Agenda - 09-24-2001 - 1 - Laserfiche WebLink

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The following is an inclusive list of projects that are pressing for the district. Other renovations and projects will be handled through the regular CIP funding process. Renovations a. CHHS HVAC system (bond) $1,500,000 b. CHHS fire alarm system (bond) $ 100,000 c. HVAC systems at Estes Hills and Phillips (bond) $ 365,000 d. Temporary space at CHHS and East for 500 students $1,500,000 e. Roofing at Seawell and CHHS $ 262,000 f. Fire Alarm and intercom upgrades at Estes Hills, Carrboro and Frank Porter Graham $120,000 g. Acquisition of a high school site $3,000,000 New Construction a. CHHS High School Addition(8 classrooms) $1,700,000 b. Elementary#9 (to open 2003) $13,555,000 c. Elementary# 10(to open 2003) $14,348,000 d. High School#3 (to open in 2005) $25,000,000 e. New Central Office $5,260,000 f. Renovate Lincoln for an alternative school $3,300,000 How does CHCCS propose to employ its fund balance reserves over the next year or two to reach the target of 5.5 percent of annual local fund expenditures? When the audit is completed in October, we will know exactly what our fund balance is. At this time we believe that it is approximately$2.5 million. The Board is committed to reducing the fund balance to 5.5 percent(approximately$1.8 million)over the next year. Any additional expenditures would be for one-time expenses. We anticipate that most of these will be for capital improvements. For the 2001-02 operating budget,the Board initially appropriated$900,000 of fund balance. Later,following your counsel,the board appropriated an additional $600,000 of fund balance to our current operating budget, and most of these expenditures are continuing. This requires that caution be used as the fund balance is spent down further. Assuming that the audited current fund balance amount is as we expect and recognizing what the board has already committed out of fund balance, this leaves an amount of about$600,000 still available to the board to reduce the fund balance to the 5.5 percent target level. The board.will likely make a determination as to the use of these remaining funds at its meetings in November after the audit is completed. Most,if not all,of these remaining funds will be used for one-time capital or operating expenses. To what extent, if any, does CHCCS dedicate district tax proceeds to any specific long-range or recurring capital projects or purposes? To date,CHCCS has not used the district tax to supplement its revenues for capital improvements. In recent years, the district tax has been used to support the increased local operating costs associated with new schools that are opened. Looking forward several years, the opening of elementary#9 in 2003,elementary#10 in 2003 and high school#3 shortly thereafter will present continuing demands to use these funds in this manner. We look forward to discussing these and other issues with you at our September 24'meeting. Also, we would be more than happy to host the Commissioners and members of the Bond Education Task Force in our schools. We are grateful that the BOCC has decided to address a major portion of our pressing current capital needs through the i I