 26 failed, most having to do with athletic propositions.听
Dallas听Independent School District听passed听its听bond package worth听$6.2 billion, the听largest in Texas history.听Proposition A听will fund new construction to replace 26 schools and听expand听existing schools, adding classrooms to听eliminate听portables.听It will also听fund efforts to:听
- Renovate听and modernize every campus across the district听
- Remove the district鈥檚 700 remaining portable classrooms听
- Enhance safety and security at all campuses听
- Upgrade school furniture, student technology, and transportation, including new school buses听
- Improve physical education facilities and repair swimming pools听
The bond package听will be broken up into听four propositions to ensure transparency and flexibility. This bond package will leave a generational mark not just for the funding amount, but for the scope of the听project.听
Movement in Michigan,听Ohio听and Montana听
There were听79听propositions on the ballot for May 5, most in听Michigan, Ohio, and Montana with a mix of bonds and levies. For reference,听a school bond election is a bond issue used by a public school district, typically to finance a building project or other capital project. These measures are placed on the ballot by district school boards to be approved or defeated by the voting public or taxing authority.听A听levy is a short-term, local property tax passed by the voters of a school district that generates revenue for the district to fund programs and services that the state does not fund. Levies are used mostly for operational expenditures.听听
In total,听43听propositions with a value of听$2听billion听passed听on May 5,听whereas听36听propositions worth听$1.6听billion听failed. The number of bonds passed听represents听a passage rate of just 54%, lagging historic national trends.听听
A recent trend听observed听by听SchoolBondFinder听researchers this year involves districts requesting earned income tax levies to fund construction projects,听either by itself or combined with another funding source like a bond.听Researchers听typically see this for operating levies, but districts in the State of Ohio asking for this to accommodate their construction needs is new.听Districts may听attempt听to attract older voters by听utilizing听earned income tax levies, as these measures do not听impact听that demographic in the same way increasing property taxes do.听There were three earned income tax levies on the ballot this month in听Ohio听and all three failed.听
Other May Bond Decisions听
Voters considered听16听total propositions during this election cycle, resulting in听six听passing and听10听failing.听Bonds were approved in Mississippi, Massachusetts, Nebraska (2 districts),听Minnesota听and West Virginia. With most of the propositions focused on new construction.听
- Passed Amount: Totaling $498,285,000听
- Failed Amount: Totaling $342,648,950听
There听were听a total of听127听propositions that went to vote听on May 19. Of those,听113听passed for听a passage rate of听88%. The majority of those on the ballot occurred in New York.听A total of听94听bonds听passed, totaling over听$1听billion听in New York.听
Factors Influencing District Priority Shifts听
In addition to the well-known challenges of declining enrollment and district operational difficulties, several other factors are at play听school consolidations,听expiration听of Cares Act funding, voter resistance to specific measures听and a听downward trend in birth rates.听These changes suggest districts may be pivoting priorities to better serve local needs and moving away from projects fueled by federal programs.听听
Key Focus Areas for Passed Bonds听
Despite these challenges, passed bonds are still showing听strong support听for key focus areas, such as specialty areas,听HVAC systems, athletic facilities, instructional spaces, and electrical听and听lighting upgrades.
SchoolBondFinder听颈蝉听currently tracking roughly听$49听billion听of opportunities, with many of听the organization鈥檚听Watchlist items having no money attached yet.听Researchers听are tracking听more than听1,726听bonds as of May 22.听Elections听in June and August are around the corner and will be featured alongside听the听2026 Q2 updates and researcher insights听this summer.
Petra Sucher is the Marketing Engagement & Analytics Manager for .