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School staff outline $960M five-year capital plan as debt falls below $100M
Summary
District staff presented a five-year capital plan that lists $960 million in projects, reviews revenue sources (ad valorem, impact fees, county sales tax share), and reports total debt below $100 million with payoff timelines for SBE and COPS bonds.
Kelly Randall, presenting the district's five-year capital plan, told the Lake County School Board the plan lists roughly $960 million in projects over five years and reviewed primary revenue sources and constraints, including the effect of required charter-school shares and transfers to capital for insurance and staff costs.
Randall outlined three main capital revenue streams: ad valorem property tax (local capital outlay), impact fees dedicated to new capacity, and the county's 1¢ infrastructure sales tax (one-third share to the district). She said the district has projected $12 million over five years in charter-shared ad valorem payments and noted pressures on capital funds from mandated transfers.
"The total debt at this point is below a $100,000,000. We're at 96,465,000 in COPS and 1.129 in SBE bonds," Randall said, and she provided expected payoff targets (SBE bonds in January 2030; COPS in June 2031). Randall said average annual debt service is about $18 million and framed the lower debt level as progress that will allow the district to continue funding planned projects.
The presentation listed major projects and schedules: Wellness Way High School (funded in later years), Eustis Elementary master planning and Eustis High School additions (design underway; construction expected to start in 2026 with completion in 2027 for the high-school work), Beverly Shores replacement under construction, and several elementary and middle school projects funded by impact fees. Randall also called out system-wide needs such as aging infrastructure, portable replacements and technology upgrades.
Board members asked detailed questions about proportionate share mitigation, how impact fees and mitigation credits interact, and whether the district has visibility into how those credits affect net revenue. Randall said she had asked county staff for reporting and that Helen LaValle, who handles proportionate share mitigation, confirmed the county reports show a 1-for-1 crediting arrangement.
Randall and the board also discussed supply-chain and labor pressures, tariffs and inflation as ongoing cost risks. No formal action was taken at the workshop; the capital plan will proceed through the normal interlocal and adoption processes. Randall said she would circulate additional revenue detail and follow up on requested analyses such as the county reports and debt schedules.
