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Lakewood School District REFERENDUM SEPTEMBER 30, 2014.

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Presentation on theme: "Lakewood School District REFERENDUM SEPTEMBER 30, 2014."— Presentation transcript:

1 Lakewood School District REFERENDUM SEPTEMBER 30, 2014

2 The Board of Education is seeking voter approval to undertake various school improvement projects and to refinance its outstanding lease purchase agreement.

3 These projects include: HVAC system upgrades at Lakewood High School, Oak Street School, Spruce Street School, Clifton Avenue Grade School, Lakewood Middle School and the Ella G. Clarke School and

4 Roofing replacement and related repairs at Oak Street School, Spruce Street school, Clifton Avenue Grade School, and Ella G. Clarke School and

5 The refinance of the Board’s outstanding lease purchase agreement with the issuance of significantly lower interest rate bonds.

6 Annual Cost of Referendum vs. Total Cost of Lease Purchase House Value $200,000$250,000$300,000$350,000$400,000$450,000$500,000 Annual Cost of Referendum for 20 years $36.99$46.24$55.49$64.74$73.99$83.23$92.48 Total Cost of Lease Purchase (Over 3 Year Period) $514.79$643.49$772.19$900.18$1,029.58$1,158.28$1, *Estimated

7 Accountability All revenue and expenditures have to be accounted for in a Capital Project Fund, separate from the district’s general fund. Funding is earmarked specifically for referendum projects and cannot be allocated to anything else.

8 Funding for the Referendum Projects are not co-mingled with the Operating Budget!

9 Role of the State Monitor – In regard to the Referendum Oversees all Financial Records Bids Contracts Revenues and Expenditures Payments

10 Why do these Projects Need to be Completed? The conditions of both the HVAC and Roofs are extremely poor. The Insurance Company has notified the district that they may drop our coverage, if we do not address the failing roofs. It is becoming more costly to repair roofs and HVAC systems than replace them

11 Why do these Projects Need to be Completed? The cost of repairing both the HVAC systems and roofs escalate each year with the “patchwork” we do to keep them under control. Last year alone, approximately $418,000. was spent on emergency costs. – $98, – Boilers – $20, – Ceiling Tiles – $98, – Fire/Burglar – $116, – Flooring/Abatements – $40, – HVAC – $45, – Environmental Each year, more and more funds are taken away from children and education in order to repair the facilities, which have gone years without preventive maintenance.

12 Why do these Projects Need to be Completed? Due to aging HVAC systems, and deteriorating roofs, students at times, have had to be relocated to different areas of the building due to heating and flooding problems.

13 Why do these Projects Need to be Completed? The State will give us 40% of the cost to repair or replace the roofs/HVAC systems. Are we ready to turn down $11,748,560 in free money from the state to do what is necessary, and what the district will have to complete at its own expense?

14 The cost of the HVAC system upgrades and roofing projects shall not exceed $29,497,241 and the amount of the refinance of the lease purchase shall not exceed $5,200,000, all of which will be funded through the issuance of bonds of the school district.

15 The 40% State Aid is only available to the school district if the referendum is approved. $29,497,241 –HVAC & Roof Repairs $ 5,200,000- Defeasance of Lease Purchase $34, 697,241- Total Bond Amount $11,748,704 – State Debt Service Aid ______________________________________ $22,948,537 – Net Cost to District

16 What Happens If You Vote No? The work will still be done; however, at a much higher cost!

17 PLEASE VOTE ON SEPTEMBER 30, 2014


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