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Administration outlines financing option to spread costs for multiple capital projects
Summary
Staff presented a financing option to avoid a single large draw from fund balance: proposals included a seven‑year note for a charter/activity bus (annual payment ~$70,000) and phased payments to cover an estimated $2.5M of other priority projects over 15 years with annual installments, pending formal specs, RFQs, and board consideration.
Administration presented a proposal to finance multiple capital priorities—charter/activity bus, roof repairs, farm remodel and an enclosed gym—by issuing notes and spreading payments rather than withdrawing the full $8.5 million fund balance at once. The presentation included an example: a $400–500K option for an activity/charter bus on a seven‑year note with an estimated $70,000 annual payment; the broader suite of projects was estimated at roughly $2.5 million with proposed phased payments (e.g., $125,000 year one; $130,000 year two).
Staff said they will prepare formal specifications and a timeline, and that the enclosed gym will require RFQs to hire engineers and possible electrical rerouting at the farm. Board members asked for a formal presentation with exact numbers and the district said it would bring the financial advisors to the January meeting for a formal recommendation.
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