Finance committee approves millage summary, hears $43.6M borrowing plan and potential 2015 refunding

The Beaufort County Board of Education Finance Committee reviewed the district’s debt-service millage summary on June 20 and moved to present the millage levy information to the county auditor for planning. Committee members voted to forward the millage summary by voice vote after a presentation by Mr. Nurick.

Nurick walked the committee through the millage calculations and cash projections, noting a millage rate of 36.3 mills and showing projected revenues and cash balances. He reported an estimated beginning cash balance of $15,371,000 and projected district revenues of about $102,150,000 for the modeled period.

Nurick identified specific borrowing and resolution steps. The committee was told the district plans a borrowing of $43,570,000 tied to projects approved under the district’s 8% program; bond counsel will prepare a resolution for board consideration. Nurick also said staff plans to present a resolution next week to seek approval for a potential refunding of the 2015 B series, conditioned on achieving net present-value savings of at least $1,500,000 over the life of the bonds.

Committee members asked procedural questions about timing and noted rating calls and a calendar of bond-related events already scheduled for early July. Mr. Campbell moved and Miss Hay seconded the committee recommendation to send the millage levy summary to the county auditor; the motion carried by voice vote. The committee’s action is a recommendation to the full board and final borrowing or refunding requires board approval and market conditions.