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Board approves master plan, property sale and $12.9M HVAC energy project; finance staff warn fund balances are low
Summary
Board approved the 2026 six‑year master plan and a property sale, and authorized a roughly $12.9 million HVAC and energy‑controls package expected to produce substantial energy savings; finance staff warned operating fund balances remain low and bond proceeds are awaited.
The board approved several capital and financial actions at its Oct. 30 meeting, including the 2026 six‑year master plan resolution, a planned property sale, and a major HVAC and controls upgrade package.
Master plan: Trustees voted to adopt the district’s 2026 six‑year master plan and to pursue 2027–29 partnership project applications with the state’s Division of Public School Academic Facilities and Transportation.
Property sale: The board authorized administration to execute sale documents for 25 Sheridan Drive (formerly Meadow Cliff), a property appraised at $530,000, to Carter’s Creek Youth Recovery Center pending due diligence and closing. Administration said proceeds will be added to capital improvement funds and reduce ongoing maintenance costs for a long‑vacant building.
HVAC energy project: The board approved an amendment with Performance Services to complete HVAC upgrades at Pulaski Heights Elementary, Pulaski Heights Middle and Forest Park Elementary and to install system‑wide controls at additional campuses (project scope listed in the board packet). Performance Services said gross first‑year energy savings are projected to exceed $700,000 and that, after financing, the average net positive cash flow would be about $190,000 per year over a 20‑year term. The total contracted value discussed for the additional scopes was about $12.9 million. Construction planning will begin immediately with controls work beginning within weeks and larger HVAC installations staged for mobilization and summer construction; the full work is expected to take about two years.
Financial context: Finance staff presented the September 2025 revenue and expense report. Early property‑tax collections were reported (~$14 million YTD), but the capital improvement fund balance dropped from roughly $100 million to about $7 million as projects proceed and operating fund balance was reported low (about $11.1 million). Staff noted timing issues with federal reimbursements and that bond sale proceeds are scheduled to close Nov. 18, which will improve cash flow. Trustees discussed the possibility of a further forensic review of multi‑year finances; one board member indicated intent to bring a motion at a future meeting to commission an external forensic audit of the past three years.
What’s next: Administration will finalize the property sale if due diligence succeeds, execute Performance Services contract amendments and begin system design and staging; finance staff will monitor cash flow and return regular updates to the board.
