Minutes - 20090528 - Laserfiche WebLink

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County Share $390,639 $781,278 $1,171,917 $1,562,555 $1,875,066 (51.9% of total recommended General Fund Budget Commissioner Gordon made reference to the page, "County and School Related Debt Service," where it says, "FY 2010-11 payments total $3.9 million." Donna Coffey said that the payments would increase the debt service by $3.9 million. There will also be some other debt service payments that decrease next year. The net between those that are increasing and those that are decreasing is $2.5 million. Discussion ensued on how to go about applying and receiving stimulus money. Commissioner Gordon requested that the staff find out exactly how to get this money. Commissioner Nelson asked about the $1.4 million that is lost from the public schools building funds and where this is calculated into. Chair Foushee said that these were funds that were budgeted but that would not be received next year. This is still $1.4 million that the County cannot use for other things. He said that one could look at it as 48.1% plus this other loss. Chair Foushee reiterated that the Board would like to get any information on applying and use of stimulus money for perhaps funding the arts wing at Carrboro High School. Commissioner Hemminger asked about the debt for an arts wing without the stimulus money. Donna Coffey said that it depends on the size of the loan and the interest rates. The usual term is 15 or 20 years. Donna Coffey will bring this item back with more detailed information on the debt service scenarios. Commissioner Yuhasz requested information on the debt service numbers for the next 5 years if no new debt was added. Chair Foushee acknowledged Dr. Ingram from Durham Technical Community College • Chapel Hill Carrboro City and Orange County Schools CHCCS Board Chair Lisa Stuckey said that the schools met with the Board of County Commissioners a month ago with the operating and capital budget requests. She said that the schools are being squeezed from two directions as both the County and the State reduce funding. With each budget iteration out of Raleigh, the situation is worse for the schools. She asked that the County Commissioners do all they can for the schools, in particular allocating 48.4% to the schools as they did last year. She said that the school board amended its CIP last week to include the Carrboro High School arts wing in the "funded projects" category. The anticipated costs are $4.5 million. She said that she was with Congressman Price today and he asked how the school system would use the federal capital stimulus money and she said that they were not getting anything except this $5 million interest-free loan. She asked the Superintendent to be in contact with Congressman Price in case there are funds that might be accessed. She reiterated that the school board would like to complete the arts wing and begin Elementary#11. Superintendent Neil Pedersen gave an update on the presentation made in April. He compared the Manager's Recommendation with what was requested. The Manager's Recommendation is $1.2 million less than the request. There are a total of 14 positions lost.