HomeMy WebLinkAboutAgenda 10-19-2021; 12-3 - Information Item - Memorandum Regarding 2016 School Bond Referendum Projects ORANGE COUNTY
C*sOWI—I i CAW-)LINA
FINANCE and ADMINISTRATIVE SERVICES
Gary Donaldson,CTP,Chief Financial Officer/gdonaldsongoran eg countync. oo /200 S.Cameron Street,Hillsborough,NC 27278/919.245.2453
DATE: October 19, 2021
TO: Board of County Commissioners
FROM: Gary Donaldson, CFO
RE: 2016 School Bond Referendum Projects
Attached is an update regarding the 2016 School bond referendum projects summary as of June
30, 2021. As noted the Chapel Hill-Carrboro City Schools 2016 bond authorization of$72.1
million is completely spent.
Orange County Schools has $11.3 million of authorized but unissued debt with a projected debt
issuance of spring 2022.
Please let me know if you need additional information.
cc: Bonnie Hammersley, County Manager
Attachments
2
Chapel Hill High School/Lincoln Center Projects(Major Facility Renovations project in CIP)
Project Original Budget Revised Budget Actuals* Balance Remaining Notes
Chapel Hill High School 68,000,000 68,000,000 73,340,493 (5,340,493) Bond Funds
CHHS-Major Renovations -this amount not included in Combined Bond Project Totals 600,900 598,478 598,478 - Older Facilities Funding
Below
Total 68,600,900 68,598,478 73,938,971 (5,340,493)
Available Funds(Capital Reserve Funds):
Lincoln Center Conversion 1,436,000 1,436,000 796,868 639,132 Bond Funds
Major Facility Renovations 1,724,900 1,733,892 - 1,733,892 All in a Contingency account
Total 3,160,900 3,169,892 796,868 2,373,024
Grand Total-Major Facility Renovations 71,761,800 71,768,370 74,735,839 (2,967,469)
*Actuals as of Munis Report through 6/30121
Total Projected Expenditures and Revenues(To be completed by CHCCS):
Total Exps(est.
Combined Bond Projects: by CHCCS)
Chapel Hill High School Project $74,965,546
Lincoln Center Project(includes$750K in Preliminary Planning Exps) 1,546,868
Total 76,512,414
Total Revs(est.
by CHCCS)
Bond Funds-Chapel Hill High School 68,000,000
Bond Funds Used-Lincoln Center 796,868
Apply Unused Bond Funds from Lincoln Center towards the CHHS Project 639,132
Advanced Preliminary Planning Funds-Bond Funds 750,000
Final Tranche of 2016 Bond Funds in FY 2021-22 1,922,000
Total 2016 Bond Funds 72,108,000
Estimated Sales Tax Reimbursements 1,200,000
Additional Incentives and Reimbursements 488,062 Footnote below
Use of Available Contingency Funds-Major Facility Renovations Project(53053) 1,733,892
75,529,954
Surplus/(Deficit) (982,460)
Deficit to be Covered with available School Capital Outlay Fund Balance-CHCCS 998,654
Surplus/(Deficit) 16,194
Footnote
reimbursement
reimbursement
u e Lnergy incentives
otal $488,062
3
Orange County Schools 2016 Bond Projects
Project Original Budget Revised Budget Actuals* Balance Remaining Notes
Roofing Projects 4,056,993 3,772,743 1,876,868 1,895,875 Bond Funds
Property Acquisition 3,100,000 3,100,000 3,104,353 (4,353) Bond Funds
Cedar Ridge High School Addition 14,500,000 14,500,000 13,394,917 1,105,083 Bond Funds
School Safety/Security 2,500,000 2,500,000 1,346,195 1,153,805 Bond Funds
Mechanical Systems 10,871,007 10,871,007 10,871,007 - Bond Funds
Classroom/Building Improvements 1,000,000 1,284,250 865,549 418,701 Bond Funds
Total 36,028,000 36,028,000 31,458,889 4,569,111
Available Funds:
Bond Funds Provided in
Preliminary Planning Funds-approved in FY 2015-16 CIP 478,000 478,000 478,000 - Advance of Bond
Referendum
Repurposed Funds from Other OCS Capital Projects in FY 2017-18 to
Mechanical Systems Project - 1,463,407 535,190 928,217 Repurposed Funds
Total 478,000 1,941,407 1,013,190 928,217
Grand Total-Major Facility Renovations 36,506,000 37,969,407 32,472,079 5,497,328
*Actuals as of Munis Report through 6/30/21
Total Projected Expenditures and Revenues(To be completed by OCS):
Total Exps(est.
Bond Projects: by OCS)
Roofing Projects 3,772,743
Property Acquisition 3,104,353
Cedar Ridge High School Addition 14,500,000
School Safety/Security 2,500,000
Mechanical Systems 10,871,007
Classroom/Building Improvements 1,284,250
Final Tranche for Approved Bond Projects 11,386,000
Total 47,418,353
Total Revs(est.
by OCS)
Bond Funds-Roofing Projects 3,772,743
Bond Funds-Property Acquisition 3,100,000
Bond Funds-Cedar Ridge High School Addition 14,500,000
Bond Funds-School Safety/Security 2,500,000
Bond Funds-Mechanical Systems(includes Repurposed Funds from FY 17-18 10,871,007
Bond Funds-Classroom/Building Improvements 1,284,250
Advanced Preliminary Planning Funds in FY 15-16 CIP-Bond Funds 478,000
Final Tranche of 2016 Bond Funds in FY 2021-22 11,386,000
Total 2016 Bond Funds 47,892,000
Estimated Sales Tax Reimbursements -
47,892,000
Surplus/(Deficit) 473,647