Board Workshop. Capital Facilities Financing Plan

Transcription

1 Board Workshop Capital Facilities Financing Plan Karen Michel, Chief Financial Officer Tom Calhoun, Chief Facilities Executive Paul Woods, Director of Planning and Construction June 10, 2014.

2 The Capital Facilities Financing Plan is funded from three primary sources: Local Bonds Prop BB passed in 2000 Prop O passed in 2006 Mello-Roos Community Facilities District Funds (CFD) 18 CFDs State Funding (State School Facility Program) 2

3 The Capital Facilities Financing Plan is run in three programs: Prop O Bond Program (includes remaining Prop BB funds, State Funding and other supplemental funding sources) CFD Program (including State Funding and other supplemental funding) Other Projects (all other projects such as Deferred Maintenance or site funded projects) 3

4 Sweetwater Union High School District Quick Facts 41,000 Students in grades ,000 Adult Learners 37 Campuses throughout the cities of Chula Vista, Imperial Beach, National City, San Ysidro and San Diego 70% of Sweetwater students are Latino. 50% of Sweetwater Students speak a language other than English at home 4

5 Prop O Bond Program 5

6 Phase Prop O 1 Program Progress Project to date Locations 10 Major Projects Small Projects Solar Projects 6

7 Prop O Program Overview Propositions BB and O, along with State and other funding, will invest over $1 billion in capital improvement projects Years Prop BB $187m Prop O State Funds Other Funds Authorization Bond Sale 1 Bond Anticipation Note $138m $644m $180m $37.3m $66.8m $13.5m A substantial investment in facilities with a substantial impact on students 7

8 Original Prop O Program Schedule $180m Q $200m 2011 $200m 2014 $64m Source: Board Action on general plan of action on March 13, 2007

9 Bond Program Management Propositions BB and O, along with State and other funding, will invest over $1 billion in capital improvement projects Years Prop BB Prop O Harris Gafcon Gilbane/SGI SGI $5.5 million per year District Staff 9 $1.5 million per year

10 Gilbane/SGI Organization Chart ( ) Principal in Charge Keefer Sweetwater Union High School District Program Manager Ortiz Office Engineer McGovern Program Controls Manager Outreach Manager Construction Manager Planning/Design Manager Bush Almagro Alon Webb AR/AP Manager Johnson Scheduling Rote Contract s Manager Blake Doc. Controls Assistant Devine Constructability Reviewer Lewis Quality Manager Ruiz Project Manager Desai Project Manager Project Manager Project Manager Project Manager Project Manager Ehm Compton Elijah Gonzalez Kirsininkas Project Engineer Gutierrez Project Engineer Haddad Project Project Project Project Engineer Project Engineer Engineer Engineer Engineer Munro Evans Christman Munoz Barrera Chula Vista Middle Montgomery High Chula Vista High Sweetwater High Hilltop High National City Middle Southwest Middle Mar Vista High Southwest High 10 Safety Engineer - Virag Estimating Move Coordination

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12 Bond Oversight Years Voluntary Prop BB Bond Oversight Committee Prop O Citizens Bond Oversight Committee (CBOC) mandated by Prop 39 Prop O CBOC meets monthly By-laws updated annually since 2012 Membership increased from 7 to 9 (2 more at-large) Annual Reports produced since Robust Prop O website Human Resources recruits CBOC Members 12

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14 CFD Program and Other Projects 14

15 18 CFDs to date CFD #7 prepaid the CFD taxes under a mitigation agreement CFD #18 CFD NO. 18 (Millenia) 15

16 Phase CFD and 1 Other Progress Program to date Project Locations East Hills Academy New Schools (CFD) Small Projects (CFD) Other Projects 16

17 CFD and Other Projects Program Overview Major Projects during the Prop BB and O timeframe: 3 new high schools, 1 middle school, 1 special ed school Years SYH San Ysidro High SYH P2 ELM ORH Olympian High EastLake Middle Otay Ranch High OLH OLH various ORH Field Eastlake High ELH Field ELH upgrades East Hills Academy (at OLH) EHA Future Middle School 12/ High School EHA addition MS12/HS14

18 CFD FINANCE MASTER PLAN Past accepted practice all CFD expenditures in one bucket Updated best practices requires: Categorize 25 years of expenditures administrative, debt service and construction Allocate expenditures to all CFDs reasonable formula based upon expenditure type Current method refer to mitigation agreement to determine if expenditures are appropriate 18

19 CFD SPECIAL TAX ADJUSTMENT The Rate and Methods of Apportionment (RMAs) of our Mello- Roos CFDs call for an allowable 2% annual maximum adjustment No proposal for a statewide school facility bond in the Governor s budget Facility needs will deplete the $120 million current balance in the Capital Facilities Fund No adjustment in CFD levy in allows the increase in to double to 4% 19

20 Capital Facilities Financing Plan Monthly Update BOT Agenda Item M-1 For June

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28 Contact info: Fiscal Services Karen Michel, Chief Financial Officer Facilities Division Tom Calhoun, Chief Facilities Executive Planning and Construction Department Paul Woods, Director of Planning and Construction