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CIC reviews March financials, hears $26M left to spend as E‑3 closes
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Summary
At an April Capital Improvements Committee meeting, staff reported $52.4M in tax collections through five months, program‑by‑program revenues for E‑3/E‑4/E‑5, and a cash‑flow outlook showing about $26M remaining to expend to close E‑3; the committee approved minutes and the agenda unanimously.
The Capital Improvements Committee met in April to review March financials for the E‑3, E‑4 and E‑5 capital programs and to hear cash‑flow projections that will guide project sequencing and closeout decisions.
Staff presented the March financials and explained that February tax receipts were posted in March. Staff said five of 60 months have been posted, totaling $52,400,000 in collections to date. The presentation broke down revenues by program: roughly $461,900,000 for E‑3, $515,400,000 for E‑4 and $113,400,000 for E‑5 through March 31. A reconciliation slide showed approximately $3,400,000 remaining in unallocated E‑3 funds.
Why it matters: project timelines, interest earnings and available proceeds affect how quickly the district can move projects from design to construction. Several members asked whether interest income would exceed budgeted assumptions if work is delayed and proceeds accumulate.
Mister Hettinga, who led the cash‑flow discussion, said the program schedule is a living document and that staff are closely monitoring sequencing and cash flows. "We still have about $26,000,000 that we still have to expend," he said, adding that the bulk of those remaining costs are tied to a few finishing projects, including the DEH project and HVAC work at Jacob G. Smith. Hettinga said staff expect to close out E‑3 no later than 2027 and that E‑5 has collected roughly $93,000,000 in 2025 proceeds and will ramp spending in 2026.
Committee members pressed staff on where proceeds are 'parked' because some returns appeared high; Hettinga explained that interest accrues while projects are delayed and that staff generally do not book projected interest until projects approach completion. He also said E‑4 and E‑5 cash flows will increasingly rely on state capital outlay and interest as projects are sequenced.
Procedural actions: the committee approved the January minutes and the meeting agenda at the start of the session. Miss Hall moved to approve the agenda; Miss Grabowski seconded. The chair called for the question and the motions passed unanimously.
Next steps: staff committed to provide a per‑school net transfers summary detailing which schools gained or lost funds during internal transfers and to continue updating the program schedule and cash‑flow projections. The committee also agreed to meet in June (the May meeting was canceled because of graduations).
