Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Budget Revisions topic
No spam. Unsubscribe anytime.
Board unanimously approves Measure N and EE bond budget revisions, commits funds for San Antonio campus
Summary
The board approved budget revisions to Measure N and Measure EE, committing remaining Measure N proceeds and $126 million from Measure EE for phase one of the San Antonio campus; board voted unanimously after staff described contingencies and remaining fund sources.
The Los Altos School Board voted unanimously to approve budget revisions to Measure N and Measure EE bond projects, a move district staff said will prioritize the San Antonio campus and prepare the bond program to meet federal tax-expenditure requirements.
District staff summarized the multi-measure bond program and said the district has been required to manage spend-down rules for tax-exempt bonds. Staff reported an overall program budget and revenue of $380 million as published and said remaining Measure N proceeds (approximately $15 million at time of publication) should be committed to the San Antonio campus to meet the spending timelines. The board packet included a design-build contract encumbrance, contingencies and an estimated $850,000 budget placeholder for special inspections that will be put out to bid.
Staff said Measure EE fund 212 is set aside for phase one of the San Antonio campus and recommended committing $126 million to phase one construction; staff also identified $56 million in proposed phase-two projects (middle-school model and other modernizations) that could be funded as the program moves forward.
Officials noted bond counsel has reviewed the transactions and outside auditors have audited expenditures with no findings. Staff explained that as construction progresses budget numbers will be revised through schematic and design development stages and that program contingencies exist to cover potential cost overruns or unforeseen site conditions.
Board member Stella moved to approve the budget revisions; Brian seconded. The motion passed unanimously.
What this means: Committing the remaining Measure N funds and the Measure EE phase-one allocation will allow the district to proceed into the next construction stages for the San Antonio campus and begin contracting for remaining services. Staff said they will return with tighter budgets as design work advances.
