Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance Solar topic
No spam. Unsubscribe anytime.
Brentwood board says bond anticipation note paid; solar array now online, federal rebate process underway
Summary
At its Feb. meeting the Brentwood School District board heard that the bond anticipation note has been paid, the district solar array began producing power, and staff will pursue an IRS rebate/tax-credit process. Central office staff presented the financial manifests and answered questions about technology and reserves.
The Brentwood School District board at its meeting on an evening in February heard that the district has paid off a bond anticipation note and that the new solar system on a school building is producing power.
Central office staff told the board a payment tied to the bond issuance was completed after funds arrived from the bond bank, and that subsequent payments will be standard bond payments. "When we got the funds from the bond bank, we then paid off the bond anticipation note," a central office staff member said during the financial report. The staff member also said a quorum of board signatures had been collected for the warrant and that paperwork would be posted the next day.
The same staff member reported that the district's solar installation was producing electricity. "Yes. We have solar power on the building today. Congratulations," the speaker said, adding the system will allow the district to gather six months of operating data for budget planning.
Staff also said they are beginning the IRS rebate or tax-credit process tied to the solar project; a contact recommended by a town official shared information that became available the day of the meeting. Central office staff said the process "turned on today" and that they would proceed with next steps now that more information is available.
Board members asked clarifying questions about manifests and payment types; staff explained payroll manifests (payroll) are separate from AP manifests (vendor payments). The meeting packet included a current-year financial statement showing line-item fluctuations tied to closing purchase orders and student needs.
The board also discussed the district's technology reserve fund. Staff said the technology reserve is intended to smooth the budget for infrequent, high-cost purchases (for example, wireless access points and other hardware that recur every five to 10 years) while routine replacements come from the operating budget.
No formal action was required on the bond or the solar rebate at the meeting; the items were presented for information and next steps.
The board closed the item and moved to other agenda topics.
