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Commissioner Hovis - Finance - To Appropriate and Transfer an Additional $14,257,480 from CIF Fund Balance to the Gaston County School System's Capital Budget for Costs Associated with the Renovations to Current Facilities; and Approve the Reimbursement Declaration
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STAFF CONTACT
Tiffany Murray - Finance - 704-866-3032
BUDGET IMPACT
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Appropriate $14,257,480 from the CIF fund balance and transfer it to the School Bond Advance project account in the Capital Improvements Fund.
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BUDGET ORDINANCE IMPACT
Minimal impact to the budget ordinance.
BACKGROUND
Gaston County and the Gaston County School System have begun preparing for a second $60,000,000 issuance of the $250,000,000 bond referendum approved in May 2018. These funds will be used to construct a replacement school for Grier Middle School as well as additional school facility additions, renovations and repairs.
The schools have identified several bond projects totaling $14,257,480 that need to be bid prior to April 30, 2023 in order for the work to be done in the summer when school is not in session. This Board Action, if approved, temporarily appropriates $14,257,480 from the CIF fund balance and transfers it to the school budget in the Capital Improvements Fund. The $14,257,480 will be reimbursed to the County when the $60,000,000 in bonds are sold.
This Board Action also revises the reimbursement resolution to include the $14,257,480 in school projects bringing the total reimbursement from the bond issuance to $19,257,480.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR); Reimbursement Declaration; School Bond Projects Listing