RIverhead school board presentation construction progress and budget

8/20/2019 RIverhead school board presentation construction progress and budget

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BBS

Riverhead

Central School District

Board of Education Update Meeting

October 13, 2015


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BBSRiverhead High School Progress Classroom Addition


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BBSRiverhead High School Progress Classroom Addition


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BBSRiverhead High School – Main Lobby


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BBSRiverhead High School – Corridors


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BBSRiverhead High School – Science Classrooms


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BBSRiverhead High School – Science Classrooms


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BBSRiverhead High School – Courtyard


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BBSRiverhead Middle School – Classroom Addition


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BBSRiverhead Middle School – Music Addition


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BBSRiverhead Middle School – Music Addition


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BBSRiverhead Middle School - Cafeteria/Auditorium


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BBSRiverhead Middle School – Science Classrooms


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BBSRiverhead Middle School – Main Office


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BBSRiverhead Middle School – Windows


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BBSFootball Field and Bleachers


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BBSRoanoke Elementary School Progress

Classroom Addition


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BBSRoanoke Elementary School Progress

Toilet Rooms


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BBSPulaski Elementary School Progress

Cafeteria Addition


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Classroom Renovations


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Professional Development Room


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BBS


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BBS

All figures are subject to adjustment. 10/13/15


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adjustment. 1

Riverhead CSD$78,334,247 Capital

Construction Project

Presented by Sam M. Schneider, AssistantSuperintendent for Finance and Operations

Riverhead Central School District

Board of Education Meeting

October 13, 2015

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Capital Construction Project• In October 2011, the voters approved spending

$78,334,247 on capital construction projects atall seven schools and some athletic fields.

Conception Reality

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Capital Construction Project

• The voters were presented with an projected budget for each project within the$78,334,247.

• Where individual school projects have been

completed for less than originally anticipated,the funds are transferred to other school projects where costs have increased, but thefinal cost for all eight projects will not exceed

$78,334,247.

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Transfers Among Projects

• Projects can generate savings over the initial budget due to:

– Favorable bidding climate

– Few unanticipated expenses – Less extensive original work scope

Project

Initial

Budget Final Budget Savings

McKillop Field $1,604,751 $931,505 $673,246Aquebogue $3,807,996 $3,130,834 $677,162

Riley $5,666,831 $5,346,251 $320,580

These funds were transferred to other projects, including RHS and RMS.

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Change Orders?

• A change order is an agreement between the

contractor and the District to alter the originalcontract of work to either add or delete work.

• Change orders are funded through contingency

funds that were built into the $78,334,247approved by the voters.

• Change orders are for: – Discovery of unanticipated conditions

– Design changes necessitated by building code or practical realities

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Bond Expenditures as of Oct. 1, 2015by School

Project

Original

Estimate

Current

Budget

Expenditures as

of 10/1/15

Encumbrances

Outstanding

Unencumbered

Balance

Aquebogue $3,807,996 $3,130,834 $3,130,834 $0 $0

Phillips $4,025,891 $4,109,168 $4,109,168 $0 $0

Riley $5,666,831 $5,346,251 $5,346,251 $0 $0

McKillop Field $1,604,751 $931,505 $842,803 $88,702 $0

High School $32,129,979 $33,256,165 $30,719,942 $2,391,599 $144,623

Middle School $15,426,347 $16,171,341 $12,571,836 $3,546,546 $52,959

Roanoke $7,791,777 $8,356,284 $2,077,150 $6,121,974 $157,159

Pulaski $7,880,675 $7,032,699 $2,213,081 $4,427,487 $392,133

Total $78,334,247 $78,334,247 $61,011,065 $16,576,308 $746,874

The above figures do not include money appropriated by the

Board from the Repair Reserve, which are not capital expenses

even when such work is performed by the same contractor.

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Bond Expenditures as of Oct. 1, 2015by Category

Miscellaneous costs include printing costs during the bidding

process, professional movers who pack buildings in and out,

temporary signage, temporary relocation of utilities, etc.

Category

Expenditures as

of 10/1/15

Encumbrances

Outstanding

Unencumbered

Balance

Attorney $143,478 $102,000 $9,803

Misc. Costs $361,766 $85,369 $17,177

Survey/Engineering $905,138 $170,068 $176,748

Construction Mgr. $1,610,125 $262,485 $4,569

Architect $3,855,187 $270,775 $16,342Furniture/Equipment $2,967,162 $1,229,187 $101,064

Construction $51,168,209 $14,456,424 $421,171

Total $61,011,065 $16,576,308 $746,874

Grand Total: $78,334,247

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Bond Revenue

• The Riverhead CSD has

financed the projects byissuing three series of bonds, spaced out toensure that money is

only borrowed when itis needed.

• Bonds are sold on theopen market to the

bidder offering thelowest interest rate.

Official Statement issued for bonds

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Bond Revenue• November 2012

– $13,500,000 bonds

– 20 year repayment – 2.65% average interest rate

• March 2014 – $32,572,000 bonds

– 20 year repayment – 3.1625% average interestrate

• November 2015 – $32,262,247 bonds

– 15 year repayment – Interest TBD at closing

Moody’s Investors Service rating of Aa2.

RIverhead school board presentation construction progress and budget

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