Board reviews property-sale strategy and funding plan to cover facility work
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Summary
Staff laid out conservative appraisal totals (~$5M) plus $1M in special reserves to fund up to ~$6M in facility work; trustees discussed appraisal vs market value, parceling options, and the requirement to reduce general-fund reserves to 15% by July 30, 2028.
District finance staff presented a consolidated funds slide showing conservative appraisal totals for six surplus properties and the district’s special reserves. Miss Green said appraisals used in the slide total about $5,000,000; together with $1,000,000 in the district’s special building reserve, staff used a planning figure of roughly $6,000,000 available to offset remodel and construction costs.
Staff compared those receipts to the upper-end facility estimates presented earlier—Bridal (~$3.9M), maintenance/warehouse (~$2.0M) and transportation (~$1.075M)—and warned the highest scenario could exceed conservative revenue projections by about $900,000. Trustees and staff discussed appraisal sensitivity: raising the LAF estimate from $1.0M to $1.7M would largely close that gap, staff said.
Miss Green explained that sale proceeds must be placed in the special building reserve and are restricted to capital/facility uses. She also reminded trustees of a Wyoming Department of Education reserve rule requiring the district to lower general-fund cash reserves to 15% of the guarantee by July 30, 2028; current reserves are roughly $15.3M (about 25–28% depending on accounting choices). Options to meet the requirement include transferring up to 10% of the guarantee into special reserves and planning sustainable uses rather than one‑time spend‑downs.
Trustees asked staff to bring precise motion language and budget guidance for next week’s vote; staff also said they have received offers on several properties and will present those offers for public action next week.