Agenda Item
Meeting Date: 6/14/2018 - 6:30 PM
Category: SCHOOL DIVISION BUSINESS
Type: Info/Action
Subject: 2018 Bond Referendum (9:20 to 9:40)
ACPS Division Objective :
Objective 5
We will optimize resources.
Policy: FB - Facilities Planning
Enclosure:
File Attachment:
061418 Referendum Discussion.pptx
Summary: In recent meetings, the Board of Supervisors (BOS) have expressed interest in a 2018 Bond Referendum. If finalized, a referendum on next November’s ballot will ask voters to give the BOS the authority to issue general obligation bonds to fund certain capital projects. General obligation bonds have lower interest rates than lease revenue bonds. Also, a referendum process gives the community a strong voice in the capital needs of the division.
The most recent referendum for school projects was in November 2016 and passed with 73.52% of votes in favor of it. The bonds were issued and funded high priority projects in a two year window. The majority of those projects will be completed by this summer.
On May 9, the Board of Supervisors (BOS) voted to provide guidance to the School Board regarding the 2018 Bond Referendum. They agree to consider up to $47 million in school projects on the next referendum. This amount does not meet the needs of the school division, so on May 24th the School Board reviewed their priorities of their projects and various scenarios. The School Board adopted a resolution requesting the Board of Supervisors (BOS) for a referendum to issue general obligation bonds in the amount of $96M. The BOS met on June 6th and did not support the larger amount.
Tonight, the School Board will need to discuss what their next steps are.
Funding: Funding for any project ultimately approved will be provided by the capital budget.
Recommendation: Receive updated information and provide staff direction on how to proceed.
Approvals:
Recommended By:
Signed By:
Rosalyn Schmitt - Chief Operating Officer
Signed By:
Dean Tistadt - Chief Operating Officer
Signed By:
Dr. Pamela Moran - Superintendent