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Committee reviews debt service and capital projects totals
Summary
Staff briefed the committee on three debt service funds totaling about $3.298 million (including roughly $2.3 million in PERS bonds and a $930,000 general obligation bond for the GIB building) and a capital projects fund of $1.2 million split across three purposes.
Denise reviewed the district's debt-service funds and capital projects allocations. She said the three debt service funds total about $3,298,000, primarily long-term loans and PERS bonds (about $2,300,000) and a general obligation bond for the GIB building at roughly $930,000. The capital projects fund was listed at $1,200,000 (regular capital projects $800,000; facility improvement $100,000; transportation $300,000).
Denise explained how the revenue stream for the GIB bond includes property taxes (about $928,000 credited toward the general obligation bond). Committee members asked clarifying questions about contingencies and the structure of appropriations versus resources; Denise reiterated the funds are appropriated at the function level and the documents show both sides of the ledger.
