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School board authorizes $3.5 million from reversion funds for capital projects
Summary
Chesapeake School Board approved using $3.5 million of previously set-aside reversion funds to cover overages on several capital projects, including $3 million for Culpeper Landing elementary work and $500,000 for B.M. Williams.
The Chesapeake School Board voted unanimously Feb. 24 to appropriate $3.5 million from a previously reserved reversion fund to cover higher-than-expected costs on construction and renovation projects.
Last year the board set aside $5 million as a contingency amid volatile construction costs; staff asked to allocate $3 million to the Culpeper Landing elementary project and $500,000 to B.M. Williams, leaving $1.5 million in the contingency reserve. The board approved the request with a motion by Malia Huddle and a second by Norman Poole.
Finance and capital planning staff told the board that some projects came in over budget amid a period when contractors were not holding prices and inflation was elevated; other projects, such as modifications at Indian River and Western Branch, came in on budget. The additional appropriation will be forwarded to the city with the required paperwork for official accounting and contract actions.
Board members were not recorded as raising questions; the motion passed with all members voting yes.
