Budget committee reviews GASB 75 valuation, grant bid and early steps for Warr Elementary financing
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Summary
The Budget & Finance Committee heard routine bills and financial reports and reviewed a biennial GASB 75 valuation, a grant application for Paxton Hollow Middle School roof work, a resolution to declare intent to reimburse pre-bond costs for a capital project, an approval request for a bond underwriter for Warr Elementary, and a resident request to abate a penalty.
At the Budget & Finance Committee on Feb. 10, Miss Harvey reviewed routine payment items and several fiscal matters the board will address at the voting meeting in two weeks, including a GASB 75 actuarial valuation and a renewed grant application.
Miss Harvey said items 3.03 and 3.04 covered the district’s usual bills and financial reports and that "we will have all the check runs in for the voting meeting in 2 weeks." She described item 3.05 as a GASB 75 valuation, "an actuarial evaluation that we need to have done every 2 years as part of our financial statement audit," noting the valuation is a required component of the district’s audit process.
The committee was told the district is applying again for a grant that was used last year for the Paxton Hollow Middle School roof and hopes to use the same contractor or vendor referenced in the discussion. Miss Harvey also presented item 3.07, a resolution declaring the district’s intent to reimburse itself for pre-bond issuance expenditures for the project identified as the 'WERl' project; she said the resolution would allow reimbursement for expenses incurred prior to bond issuance if the board votes to proceed.
Miss Harvey said item 3.08 seeks approval of an underwriter to support bond issuance for the Warr Elementary School project, a standard step in preparing project financing. She also described item 3.09, a resident’s request for an abatement of a penalty after a late payment; Miss Harvey said it would be the resident’s first penalty in 10 years and that a letter was attached requesting reimbursement.
No motions or formal votes were recorded in the committee discussion; Miss Harvey invited questions and reported no substantive public comment before adjourning that portion of the meeting. The items and detailed check runs are scheduled for the district’s voting meeting in two weeks.