FINANCIAL IMPACT STATEMENT
Given construction costs and interest rates as of April 2022, the anticipated construction cost for the Elementary School Replacement project is $23.3 million and the Powerline Relocation project is $2 million. The total project cost is $25.3 million.
The Division approved a total of $6 million in Partnership Program funds for both projects.
With the support of patrons, the remaining project cost totaling $19.3 million will be funded through the following actions at the special election in August 2022:
Extend the existing 13.5 debt service mills for 23 additional years;
Increase debt service mills by 5.75 mills; and
Refinance four existing bond issues.
If passed, the total millage rate in the district will be 44.25 mills. This will be levied at the end of 2022 and collected in 2023. The combined millage for debt service is expected to generate $19.3 million in project funds.
The building fund balance as of the end of April is approximately $3,900,000. Many maintenance projects are coming from these funds over this summer and the next several years. Due to unknown costs of current needs and unforeseen needs, the building fund has been safeguarded for ongoing maintenance projects.
Administration Floor Replacement
Elementary Cafeteria Floor Replacement
MS Envelope Openings
HS Retaining Wall Fence Replacement
ALE Bus Drainage
Summer Floor Work
Administration Exterior Walls (Tuck Point)
Migrant Building Remodel
Football Field Light Replacement
Sidewalk Addition (Hickory Street)
HS Flooring Replacement & Office Cabinetry
HS Roof Replacement (26-27)
ES Roof Replacement (26-27)