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CHAPEL HILL-CARRBORO CITY SCHOOLS <br />2004-14 CAPITAL INVESTMENT PLAN <br />NEW FACILITIES <br />Project <br />Funded Protects: <br />High School #3 <br />Elementary School #10 <br />Unfunded Protects: <br />New Central Office <br />Middle School #5 <br />Conversion of Lincoln Center <br />Elementary School #11 <br />Future School Sites <br />Capital Investment Plan <br />High School #3 Funding Plan <br />Funding Source <br />Impact Fees: <br />Budgeted Impact Fees <br />Impact Fee Balance <br />Alternative Financing: <br />HS #3 Funds <br />Smart Growth Funds <br />2001 Bond Funds: <br />(formerly elementary #10) <br />Pay-As-You-Go Funds <br />TOTAL <br />Scheduled Opening <br />2007-08 <br />2007-08 <br />2008-09 <br />2009-10 <br />2010-11 <br />2012-13 <br />2008-09 and 2011-12 <br />Amount <br />$ 6,100,000 <br />6,400,000 <br />2,5o0,o0a <br />2,200,000 <br />12,800,000 <br />1,142,000 <br />$31,142,000 <br />Commissioner Gordon asked about the policy for the fund balance -she thought it was 5.5°~. <br />Finance Director Ken Chaviaus said that the policy is 5.5°~, but for the past several years, it has <br />been significantly below this. It has not caused a cash flow problem for the school systems yet, <br />that he knows of. The reasoning behind the 5.5°~ was the district tax. A continued dwindling <br />would cause some cash flow difficulties. <br />Neil Pedersen said that the problem is that when you rely an fund balance for ongoing <br />expenses, then you become dependent on that. He does not think they would appropriate more <br />than $1.5 million of the fund balance. He would like to use as much of fund balance as possible <br />in a responsible manner. <br />Commissioner Halkiotis said that he has learned to keep the message and the messenger <br />separate. He thinks that both school systems will have a difficult year. He appreciates them <br />sharing the memo from the school boards association and NCASA to members of the N. C. <br />House of Representatives. He thinks the state has been deliberately disengaging itself from <br />