Board gets August financials; district cites $80M bond anticipation note and impact fees used for Flint Hill projects

Miss Lourdough presented the district's August financial snapshot and impact fee status and answered board questions about audits and bond ratings.

She said the district's new budget baseline is roughly $254,000,000 and monthly expenditures under the new budget run about $20,900,000. For August she reported total revenues of $24,210,300 and total expenditures of $28,922,000, noting the district drew about $4,700,000 from fund balance for that period, consistent with the prior year.

Impact fees collected to date were reported at $81,413,108; with interest earned in the escrowed fund of about $7,463,000, she said the fund had roughly $88,000,000 available. To date the district has claimed $84,455,000 with York County, drawn against construction costs for Flint Hill Elementary and Flint Hill Middle.

Lourdough also briefed the board on a bond anticipation note issued Sept. 23 for $80,000,000: $40,000,000 was used to pay off a prior $40,000,000 obligation, $5,000,000 was directed to the energy management program, and $35,000,000 was allocated toward ongoing construction costs for Flint Hill Middle. The BAN was awarded to JPMorgan Securities with an interest rate of 2.386%.

She said the district is near completion of its year-end audit and cautioned the board that a federal compliance supplement (affected by a government shutdown) could delay issuance of final audit reports; districts may be allowed to issue "draft" reports to meet statutory deadlines.

Board members asked about the potential budget impact of ongoing monitoring related to the industrial site; Lourdough said initial costs have been charged to bond contingency or related funds and that further budget implications will be addressed in next year's planning if the monitoring program continues beyond the current year.