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2010/11 Construction Projects 2010/11 Construction Projects UpdateUpdate
Board MeetingBoard MeetingAugust 17, 2010August 17, 2010
Prepared by:Prepared by: Mr. Douglas BargeMr. Douglas Barge Mr. Art HandMr. Art Hand Ms. Carrie HargisMs. Carrie Hargis Y:\Business Services\Financial Modeling\Construction Planning\Waterfall #9 \ B08-17-10
Table of Table of ContentsContents
DESCRIPTION PAGE #
A. Opening CommentsB. Certificates of Participation (COPs)C. State Construction FundsD. Measure “K” Project DetailE. Measure “L” Project DetailF. Closing Comments
G. Appendix COPs Debt Service Analysis
12
3-45-78-910
A-1
i
Opening Opening CommentsComments
1
• We will start by reporting on the 2007 Certificates of Participation (COPs) debt and a plan to buy down the debt using the $7.7M the District has received from the State for the Tokay mold abatement project
• Next we will show an updated construction plan with funding provided
• To arrive at a funding plan staff has:– Incorporated the impact of previous Waterfall #8 (July 2010 report)– Adjusted funding between projects to cover existing obligations and recaptured
resources no longer needed– Accounted for all new income from the State
• Including paying back “temporary borrowing” between projects
– Accounted for impact of recent Qualified School Construction Bond (QSCB)
• It is important to remember these funds cannot be used to support general operations
Certificates of Participation Certificates of Participation (COPs)(COPs)
Debt Re-Payment StatusDebt Re-Payment Status
ii
COPs Debt Re-COPs Debt Re-Payment StatusPayment Status
Project Description
Debt Svc Pmt
COPSPrincipal
Paid
B. Tokay Repairs - Local 2,868,273
C. Tokay Repairs - State 7,731,727
A. Lawrence Repairs $2,900,000 $2,497,316
^ Principal balance equals $3,065,000; Payments will increase to $292,763 during course of re-payment
$13,500,000$13,500,000 $10,435,000$10,435,000E. Total
Williams
R.R.M.
St Facilities
Source
2
*
On-Going
Annual Pmt
$143,669
$143,669$143,669
^
D. Unspent COPs Proceeds COPs
Note: Project increased prior to finalizing sale of COPs
7,590,000
347,684
* Received State funds of $7,771,669 to apply towards repayment of debt
Arrival of State Arrival of State Construction FundsConstruction Funds
iii
New State Funds - New State Funds - ReceivedReceived
MGMT DESCRIPTION AMOUNT8711 Delta Sierra Science Classroom 1,132,491$
8712 Morada Science Classroom 1,179,172
8916 Tokay High Addition (Science) 1,725,209
8928 Lodi High Addition 594,260
8958 Lodi High Modernization 4,571,430
9,202,562$
3
Total New State Funds
Waterfall Summary Waterfall Summary by Fundby Fund
State Funds Measure K Measure L Dev Fee Spec ResvFund # 35 21 22 25 40 TOTAL
State Funds 35 ($9,202,562) $5,165,690 $2,311,663 $1,725,209 $0
Measure K 21 $4,833,092 ($3,458,043) ($1,375,049) $0
Measure L 22 $0
Dev Fee 25 $0
Spec Reserve 40 ($150,000) $150,000 $0
Total ($9,202,562) $9,848,782 $2,311,663 ($1,732,834) ($1,225,049) $0
Fund Desc
4
Measure “K” BondsMeasure “K” Bonds
Waterfall #9
iv
Measure “K” Measure “K” Project DetailProject Detail
D. Live Oak (160,000) 100,000
Project Description Waterfall #8 ** Change Waterfall #9
A. Elkhorn $600,000 $100,000
C. Tokay Colony
F. Total Modernization $1,339,271 $4,119,271
II. Renovations
I. Modernization
A. Lodi High $250,000 $4,700,000
($500,000)
$2,780,000
B. Lodi Middle 300,000
F. Total Renovations $2,100,000 $5,825,000
(310,000)
$4,450,000
(450,000)
$3,725,000
C. Vinewood 550,000 275,000D. Lakewood 300,000
(275,000)(250,000)
B. Lodi High 0 3,750,000 3,750,000
360,000
260,000
750,000
550,000
50,000
E. Independence North 250,000250,000
E. Needham 119,271 119,271
*Includes approved budget transfers following Waterfall #8. 5
0
0
Measure “K” Project Measure “K” Project Detail – cont.Detail – cont.
Project Description Waterfall #8 ** Change Waterfall #9
$8,288,006$8,288,006 $9,848,782$9,848,782 $18,136,788$18,136,788V. Total Projects
A. Lockeford $3,000,000 $4,375,049III. Additions
$1,375,049
6*Includes approved budget
transfers following Waterfall #8.
IV. Other ProjectsA. Playground Equip. Replace. $315,000B. Cafeteria Upgrades 600,000
H. Total Other Projects $1,848,735 $3,817,468$1,968,733
G. Unallocated 279,425230,901
C. McNair 2,433,043$1,733,043700,000
48,524
$315,000
600,000
D. Bear Creek Phase I (2,834)2,834E. Borchardt/Larson Painting 120,000120,000F. Morada Bus Loop 70,00070,000
0
0
0
Measure “K” Project Measure “K” Project HighlightsHighlights
• Lodi High Renovation – Project will address deficiencies in theclassrooms of the school’s permanent wings, including flooring, painting and window replacement
• Cafeteria Upgrades – In cooperation with Food Services, this project will improve the efficiency and aesthetics of the serving areas at Lodi High, Lodi Middle and Morada Middle Schools
• Borchardt/Larson Painting – Portions of the original paint applications at each of these schools have failed over time. This expanded warranty repair project will repaint each school in total.
• Independent Study High (North) Renovation – This site requires upgrades in many areas, including sliding replacement, new flooring, handicap accessibility modifications and window replacement.
7
Measure “L” BondsMeasure “L” Bonds
Waterfall #2
v
Measure “L” Measure “L” Project DetailProject Detail
B. Academy High 2,000,000 2,000,000
Project Description Waterfall #1 Change Waterfall #2
A. Future K-6 D $2,000,000 $2,000,000
C. Safety Projects 1,700,000 1,700,000
$17,568,173$17,568,173 $2,311,663$2,311,663 $19,879,836$19,879,836F. Total
E. Unallocated 11,568,173 13,879,836
D. Playground 300,000
$2,311,663
300,000
8
0
0
0
0
Measure “L” Project Measure “L” Project HighlightsHighlights
• Academy High School - This “green technology” themed small high school will provide state-of-the-art learning opportunities in a school-of-choice environment
• Atlas Tract Elementary – Anticipated to be the first new K-8 elementary school constructed in the LUSD
• Measure L Safety Projects – With the last phase of Measure L safety money expenditures, several North Stockton school sites will receive critically needed fire alarm and intercom replacements
9
Closing CommentsClosing Comments
vii
Closing CommentsClosing Comments• With funding having arrived from the State we can continue with our
original plan of paying down the COPs debt
• Reorganizing existing resources and declaring the new State resources gives the District the ability to move forward with its capital improvement program
• The projects shown here represent a shift in the District's construction philosophy from new school needs to modernization/ rehabilitation of existing facilities
• Future state reimbursements for projects such as the Lockeford Addition will become available to support other construction needs
• Regular updates on the progress of this latest phase of District construction will be provided to the Board and the Superintendent
10
The EndThe End
AppendixAppendix
• Debt Service Analysis A-1
• Project Funding Details B-1
A-1
Debt Service AnalysisDebt Service Analysis
Project Funding Details – Project Funding Details – All FundsAll FundsRESC MGMT C. ADJUSTED BALANCE
CODE CODE DESCRIPTION FUND 21 FUND 22 FUND 25 FUND 35 FUND 40 TOTAL0000 0000 Unallocated $279,425 $13,879,836 $72,602 $31,402 $14,263,2650000 0000 Unalloc. - Reserve for income not rec'd $769,109 $769,1090800 5800 F & P $197,197 $197,1970882 8055 Needham Modernization $119,271 $119,2710811 8096 07-08 Growth Portables $18,245 $18,2450815 8102 08-09 Growth Portables $5,780 $5,7800878 8103 Needham Portables $50,000 $50,0000818 8711 Delta Sierra Science Classroom
0819 8712 Morada Science Classroom
0824 8904 McNair $2,433,043 $2,433,0430831 8911 Lockeford Addition $4,375,049 $4,375,0490836 8916 Tokay High Addition
0840 8921 Future Elem D (Atlas Track) $2,000,000 $2,000,0000845 8927 BCHS Addition Phase I
0846 8928 Lodi High Addition
0850 8934 SFID Safety $1,700,000 $1,700,0000854 8951 Elkhorn Mod $100,000 $100,0000858 8955 Live Oak Mod $100,000 $100,0000861 8958 Lodi High Mod $3,750,000 $3,750,0000863 8960 Tokay Colony Mod $50,000 $50,0000866 8963 Vinewood Mod $275,000 $275,0000873 8125 Lodi High Career Tech Ed $1,897,070 $1,897,0700874 8974 Academy High School $2,000,000 $2,000,0000879 8104 Playground Equip. Lodi $315,000 $315,0000880 8106 Playground Equip. Stockton $300,000 $300,0000881 8730 Cafeteria Upgrades $600,000 $600,0000883 8965 Lodi High Renovation $4,700,000 $4,700,0000886 8972 Lodi Middle Renovation $300,000 $300,0000887 8973 Lakewood Renovation $300,000 $300,0000884 8937 McNair Field $600,000 $600,0008885 8938 Lawrence Parking $550,000 $550,000
ISP North Renovation $250,000 $250,000Borchardt/Larson Painting $120,000 $120,000Morada Bus Loop $70,000 $70,000
TOTAL 18,136,788 19,879,836 3,010,003 31,402 1,150,000 42,208,029 B-1