HomeMy WebLinkAboutC.054.93009_0106 (2)IREDELL-STATESVILLE COUNTY SCHOOLS - REQUEST FOR AUTHORIZATION
TO COMMIT $1.5 MILLION IN CAPITAL FUNDS PRIOR TO JULY 1, 1993:
Chairman Haire recognized Mrs. Paula Gwaltney, finance director for
the Iredell-Statesville Schools System, who was present to discuss
this request with the board. Mrs. Gwaltney says the primary reason
they made the request for an early commitment was because they
wanted to get started with the work while the children are out of
school for the summer. They need to begin the bidding process
right away in order for this plan to work, which she thinks will
bring better bids because of bidding earlier. Mrs. Gwaltney said
she thought they would be spending a minimal amount of the $1.5
million; however, they would need a letter of commitment from the
County in order to proceed with the bidding process.
Chairman Haire inquired if Mrs. Blumenstein could give
additional information on this request. Mrs. Blumenstein said the
board appropriated $3,023,013 for Iredell-Statesville Schools for
Capital and also for debt service. This amount came from the
apportionment of the sales taxes which is based on ADM and also the
three cents tax added last budget year, which was apportioned on
valuation. The debt service for 92-93 has been less than it was
thought to be because they only have one payment which will be for
interest only. There will be $364,945.28 that has already been
appropriated to the schools, but not for a specific project. It
was thought at one point that this amount would be for debt
service. Mrs. Blumenstein recommended that the board consider
appropriation of this amount for specific projects that are
outlined for next year's budget at the next meeting of the board.
This amount is already appropriated for the schools, but not for
any specific project.
Commissioner Madison inquired if this would cover the schools'
needs, which is for contractors to do painting, repairs, and
carpentry, etc., and for which they would need a commitment. Mrs.
Gwaltney said she couldn't let all the contracts, but would like to
get a good start on the work. Commissioner Madison inquired if the
$364,945.28 would be adequate to cover the needs. Mrs. Gwaltney
said it would cover the expenditures up until the budget time.
Also, the $1.5 million is not in excess of the school system's
normal appropriation in past years, she said.
Mr. Mashburn asked her to reiterate her statement, that the
$364,945.28 is adequate insofar as appropriation, but Mrs. Gwaltney
is still asking for a commitment for more than that amount, because
the contracts that they are considering signing for the summer
months are greater than this $364,945.28 amount. These funds, by
law, have to be committed before the school can sign contracts.
Mrs. Gwaltney said she thought that was correct. She is asking for
a letter of intent to fund at the level of prior years. She would
like to commit as much as possible prior to July 1. The school
system had approached the Annual Capital Improvements account last
year as something they could rely on each year so they could plan
on doing these projects during the summer months.
Commissioner Stewart inquired about the school system's
contingency fund balance at this time. Mrs. Gwaltney said they
have budgeted all these funds, with the exception of contingencies
on construction projects, which consist of no more than 58 per
project. Commissioner Stewart inquired if she was basically
discussing new money, to which Mrs. Gwaltney answered in the
affirmative except for the $364,945.28 which is already budgeted.
Commissioner Boone inquired how much money the school netted
from the surplus sale property. Mrs. Gwaltney said it was about
$7,000, an unaudited number, she said.
MOTION from Commissioner Madison to appropriate at the next
meeting the $364,000 in the current year's budget, and give the
school system authorization to go ahead and spend this, and issue
a letter of intent for $1.5 million that will be funded in Annual
Capital Improvements for 93-94 budget.
MAI' 1 F 1993 089