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Board approves 10‑year facilities plan and authorizes capital transfers, moves to seek short‑term note
Summary
The board approved the district's 10‑year buildings and grounds plan, authorized transfer of up to $500,000 from Fund 10 to Fund 46 for capital projects and authorized staff to initiate a taxable tax‑and‑revenue anticipation promissory note not to exceed $1,000,000 for cash‑flow planning.
At the July meeting, Prescott School District administrators presented the annual 10‑year buildings and grounds plan and updated the board on capital funds and projected balances.
Staff said Fund 46 held about $1,250,000 for district projects and Fund 49 (interest from a previous capital referendum) had roughly $450,000 available for eligible projects. The presentation named likely capital priorities — roofs, boilers and parking lots — and staff recommended a clearer year‑by‑year project projection to improve transparency.
On motions related to capital finance the board:
• Authorized administration to initiate the process to obtain a taxable tax‑and‑revenue anticipation promissory note for cash‑flow purposes in an amount not to exceed $1,000,000; staff said the district rarely uses the line and would finalize details with the bank and return again if formal signatures were needed.
• Approved the 10‑year buildings and grounds plan and, contingent on year‑end audit numbers, approved transferring up to $500,000 from Fund 10 (operating) to Fund 46 (capital). Finance staff explained the final transfer amount will be confirmed by July 31 to meet state transfer deadlines.
Board members asked for regular fund trending reports and a projected budget timeline for capital projects. Staff said they will provide more detailed periodic reports and consult with Baird, the district’s financial advisor, for projections.
