2010/11 Construction Projects 2010/11 Construction Projects UpdateUpdate

Board MeetingBoard MeetingAugust 17, 2010August 17, 2010

Prepared by:Prepared by: Mr. Douglas BargeMr. Douglas Barge Mr. Art HandMr. Art Hand Ms. Carrie HargisMs. Carrie Hargis Y:\Business Services\Financial Modeling\Construction Planning\Waterfall #9 \ B08-17-10

Table of Table of ContentsContents

DESCRIPTION PAGE #

A. Opening CommentsB. Certificates of Participation (COPs)C. State Construction FundsD. Measure “K” Project DetailE. Measure “L” Project DetailF. Closing Comments

G. Appendix COPs Debt Service Analysis

12

3-45-78-910

A-1

i

Opening Opening CommentsComments

1

• We will start by reporting on the 2007 Certificates of Participation (COPs) debt and a plan to buy down the debt using the $7.7M the District has received from the State for the Tokay mold abatement project

• Next we will show an updated construction plan with funding provided

• To arrive at a funding plan staff has:– Incorporated the impact of previous Waterfall #8 (July 2010 report)– Adjusted funding between projects to cover existing obligations and recaptured

resources no longer needed– Accounted for all new income from the State

• Including paying back “temporary borrowing” between projects

– Accounted for impact of recent Qualified School Construction Bond (QSCB)

• It is important to remember these funds cannot be used to support general operations

Certificates of Participation Certificates of Participation (COPs)(COPs)

Debt Re-Payment StatusDebt Re-Payment Status

ii

COPs Debt Re-COPs Debt Re-Payment StatusPayment Status

Project Description

Debt Svc Pmt

COPSPrincipal

Paid

B. Tokay Repairs - Local 2,868,273

C. Tokay Repairs - State 7,731,727

A. Lawrence Repairs $2,900,000 $2,497,316

^ Principal balance equals $3,065,000; Payments will increase to $292,763 during course of re-payment

$13,500,000$13,500,000 $10,435,000$10,435,000E. Total

Williams

R.R.M.

St Facilities

Source

2

*

On-Going

Annual Pmt

$143,669

$143,669$143,669

^

D. Unspent COPs Proceeds COPs

Note: Project increased prior to finalizing sale of COPs

7,590,000

347,684

* Received State funds of $7,771,669 to apply towards repayment of debt

Arrival of State Arrival of State Construction FundsConstruction Funds

iii

New State Funds - New State Funds - ReceivedReceived

MGMT DESCRIPTION AMOUNT8711 Delta Sierra Science Classroom 1,132,491$

8712 Morada Science Classroom 1,179,172

8916 Tokay High Addition (Science) 1,725,209

8928 Lodi High Addition 594,260

8958 Lodi High Modernization 4,571,430

9,202,562$

3

Total New State Funds

Waterfall Summary Waterfall Summary by Fundby Fund

State Funds Measure K Measure L Dev Fee Spec ResvFund # 35 21 22 25 40 TOTAL

State Funds 35 ($9,202,562) $5,165,690 $2,311,663 $1,725,209 $0

Measure K 21 $4,833,092 ($3,458,043) ($1,375,049) $0

Measure L 22 $0

Dev Fee 25 $0

Spec Reserve 40 ($150,000) $150,000 $0

Total ($9,202,562) $9,848,782 $2,311,663 ($1,732,834) ($1,225,049) $0

Fund Desc

4

Measure “K” BondsMeasure “K” Bonds

Waterfall #9

iv

Measure “K” Measure “K” Project DetailProject Detail

D. Live Oak (160,000) 100,000

Project Description Waterfall #8 ** Change Waterfall #9

A. Elkhorn $600,000 $100,000

C. Tokay Colony

F. Total Modernization $1,339,271 $4,119,271

II. Renovations

I. Modernization

A. Lodi High $250,000 $4,700,000

($500,000)

$2,780,000

B. Lodi Middle 300,000

F. Total Renovations $2,100,000 $5,825,000

(310,000)

$4,450,000

(450,000)

$3,725,000

C. Vinewood 550,000 275,000D. Lakewood 300,000

(275,000)(250,000)

B. Lodi High 0 3,750,000 3,750,000

360,000

260,000

750,000

550,000

50,000

E. Independence North 250,000250,000

E. Needham 119,271 119,271

*Includes approved budget transfers following Waterfall #8. 5

0

0

Measure “K” Project Measure “K” Project Detail – cont.Detail – cont.

Project Description Waterfall #8 ** Change Waterfall #9

$8,288,006$8,288,006 $9,848,782$9,848,782 $18,136,788$18,136,788V. Total Projects

A. Lockeford $3,000,000 $4,375,049III. Additions

$1,375,049

6*Includes approved budget

transfers following Waterfall #8.

IV. Other ProjectsA. Playground Equip. Replace. $315,000B. Cafeteria Upgrades 600,000

H. Total Other Projects $1,848,735 $3,817,468$1,968,733

G. Unallocated 279,425230,901

C. McNair 2,433,043$1,733,043700,000

48,524

$315,000

600,000

D. Bear Creek Phase I (2,834)2,834E. Borchardt/Larson Painting 120,000120,000F. Morada Bus Loop 70,00070,000

0

0

0

Measure “K” Project Measure “K” Project HighlightsHighlights

• Lodi High Renovation – Project will address deficiencies in theclassrooms of the school’s permanent wings, including flooring, painting and window replacement

• Cafeteria Upgrades – In cooperation with Food Services, this project will improve the efficiency and aesthetics of the serving areas at Lodi High, Lodi Middle and Morada Middle Schools

• Borchardt/Larson Painting – Portions of the original paint applications at each of these schools have failed over time. This expanded warranty repair project will repaint each school in total.

• Independent Study High (North) Renovation – This site requires upgrades in many areas, including sliding replacement, new flooring, handicap accessibility modifications and window replacement.

7

Measure “L” BondsMeasure “L” Bonds

Waterfall #2

v

Measure “L” Measure “L” Project DetailProject Detail

B. Academy High 2,000,000 2,000,000

Project Description Waterfall #1 Change Waterfall #2

A. Future K-6 D $2,000,000 $2,000,000

C. Safety Projects 1,700,000 1,700,000

$17,568,173$17,568,173 $2,311,663$2,311,663 $19,879,836$19,879,836F. Total

E. Unallocated 11,568,173 13,879,836

D. Playground 300,000

$2,311,663

300,000

8

0

0

0

0

Measure “L” Project Measure “L” Project HighlightsHighlights

• Academy High School - This “green technology” themed small high school will provide state-of-the-art learning opportunities in a school-of-choice environment

• Atlas Tract Elementary – Anticipated to be the first new K-8 elementary school constructed in the LUSD

• Measure L Safety Projects – With the last phase of Measure L safety money expenditures, several North Stockton school sites will receive critically needed fire alarm and intercom replacements

9

Closing CommentsClosing Comments

vii

Closing CommentsClosing Comments• With funding having arrived from the State we can continue with our

original plan of paying down the COPs debt

• Reorganizing existing resources and declaring the new State resources gives the District the ability to move forward with its capital improvement program

• The projects shown here represent a shift in the District's construction philosophy from new school needs to modernization/ rehabilitation of existing facilities

• Future state reimbursements for projects such as the Lockeford Addition will become available to support other construction needs

• Regular updates on the progress of this latest phase of District construction will be provided to the Board and the Superintendent

10

The EndThe End

AppendixAppendix

• Debt Service Analysis A-1

• Project Funding Details B-1

A-1

Debt Service AnalysisDebt Service Analysis

Project Funding Details – Project Funding Details – All FundsAll FundsRESC MGMT C. ADJUSTED BALANCE

CODE CODE DESCRIPTION FUND 21 FUND 22 FUND 25 FUND 35 FUND 40 TOTAL0000 0000 Unallocated $279,425 $13,879,836 $72,602 $31,402 $14,263,2650000 0000 Unalloc. - Reserve for income not rec'd $769,109 $769,1090800 5800 F & P $197,197 $197,1970882 8055 Needham Modernization $119,271 $119,2710811 8096 07-08 Growth Portables $18,245 $18,2450815 8102 08-09 Growth Portables $5,780 $5,7800878 8103 Needham Portables $50,000 $50,0000818 8711 Delta Sierra Science Classroom

0819 8712 Morada Science Classroom

0824 8904 McNair $2,433,043 $2,433,0430831 8911 Lockeford Addition $4,375,049 $4,375,0490836 8916 Tokay High Addition

0840 8921 Future Elem D (Atlas Track) $2,000,000 $2,000,0000845 8927 BCHS Addition Phase I

0846 8928 Lodi High Addition

0850 8934 SFID Safety $1,700,000 $1,700,0000854 8951 Elkhorn Mod $100,000 $100,0000858 8955 Live Oak Mod $100,000 $100,0000861 8958 Lodi High Mod $3,750,000 $3,750,0000863 8960 Tokay Colony Mod $50,000 $50,0000866 8963 Vinewood Mod $275,000 $275,0000873 8125 Lodi High Career Tech Ed $1,897,070 $1,897,0700874 8974 Academy High School $2,000,000 $2,000,0000879 8104 Playground Equip. Lodi $315,000 $315,0000880 8106 Playground Equip. Stockton $300,000 $300,0000881 8730 Cafeteria Upgrades $600,000 $600,0000883 8965 Lodi High Renovation $4,700,000 $4,700,0000886 8972 Lodi Middle Renovation $300,000 $300,0000887 8973 Lakewood Renovation $300,000 $300,0000884 8937 McNair Field $600,000 $600,0008885 8938 Lawrence Parking $550,000 $550,000

ISP North Renovation $250,000 $250,000Borchardt/Larson Painting $120,000 $120,000Morada Bus Loop $70,000 $70,000

TOTAL 18,136,788 19,879,836 3,010,003 31,402 1,150,000 42,208,029 B-1