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2010/11 Construction Projects Update

2010/11 Construction Projects Update. Board Meeting August 17, 2010. Prepared by: Mr. Douglas Barge Mr. Art Hand Ms. Carrie Hargis. Y:Business ServicesFinancial ModelingConstruction PlanningWaterfall #9 B08-17-10. Table of Contents. DESCRIPTION. PAGE #. 1 2 3-4 5-7

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2010/11 Construction Projects Update

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  1. 2010/11 Construction Projects Update Board Meeting August 17, 2010 Prepared by: Mr. Douglas Barge Mr. Art Hand Ms. Carrie Hargis Y:\Business Services\Financial Modeling\Construction Planning\Waterfall #9 \ B08-17-10

  2. Table of Contents DESCRIPTION PAGE # 1 2 3-4 5-7 8-9 10 A-1 • Opening Comments • Certificates of Participation (COPs) • State Construction Funds • Measure “K” Project Detail • Measure “L” Project Detail • Closing Comments • Appendix • COPs Debt Service Analysis i

  3. Opening Comments • 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 1

  4. Certificates of Participation (COPs)Debt Re-Payment Status ii

  5. COPs Debt Re-Payment Status On-Going Annual Pmt Debt Svc Pmt Principal Paid Project Description COPS Source A. Lawrence Repairs $2,900,000 Williams $2,497,316 B. Tokay Repairs - Local 2,868,273 R.R.M. $143,669 ^ C. Tokay Repairs - State 7,731,727 St Facilities 7,590,000 * D. Unspent COPs Proceeds COPs 347,684 E. Total $13,500,000 $10,435,000 $143,669 * Received State funds of $7,771,669 to apply towards repayment of debt ^ Principal balance equals $3,065,000; Payments will increase to $292,763 during course of re-payment Note: Project increased prior to finalizing sale of COPs 2

  6. Arrival of State Construction Funds iii

  7. New State Funds - Received MGMT DESCRIPTION AMOUNT 8711 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 Total New State Funds $ 9,202,562 3

  8. Waterfall Summary by Fund 4

  9. Measure “K” Bonds Waterfall #9 iv

  10. Measure “K” Project Detail Waterfall #8 * Change Project Description Waterfall #9 I. Modernization A. Elkhorn $600,000 ($500,000) $100,000 B. Lodi High 0 3,750,000 3,750,000 C. Tokay Colony (310,000) 50,000 360,000 D. Live Oak (160,000) 100,000 260,000 0 E. Needham 119,271 119,271 F. Total Modernization $1,339,271 $2,780,000 $4,119,271 II. Renovations A. Lodi High $250,000 $4,450,000 $4,700,000 B. Lodi Middle (450,000) 300,000 750,000 C. Vinewood 550,000 (275,000) 275,000 550,000 D. Lakewood (250,000) 300,000 E. Independence North 0 250,000 250,000 F. Total Renovations $2,100,000 $3,725,000 $5,825,000 *Includes approved budget transfers following Waterfall #8. 5

  11. III. Additions A. Lockeford $3,000,000 $1,375,049 $4,375,049 IV. Other Projects 0 $315,000 A. Playground Equip. Replace. $315,000 B. Cafeteria Upgrades 600,000 600,000 0 C. McNair 700,000 $1,733,043 2,433,043 D. Bear Creek Phase I 2,834 (2,834) 0 E. Borchardt/Larson Painting 120,000 120,000 F. Morada Bus Loop 70,000 70,000 48,524 G. Unallocated 230,901 279,425 H. Total Other Projects $1,848,735 $1,968,733 $3,817,468 V. Total Projects $8,288,006 $9,848,782 $18,136,788 Measure “K” Project Detail – cont. Waterfall #8 * Project Description Waterfall #9 Change *Includes approved budget transfers following Waterfall #8. 6

  12. Measure “K” Project Highlights • 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

  13. Measure “L” Bonds Waterfall #2 v

  14. Measure “L” Project Detail Project Description Waterfall #1 Waterfall #2 Change A. Future K-6 D $2,000,000 $2,000,000 0 B. Academy High 2,000,000 2,000,000 0 C. Safety Projects 1,700,000 1,700,000 0 D. Playground 300,000 300,000 0 $2,311,663 E. Unallocated 11,568,173 13,879,836 F. Total $17,568,173 $2,311,663 $19,879,836 8

  15. Measure “L” Project Highlights • 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

  16. Closing Comments vii

  17. Closing 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

  18. The End

  19. Appendix • Debt Service Analysis A-1 • Project Funding Details B-1

  20. Debt Service Analysis A-1

  21. Project Funding Details – All Funds B-1

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