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: 

  1. Extend the existing 13.5 debt service mills for 23 additional years;

  2. Increase debt service mills by 5.75 mills; and

  3. 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.

Building Fund 

Project

Approximate Cost

Administration Floor Replacement

$55,000

Elementary Cafeteria Floor Replacement

$50,000

MS Envelope Openings

$40,000

HS Retaining Wall Fence Replacement

$14,000

ALE Bus Drainage

$190,000

Summer Floor Work

$50,000

Administration Exterior Walls (Tuck Point)

$20,000

Migrant Building Remodel

*** Unknown

Auditorium Repairs/Replacement

*** Unknown

Football Field Light Replacement

$460,000

Sidewalk Addition (Hickory Street)

$175,000

HS Flooring Replacement & Office Cabinetry

*** Unknown

HS Roof Replacement (26-27)

*** Unknown

ES Roof Replacement (26-27)

*** Unknown