ORD-2011-044 Fiscal Year 2011-12 Budget Amendment #5

Browse Search

Chapel Hill - Carrboro City Schools ( CHCCS) Elementary #11 Capital Project Ordinance 9. At its November 15, 2011 meeting, the Board of County Commissioners reviewed and discussed information related to the funding and construction of CHCCS Elementary #11. The Approved FY 2011 -12 General Fund Operating Budget and the FY 2011 -16 Capital Investment Plan (CIP) included a combined funding amount of $1,163,196 for Elementary #11. This funding was comprised of $500,000 in the CIP for abatement and deconstruction costs of the existing building, and an additional $663,196 reserved in the General Fund Operating Budget to fund any excess deconstruction costs of the existing building on the property. This budget amendment provides for the budgeting of the $500,000 in debt financing, transfers the $663,196 from a debt service reserve account within the General Fund to the Elementary #11 School Capital Project, and amends the capital project ordinance as stated below. A capital project ordinance for the financing portion of the school construction, estimated at approximately $20,575,000, will be included at a future BOCC meeting. (See Attachment 1, column #7) Additionally at its November 15, 2011 meeting, the Board of County Commissioners requested a schedule of the steps required to complete the financing for Elementary #11. Attached is a schedule of the steps required to issue the financing for the school with three different timelines. All timelines are based on when CHCCS receives the construction bids. (See Attachment 3) CHCCS Elementary #11 ($1,163,196) — Project # 53051 Revenues for this ro'ect: &nnrnnri -mCmA fnr thi¢ nmion -f- n v Current FY 2011 -12 FY 2011 -12 Amendment FY 2011 -12 Revised Lottery Proceeds $974,000 $0 $974,000 Debt Financing $0 $500,000 $500,000 From General Fund $0 $663,196 $663,196 Total Project Funding $974,000 $1,163,196 $2,137,196 &nnrnnri -mCmA fnr thi¢ nmion -f- n v Current FY 2011 -12 FY 2011 -12 Amendment FY 2011 -12 Revised Professional Services $974,000 $0 $974.000 Construction $0 $1,163,196 $1,163,196 Total Costs $974,000 $1,163,196 $2,137,196 FINANCIAL IMPACT: Financial impacts are included in the background information above. RECOMMENDATION(S): The Manager recommends the Board approve budget, grant, and capital project ordinance amendments for Fiscal Year 2011 -12.