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]]> SchoolBondFindercurrently tracking roughly$49billionof opportunities, with many ofthe organization’sWatchlist items having no money attached yet. | Photo Credit (all): SchoolBondFinder

By PetraSucher

SchoolBondFinderspecializes 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,SchoolBondFindershared first-quarter updates and referendum insights for the 2025 and2026 electioncycles.

The research team is actively updatingthe platform with the latest election results with a “boots on the ground” approach. Most updates for referendum votes are reflected within 24 to72 hoursofpassage.

Read more foran in-depth look at April and May results, highlighting essential insights for the 2026 K-12 bond market.

An Overview of April Elections

ForAprila majority of elections occurred on April 7.Approximately80%of the bonds (120 out of 150) passed,whereas30failed. The total value for both passed and failed bonds amounts to$4B.Mostdistricts focused on infrastructure and safety. Missouri and Oklahoma were the most active states this month. Missouri had64bondsand Oklahoma had39bonds.

Key Districts:

Wayzata, Minn.($450,000,000):

  • Scope:New construction of apublicelementaryschool and a middle school,aswellasclassroom and lab additions at the high school,kitchenand cafeteriaexpansions,and gymnasium additions.
  • Status:Passed

Tulsa, Okla.($276,000,000):

  • Scope:Extensive renovationsto an existing public school,including new classrooms, kitchens, ADA compliance upgrades, HVACsystemsand roofing across multiple sites.
  • Status:Passed

Howard-Suamico, Wis.(147,000,000)

  • Scope:New classroom additions and gymnasiums at three elementary schools,plus Career and Technical Educationlabs andperforming-artsspaces at the high school.
  • Status:Passed

Dallas Independent School District Passes $6.2 Billion in Bonds

On May 2, voters approved92of118propositions for a passage rate of78%, 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.

DallasIndependent School Districtpasseditsbond package worth$6.2 billion, thelargest in Texas history.Proposition Awill fund new construction to replace 26 schools andexpandexisting schools, adding classrooms toeliminateportables.It will alsofund efforts to:

  • Renovateand modernize every campus across the district
  • Remove the district’s 700 remaining portable classrooms
  • Enhance safety and security at all campuses
  • Upgrade school furniture, student technology, and transportation, including new school buses
  • Improve physical education facilities and repair swimming pools

The bond packagewill be broken up intofour 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 theproject.

Movement in Michigan,Ohioand Montana

There were79propositions on the ballot for May 5, most inMichigan, Ohio, and Montana with a mix of bonds and levies. For reference,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.Alevy 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.

In total,43propositions with a value of$2billionpassedon May 5,whereas36propositions worth$1.6billionfailed. The number of bonds passedrepresentsa passage rate of just 54%, lagging historic national trends.

A recent trendobservedbySchoolBondFinderresearchers this year involves districts requesting earned income tax levies to fund construction projects,either by itself or combined with another funding source like a bond.Researcherstypically see this for operating levies, but districts in the State of Ohio asking for this to accommodate their construction needs is new.Districts mayattemptto attract older voters byutilizingearned income tax levies, as these measures do notimpactthat demographic in the same way increasing property taxes do.There were three earned income tax levies on the ballot this month inOhioand all three failed.

Other May Bond Decisions

Voters considered16total propositions during this election cycle, resulting insixpassing and10failing.Bonds were approved in Mississippi, Massachusetts, Nebraska (2 districts),Minnesotaand West Virginia. With most of the propositions focused on new construction.

  • Passed Amount: Totaling $498,285,000
  • Failed Amount: Totaling $342,648,950

Therewerea total of127propositions that went to voteon May 19. Of those,113passed fora passage rate of88%. The majority of those on the ballot occurred in New York.A total of94bondspassed, totaling over$1billionin New York.

Factors Influencing District Priority Shifts

In addition to the well-known challenges of declining enrollment and district operational difficulties, several other factors are at playschool consolidations,expirationof Cares Act funding, voter resistance to specific measuresand adownward trend in birth rates.These changes suggest districts may be pivoting priorities to better serve local needs and moving away from projects fueled by federal programs.

Key Focus Areas for Passed Bonds

Despite these challenges, passed bonds are still showingstrong supportfor key focus areas, such as specialty areas,HVAC systems, athletic facilities, instructional spaces, and electricalandlighting upgrades.

SchoolBondFindercurrently tracking roughly$49billionof opportunities, with many ofthe organization’sWatchlist items having no money attached yet.Researchersare trackingmore than1,726bonds as of May 22.Electionsin June and August are around the corner and will be featured alongsidethe2026 Q2 updates and researcher insightsthis summer.

Petra Sucher is the Marketing Engagement & Analytics Manager for .

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