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Burke County to hold $10 million in escrow for school system's new central office project
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Summary
County staff presented a request to transfer $10 million from the school system's capital reserve into a project ordinance; the county will hold the funds and disburse them against approved invoices as the school system renovates the former Burke County Christian Ministries building.
County staff told the Board of Commissioners that the Burke County School System has acquired the former Burke County Christian Ministries building for use as its new central office and asked the board to adopt a project ordinance to hold funds for the school system's renovation.
Staff said the school system had already drawn down roughly $1.5 million for design and acquisition costs and estimates approximately $10,000,000 of remaining construction cost, bringing the total project estimate to about $11,500,000. The schools plan to use cash on hand from the system's capital reserve, which staff said has been accumulated with sales tax receipts.
Margaret Pierce, deputy county manager and finance director, explained the requested action: transfer $10,000,000 from the school system capital reserve into a county-held project ordinance. The county will hold the funds in escrow and pay contractors after the schools submit approved invoices; staff said the funds would not be transferred directly to the school board.
Staff left the item on the consent agenda for the regular meeting. No formal vote was taken at the pre-agenda session.
