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Forest Grove SD 15 reports $147.9 million in bond resources; $31 million uncommitted as summer work ramps up
Summary
District staff told the Bond Oversight Committee the district has $147.9 million in bond resources, has committed or spent about $116 million and currently shows roughly $31 million uncommitted while summer construction and project prioritization continue.
District staff provided the Bond Oversight Committee an update saying Forest Grove School District 15 has $147,900,000 in total bond resources and has committed or expended about $116,000,000 as the district prepares for a busy summer of construction.
The update said the district completed a second bond sale last week for $31,900,000, following an earlier $90,000,000 sale in spring 2023. Staff reported an additional $2,600,000 in bond premium from the most recent sale and said bond resources have increased by roughly $5,000,000 since the bond oversight committee last met, driven by that premium and some interest earnings.
The presenter said roughly $31,000,000 remains uncommitted at this time but noted some planned projects will draw from that balance. Staff identified about $13,000,000 of the remaining funds as interest earnings and bond-premium resources to be used as the committee prioritizes remaining projects.
Since February, expenditures and commitments increased by about $14,000,000, reflecting recent procurement activity and open purchase orders that staff expects to expend over the coming months. Staff said once current procurements and commitments are finalized, they will begin a process this summer to prioritize how to use remaining bond funds, incorporating prior assessments, administrator feedback and a statewide assessment the state is conducting.
Staff also described two recent internal budget transfers: pre-K budgets for two sites were moved into their building contracts to allow on-site general contractors to perform the pre-K work; and $1,500,000 was transferred out of Cornelius’s contingency (a $1,000,000 portion to the Fern Hill pre-K project and $500,000 to the Harvey Clark seismic project).
Because a quorum was not present, the committee did not take formal votes or approve minutes; staff said the session would be informational and the annual bond oversight report will be sent to the full committee and presented to the board on June 10.
The district said staff will return to the oversight committee in September with recommendations on prioritizing remaining bond funds after summer activity and further analysis.
