Construction Funds Update

1
Construction Funds Update

• Presented by
• Jesus J. Amezcua,
• CPA CFO

2
The Bond Program
Amount of Bond Election May 1999 Based on Vitteta Study (Bonds) 81.9 144,000,000
QZAB 1 and 2 (8 M Loans) 9.1 16,000,000
Interest Earnings 9 15,892,209
Revised CIP (Board Approved) 175,892,209
3
Repayment of Debt

• Bonds ARE REPAID WITH
• 83 State IFA Funds
• 17 Local Debt Service Funds
• QZAB Loans ARE REPAID WITH
• 83 State Tier I Funds
• 17 Local Maintenance Operations Funds (subject
  to CAP)
• PFC Loans ARE REPAID WITH
• Same as QZABs

4
Status of CIP Revenues
CIP Budgeted Revenues 175,892,209
Revenues Received to Date 98 173,717,519
Pending to earn (Interest Earnings) 2 2,174,690
Interest anticipated To be earned 974,857
(Short)/Excess (1) 1,199,833 Pending ROCIP Savings
5
Status of CIP Expenditures
CIP Budgeted Appropriations 100 175,892,209
Expenditures to Date 56 97,601,584
Funds Encumbered to Date (contract-P.O. issued) 12 24,504,919
Funds Remaining To be spent 32 53,785,706
Note Pending various months change orders not submitted to Finance Dept.
6
Pending Projects -Secondary
Martin High 3,932,708
Cigarroa High 4,754,129
Memorial Middle (2) 10,618,485
Christen Middle 5,637,727
Lamar Middle 205,256
Cigarroa Middle 1,839,899
7
Pending Projects Elementary
DD Hachar 6,037,982
Heights (3) 6,034,521
Tarver (4) 5,270,219
JC Martin 2,082,134
Note Other Projects are Pending. Retainage and final board approval.
8
Status of ROCIP Costs
Budgeted (FIXED) Insurance Costs 5,676,969
Paid to Date 3,608,049
Pending to pay 2,068,920
Amount estimated to be guaranteed in savings 1,565,000
Project To Date savings (5) 52 819,223
9
Status of CIP Admin Costs
Budgeted Admin Costs 1,720,000
Paid to Date 82 1,418,777
Available to end of program 301,122
Amount projected to end of Program 1,417,915
Amount estimated to be funded from reserves -available 1,116,693
10
Attention Areas

• 34 M PFC for June 2004
• For the following projects
• Buenos Aires Elem. (Frank Arch)
• Ryan Elem. (Design Arch)
• Daiches Elem. (Hickey Arch)
• Leyendecker Elem. (Architect Plus)

11
Estimated Spending Schedule

• Avg Investable Amount
• Fy 03-04 53,785,706
• Fy 04-05 35,200,000
• Fy 05-06 8,500,000
• Note - 1 Interest return
• More definite spending patterns need to be
  identified before money is committed for 2 yrs .

12
Other Projects not Funded

• Food Services Complex 7M
• Shirley Field 5.5 M
• Admin Building 10M
• Note A needs assessment is required to make
  sure that LISD plans beyond the Bond Program.

13
Goals for Next Review

• 1. Continue report Monthly on Status of Funds
  Finance Committee as done since the beginning of
  the program
• By CFO
• 2. Follow up on PFC By CFO
• 3. Seek needs Assessment for new Bond Program OR
  another PFC
• By Const. Mgr, Div of Ops Dir. And Facility
  Planning and Support Services, CFO

14
Additional Financing Options

1. Add to PFC
2. Develop QZAB 3
3. Pay as you go projects 2M per year only
4. Donations

15
Additional PFC Option 34M

1. Additional monies may be needed for most pending
   projects It is recommended that the following
   packages be developed
2. 19M PFC Now for June 2004 for IFA 2 cents
3. Christen Middle PFC 7M
4. Hachar Elem PFC 8M
5. JC Martin Elem PFC 4M
6. 8M QZAB 6 cents
7. Martin High 4M
8. Cigarroa High 3M
9. Nixon High 1M
10. 7M PFC for Food Services 6 cents

16
To Follow Up Summary

• Instructions to proceed
• Additional Planning and Development
• Other