Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Project topic
No spam. Unsubscribe anytime.
District seeks authorization to reimburse middle-school expenses from trust fund ahead of bond sale
Summary
School officials told the finance committee they will ask the board in June to authorize an intent-to-reimburse and transfer roughly $3.66 million from the facilities and renovation expendable trust fund to cover early expenditures on the new middle school site at 144 South Street.
The Concord School District finance committee on May 19 heard a report that administrators will ask the school board at a June public meeting to approve an intent-to-reimburse and transfer of trust-fund money to cover construction-related expenditures at the new middle school site on South Street.
The nut graf: Administrators reported approximately $3,663,000 in expenditures to date on the project; the district projects expendable trust fund cash of $17,157,000 as of June 30 and a remaining expendable-trust balance of roughly $13,494,000 if the transfer proceeds.
Jack Dunn, school district finance staff, told the committee that an early portion of the $3.66 million relates to the broken-ground site and preparatory work; he said approximately $3.3 million of the total was an early estimate tied to the South Street site. He also noted some site-specific costs, such as a survey in the tens of thousands, will not be reimbursable from bond proceeds.
Dunn said he is coordinating with bond counsel and the architect (HMFH) to establish which pre-bond expenses are eligible for reimbursement. He provided the committee with the previously signed intent-to-reimburse document from last year and a revised version that would be presented to the board in June, pending bond-counsel guidance. ‘‘If you have the cash and you're gonna be intent to reimburse it's worth using that,’’ Dunn said.
Actions and next steps: The committee approved a motion recommending that the full board post a June meeting to approve intent-to-reimburse for 144 South Street and to authorize transfers from the facilities and renovation expendable trust fund to cover project expenditures. The motion passed on a voice vote; committee members asked staff to provide the detailed backup that will accompany the June request.
Ending: Administrators said they will return with detailed backup, bond-counsel advice and a revised intent-to-reimburse resolution for board consideration at the proposed June public meeting.
