SLV School District Perspectives
Bond Accounting Report
In November of 2000, the voters of the SLV school district approved Measure S, which authorized the selling to bonds to obtain money to renovate and modernize school facilities. Text of Measure S and Related Information
The following information is from the report presented at the 8/19/03 school board meeting, by Angela Rowe, the Director of Fiscal Services.
$18.5 million dollars was authorized at the outset, and about 2/3 of the bond has been issued to this point. If all goes well with the State of California, we should also qualify for $6 million in matching funds. The history on getting matching funds is excellent, however, it's clear that our great state has known better fiscal days. Still, the chances of getting this money are good, at least in the long run, which would bring the total we have to work with to $24.5 million, not including interest.
Originally, the plan was to distribute the money as follows among the schools. Apparently, these were ballpark figures, and not part of a very detailed plan:
What has been spent so far:
Expenditures are broken down into 3 broad groups:
1) Modernization - includes all expenses that have directly to do with renovation - architects, engineering, and other consultants and contractors, materials and supplies, equipment, and deferred maintainence on equipment. The bulk of the money will be spent this way.
Modernization Total Spent to Date: $ 931,098
2) Interim Housing - includes the costs of portable classrooms, including site preparation, electrical supplies, contract services (such as to move the portables to the site), architect, and engineering.
Interim Housing Total Spent to Date: $ 355,148
3) Salaries - salaries and benefits of district employees who oversee the work, keep track of expenses, etc. This is paid out of the interest generated from the bond account (a sort of a legal technicality, but important). Up to now, this has been done on a part-time basis, mainly by Don Fox. Recently, the district hired Brian Loehr (former Redwood principal) as a full-time employee who's entire job is to manage and track the renovation. The following figure includes salary and benefits for the entire 2003-04 fiscal year, as well as previous years:
District Salaries Total Spent to Date: $ 232, 311
Update: Since Don Fox has left the District and there is no replacement in sight, this figure will be lower.