How is all this construction going to be funded?

ProjectLEAF Financial Update

The link in this post will provide you with a nice one-page handout produced by our Chief School Business Official, Tim Gronski.

In it you will find information that explains the 3 “Buckets” of money used for all five schools, and also you will see the impact on property taxpayers as a result of the bonding provided.

It is important to note that the District has completed a required 10 Year Survey of building code and accessibility compliance.  This constitutes approximately 25% of the overall construction budget and will be paid by tax dollars from the bonds and the Fire Prevention and Safety levy over the next several years.  Total cost for these compliance projects is approximately $9M.

If you want to think about it in terms of how the April 2013 sales tax referendum is used, it will generate approximately $11.3 M of the overall $35.5M pricetag.  This is roughly 32% of the overall cost of the project is borne by alternate revenue bonds to be paid back by the sales tax.

Finally, the April 2015 general obligation referendum generates approximately $16,500,000 and pays the balance of the projects beyond the code compliance and those outside of what the sales tax generates.

Perhaps the most significant point is that as the Board prepares the final scope of the project, they have so far been able to keep the entire project within the tight window of current debt obligations paid by property owners.  This is huge considering that this is the largest single build/renovation in the history of the district.  We are grateful to the school community for support of this initiative!

As always, please contact me should you have questions.  Scott Kuffel, Superintendent

skuffel@geneseoschools.org

 

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