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Staff reports $26M spent on OYHE project and asks state for additional funds amid cash liquidity concerns
Summary
Finance staff told the panel the district has spent about $26 million on the OYHE school project, recently issued a large accounts payable (~$7M), and plans to request additional state funding because current cash liquidity cannot cover monthly invoicing.
District staff reported that the OYHE school project has incurred substantial expenditures and that the district is managing cash-flow and reimbursement timing with the state. Cassandra Stolke (S6) said the district had an additional accounts-payable disbursement of about $7,000,000 to the OYHE project and that it has spent roughly $26,000,000 to date; she said staff will request supplemental state funding (she referenced requesting an additional $32,500,000) to maintain liquidity while invoices are processed.
Stolke said staff are finalizing reimbursement requests to the state and working with the governor’s office on award agreements; she apologized for not attaching expenditure reports to the packet and said the district would provide more precise reimbursement totals when available. Panel members asked for detailed expenditure documentation at the next meeting.
