Bay Shore board approves $11.875 million serial bonds and $44.5 million revision to cover settled CVA claims
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Summary
At a work session the Bay Shore Union Free School District board approved awarding $11,875,000 in serial bonds and authorized a $44.5 million general‑fund budget revision to pay settled CVA claims; budget staff also reviewed the five‑year capital plan and an energy performance contract timeline.
The Bay Shore Union Free School District board voted to award $11,875,000 in serial bonds to FHN Financial Capital Markets and to authorize a $44,500,000 general‑fund budget revision to pay settled CVA claims, the board confirmed at a work‑session meeting.
Board staff presented the bond award on the consent agenda and recommended approval; the motion to award the bonds carried by voice vote. The presentation explained the issue was resized from an originally posted amount because of a large premium, producing a lower effective yield after resizing (presenter noted yields ‘‘about 2.3’’ after resizing). The board then approved a general‑fund budget revision totaling $44,500,000 for payment of settled CVA claims; presenters said the balance of that tab, and other claim costs, would be covered by prior insurance carriers.
Budget staff spent the meeting reviewing several components of the district’s upcoming budget. They said recent GASB accounting changes required reclassifying leases and consolidating copy‑machine rental and maintenance codes. The presenter also described debt‑service timing, noting older 2002 bond debt will fall off over the next two years and that the district had added lines for principal and interest tied to the EPC (energy performance contract) and recently floated bonds. The district’s preliminary revenue and expense figures were described as producing an estimated total budget of roughly $211.5 million for the coming year, with approximately $6.8 million of additional near‑term increases just incorporated into budget categories and about $2.6 million remaining to allocate.
On capital planning, staff circulated a five‑year capital plan and said the EPC work (including LED conversions and boiler work) is on a tight schedule pending State Education Department approvals; staff said construction is planned to begin in July if approvals and lead times align. Staff added some projects remain marked as low priority (described as ‘gray’) until funding certainty emerges.
The motions carried by voice vote; the board moved from work session into public session to take the votes and then returned to executive session to discuss personnel.
What’s next: staff said a final budget presentation (budget presentation 3) will follow, with refined numbers and a formal schedule for next steps.
