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Board approves capital budget extension and accepts bond-refund savings
Summary
Staff requested authority to increase capital-project spending capacity to about $11.5 million and a $624,400 budget extension; the board also approved moving forward with a bond refund that staff said will save roughly $821,000 but will incur approximately $172,000 in transaction costs.
A district finance staff member reviewed capital-project balances and asked the board to increase spending authority and approve a budget extension to allow the district to act quickly on prioritized projects.
The staff member said the district currently has roughly $4.0 million in unencumbered, undesignated funds, approximately $4.2 million in excess tech-levy proceeds and about $1.3 million in safety-and-security levy funds with roughly $570,000 available now. The staff presentation proposed raising capital-project spending authority to about $11.5 million to provide flexibility for project work.
Board members questioned some cost estimates for projects such as intercom and sound systems. Brad, a facilities/finance staff member, said many of the figures were "actual hard quotes" he obtained from vendors and that some older estimates were updated as more information arrived.
A motion to approve a budget-extension resolution (described in discussion as a $624,400 extension to the Capital Projects Fund) was moved, seconded and approved by the board. One board member recommended delaying some items until the facilities committee finalizes its recommendations; staff said some projects have closed windows (for example, summer installations) that require timely action.
Staff also reported that the district sold a bond on July 7 to refund debt and expects gross debt-service savings of roughly $821,000 from the refund transaction. Staff said the estimated cost to complete that transaction was originally listed higher but the confirmed transaction cost was about $172,000; the board approved an extension to accommodate the refund transactions.
The board then moved the consent agenda and adjourned. Staff said they will present a project-level list and updated quotes in a future workshop for further review.
