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Board reviews finances; discusses future of bank building as tenant moves out
Summary
The board reviewed financials noting a large debt payment ($2.0–2.5 million) and discussed options for the bank building tenant that will vacate in early July; the 2011 appraisal was $235,000 and ADA upgrades could cost $60,000–$70,000.
The board received a finance and budget update noting unusually high monthly spending largely driven by a debt payment of about $2.0–$2.5 million and typical June payroll counts that increase expenditures.
Business Manager Mike Moha reported the bank building that houses the library tenant will be vacated in early July. He said the building was appraised in 2011 at $235,000, has had intermittent rental income (only one month without a tenant), and would require work to meet ADA standards and parking needs. Estimated ADA upgrades were cited in the meeting as $60,000–$70,000. The board discussed rental versus sale options and asked for a recommendation and cost comparisons at the September meeting.
Board members discussed whether bond funds could be used for renovation and noted the district had spent about 85% of bond proceeds; Moha said bond language was “pretty open” and that facility projects could be funded if money remained available. The board asked staff to return in September with options comparing retaining, renting or selling the building and sketches of renovation and operating costs.
