District Update - 04-30-10
Dale Hansen
April 30, 2010
District Update 04/30/10
ALTAMONT SCHOOL FUNDING
It has been brought to my attention that there are questions regarding the availability of funds for the Altamont Elementary Construction Project.
Currently, the residents of Altamont, Bethany, and Wicklund communities are paying taxes for Bethany and Wicklund Schools, and the future Altamont School. As of July 1, 2009, there is a balance of $6,736,584 in this account. The projected remaining bonding capacity for the Altamont Community is approximately $11,575,000. The total estimated funds for construction are $18 million. This falls far short of the $23 to $25 million which has been communicated to the residents.
The larger calculation is due to an unfortunate misunderstanding of bond proceeds and actual balance numbers in the District account. The only way to come up with $25 million is by adding the surplus funds of $6.7 million in the district account to an estimated bond proceed of $18 million. When in fact, the $18 million bond proceed already includes the $6.7 million. In essence, the error is adding the same $6.7 million twice.
The District is moving forward with the Altamont design and plans to fund the project with the support of State Construction Funds. Here are the estimated numbers:
CFD 2002 Account 6,736,584
Future Bond Proceeds 11,575,000 (future bond sale)
State Construction Funds 8,275,000 (waiting for State funds)
Total Available Funds $26,586,584
These calculation have been reviewed and supported by Goodwin Consulting Group.
Please reference the presentation from the Governing Board meeting on March, 24, 2010.
Presentation on the Lammersville Elementary School District CFD 2002
The District is holding a Mountain House High School Planning meeting on Wednesday, May 5, 2010 at 7:00pm. All community members are encouraged to attend.
Please feel free to contact me if you have any questions about our District.
Dale H. Hansen
Previous Updates:
Presentation on the Lammersville Elementary School District CFD 2002
Approved Calendar 2010-2011 School Year
Budget Summary Update 03-10-10
