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School Bldg Program -- What Can We Fund This year??

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School Bldg Program -- What Can We Fund This year??

Postby Don Miller » Thu Jul 08, 2010 1:12 pm

As I said in my earlier post, I think we can borrow about an additional $10M this year without a tax increase (subject to Tracy's official calculations). The new Loudon Middle School/Phila Projects are estimated to cost about $18M. So we are short about $8M in borrowing capability.

This year, we gave the schools an additional $1.0M in property taxes for their operating budget. If the school board were willing to "give back" about $4-500k, which would be placed in the School Debt Service Fund 156, we could borrow about $16M this year without a tax increase. This would allow us to proceed with the new Loudon Middle School now.

We would then deal with the other projects next year.
Don Miller
 
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Joined: Thu Apr 15, 2010 8:58 am

Re: School Bldg Program -- What Can We Fund This year??

Postby Bob Franke » Sat Jul 17, 2010 7:47 pm

Don, I concur with your figures, however the school board has made it very clear, they will not separate the Phase One proposal. Right or wrong, I am fairly certain the school board (by their vote) will not start anything until they are assured of funding for the entire Phase One proposal. Getting the return of $400 to $500K is probably a stretch at this juncture, since most of that $1.022 million went for pay increases, and "uncontrollable expenses".
Bob Franke
 
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