Committee approves capital rework: funding plan for North Charleston High gym, sales‑tax reallocations and a reduced GO bond issuance
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Summary
The committee approved sending three connected capital items (items b, c and d) to the full board to reallocate fixed‑cost‑of‑ownership and sales‑tax contingency funds to build a second gym at North Charleston High, and approved a GO bond resolution authorizing up to $160M while planning to issue about $60M this year and pay down roughly $100M with revenues.
The Charleston County School District Audit & Finance Committee voted to forward multiple capital reallocation items to the full board, including a plan to fund a second gym at North Charleston High School and a spring general‑obligation bond resolution.
Mister Burrowy, a CCSD staff member overseeing facilities, told the committee the gym project requires a multi‑phase funding approach that moves fixed cost of ownership (FCO) dollars into the gym project and then backfills the FCO pools with sales‑tax contingency funds. "This specifically takes FCO cost of ownership money, 7,200,000.0 from IT, 4,800,000.0 from FM to fund that gym complex at North Charleston High School," Burrowy said, and staff described the overall project cost as about $12 million.
Committee members agreed to bundle items b, c and d for a single motion. Mister Garrett moved to approve the grouped items and the committee approved the motion by voice vote; staff said the items will be presented to the board at the regular meeting at month end.
On debt management, Mister Prentice presented the annual general‑obligation (GO) bond resolution tied to the sales tax program and said the board is authorized for up to $160,000,000 outstanding. He told the committee that the district plans to pay down about $100,000,000 of that amount this year and likely issue around $60,000,000 instead. "Our plan is to pay down approximately a $100,000,000 of that, or we'll probably only issue 60,000,000," Prentice said, and staff described a broader intent to consolidate debt issuance into a single annual GO sale to reduce interest expense.
A committee member asked procedural questions and staff said the consolidation is expected to save several million dollars a year in interest by eliminating the prior bond anticipation note schedule. The committee moved the GO bond resolution to the regular board meeting by voice vote.
Next steps: Staff will prepare the board packet for the regular meeting with details on the FCO/sales‑tax reallocations and the GO bond resolution. The committee recorded voice approvals but no roll‑call vote tallies in the transcript.