title
Commissioner Worley - Finance - To Appropriate and Transfer an Additional $1,532,207 from CIF Fund Balance to the Gaston County School System's Capital Budget for Costs Associated with the Construction of Grier Middle School; and Approve the Reimbursement Declaration
body
STAFF CONTACT
Tiffany Murray - Finance - 704-866-3032
BUDGET IMPACT
budget
Appropriate $1,532,207 from the CIF fund balance and transfer it to the School Bond Advance project account in the Capital Improvements Fund.
body
BUDGET ORDINANCE IMPACT
Minimal impact to the budget ordinance.
BACKGROUND
Gaston County and the Gaston County School System have begun preparing for the second issuance ($80,000,000) 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.
Beam Construction was awarded the contract to build the new Grier Middle School. The company has identified expenses totaling $1,532,207 related to the construction of the school that is needed to begin the site work as soon as the current school year ends. The $19,257,480 already advanced will be encumbered for other renovation projects. Waiting until the new debt is issued will result in an approximate 6-week delay in the start of construction. This Board Action, if approved, temporarily appropriates $1,532,207 from the CIF fund balance, and transfers it to the school budget in the Capital Improvements Fund. The $1,532,207 will be reimbursed to the County when the $80,000,000 in bonds are sold.
This Board Action also revises the reimbursement resolution to include the $1,532,207 in school projects bringing the total reimbursement from the bond issuance to $20,789,687.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR), Grier Start Costs Listing, Reimbursement Declaration