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Forest Grove bond program: $144M in resources, $52M uncommitted; $5M reallocated to expand pre-K
Summary
District staff told the bond oversight committee the $144 million bond program is largely on track with about $92.1 million spent or committed and roughly $52 million remaining; the board is moving $5 million from reserves to add pre-K classrooms across elementary schools.
The Forest Grove School District reported steady progress on its $144 million bond program and announced a $5 million budget reallocation to expand pre-K capacity across elementary schools.
Eileen, presenting the quarterly financial report, said the bond program had “$92,100,000 expended and or committed,” leaving “$52,000,000 left” in available resources. She outlined the funding components: the original $121,000,000 bond, a $10,800,000 premium and about $4,900,000 in interest and rebates.
Why it matters: the reallocation targets an immediate expansion of early-childhood classrooms. Eileen told the committee the district will “move[] $5,000,000 from our reserves … to be able to expand our capacity district wide, to support 1 classroom or more of pre k in each elementary building.” The shift uses bond premium/interest rather than new taxation.
Supporting details: presenters reviewed current encumbrances and bond-spend requirements, noting a key bond provision that the district must spend a high percentage of funds within a specified timeframe. Eileen also summarized a small change in the annual levy-rate estimate: the projected levy of $3.67 per $1,000 assessed value from the campaign compared with an actual levy this year of about $3.52 per $1,000.
Context and next steps: staff said funds moved for pre-K will be discussed further as site-specific designs proceed; several pre-K additions (including Fern Hill, Dilley, Harvey Clark, Echo Shaw and Joseph Gail) are in design and expected to begin next summer. The committee did not take a formal vote on the reallocation at this meeting; it was presented as a budget adjustment update.
The oversight committee scheduled a site tour and will continue to monitor design and encumbrance activity as bids and permits proceed.
