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existing projects have to be scaled back or even eliminated. This also reduces the
<br />amount of impact fees that could be scheduled to the high school project. The chart
<br />below shows the significant decrease in funding potential.
<br /> 2002-2 012 CIP
<br /> PSBF IMPACT
<br />Year FEES
<br />2003-04 $ 487,552.00 $ 2,296,010.00
<br />2004-OS $ 492,427.00 $ 2,296,010.00
<br />2005-06 $ 497,352.00 $ 2,296,010.00
<br />2006-07 $ 502,325.00 $ 2,296,010.00
<br />2007-08 $ 507,348.00 $ 2,296,010.00
<br />2008-09 $ 512,422.00 $ 2,296,010.00
<br />2009-10 $ 517,546.00 $ 2,296,010.00
<br />2010-11 $ 522,722.00 $ 2,296,010.00
<br />2011-12 $ 527,949.00 $ 2,296,010.00
<br />2012-13* $ 527,949.00 $ 2,296,010.00
<br /> 2003 -2012 CIP
<br /> PSBF IMPACT
<br /> FEES
<br />$ - $ l ,600,000.00
<br />$ - $ 1,600,000.00
<br />$ - $ 1,600,000.00
<br />$ - $ 1,600,000.00
<br />$ - $ 1,600,000.00
<br />$ - $ 1,600,000.00
<br />$ - $ ],600,000.00
<br />$ - $ 1,600,000.00
<br />$ - $ 1,600,000.00
<br />$ - $ 1,600,000.00
<br /> ANNUAL
<br /> FUNDING
<br /> REDUCTION
<br />$ 1,183,562.00
<br />$ 1,188,437.00
<br />$ 1,193,362.00
<br />$ 1,198,335.00
<br />$ 1,203,358.00
<br />$ 1,208,432.00
<br />$ 1,213,556.00
<br />$ 1,218,732.00
<br />$ 1,223,959.00
<br />$ 1,223,959.00
<br />• extended for comparative purposes
<br />GRAND TOTAL REDUCTION $ ` 12,fl55,692 00?
<br />This reduction is not offset by the small increases in sales tax revenue. With a reduction
<br />this size, the ability of the District to take on any new major projects is limited. Projects
<br />for a new central office, McDougle auditorium, and science classrooms at Culbreth
<br />have all been moved to the unfunded column of the proposed CIP. This has made
<br />financing of the third high school a creative and complex process.
<br />The financial proposal included below uses the bond funds from elementary #10, the
<br />impact fee balance, county provided alternative financing, impact fees and a district
<br />financing plan. Each is explained in detail below. The staff has met with the Orange
<br />County Finance Director and Budget Director and developed the following proposal.
<br />Any potential issues or concerns are listed.
<br />Elementary #10 Bond Funds $12,800,000
<br />These were funds approved by the voters in 2001.This would require County
<br />Commissioner approval to use the funds differently.
<br />Alternative Financing by the County $ 5,100,000
<br />This alternative financing was proposed by the County. The original $11,100,000 was
<br />scheduled for 03-04, OS-06 and 06-07 in three $3.7 million amounts. The original $11.1
<br />million was intended to be used to provide funding for projects in older buildings and a
<br />new central office. The revised proposal used $3.7 million for funding at the high
<br />school and the present proposal uses $5.1 million for the project. This proposal would
<br />leave $6,000,000 for the original purpose of supporting older facilities.
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