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Cheltenham SD reports $28.9M in cap reserve after bond; $15.8M designated for Glenside and Cedarbrook
Summary
Finance staff told the May 5 committee that recent bond proceeds increased cap-reserve balances to about $28.9 million, with $15.8 million designated for Glenside and Cedarbrook projects and one remaining ~ $10 million bond issuance planned to close out projects.
At the Cheltenham School District finance committee meeting on May 5, finance staff presented an updated capital-projects schedule showing roughly $28.9 million currently available to fund ongoing construction, the stadium project and other district needs.
Finance staff member Josh Swingard said the district started the prior year with about $22 million in cap-reserve funds, prefunded several projects (emergency infrastructure, playground work, furniture for new additions), and then issued bonds that increased the balance. "Right now, as of today, we are left with $28.9 million to fund Glenside, Cedarbrook and the remainder of the high school stadium," Swingard said.
Swingard said $15.8 million of that total is designated specifically for Glenside and Cedarbrook and that another bond issue of approximately $10 million remains to close out both projects. He added that funds are tracked in separate budget codes and funds even when presented in a consolidated schedule.
Committee members asked about debt service impacts. Swingard said the bond issuance is phasing in over three years and will translate to about $720,000 a year once fully phased. He said the phased structure spreads the tax impact over multiple years.
Next steps include continued project accounting and the remaining bond issuance to finish designated projects. The finance committee did not take a vote related to project authorization at this meeting.
