City school board reviews school construction funding mechanisms
Amy Keeling Walton answers questions regarding the work she did to clean and organize the Bardstown Elementary School stage area. Prior to her volunteer work, the stage area was being used partly for storage.
By JIM BROOKS
Nelson County Gazette / WBRT Radio
Tuesday, June 20, 2017, 10 p.m. — The Bardstown Board of Education took time at its meeting Tuesday to review the bonding process and how school district’s generate the ability to borrow money for large construction projects.
Joe Nance, a financial advisor with Ross, Sinclair & Associates, explains the sources or revenue school districts have for funding construction projects.
Joe Nance, a financial adviser with Ross, Sinclair & Associates, explained how a school district gets its revenue to pay for construction projects. Those revenues include three “growth nickels”, which reserve 5 cents out of every school tax dollar for expansion and construction projects and state funding mechanisms.
Long term, the district is considering a possible school construction project on the former Salt River Electric property on Templin Avenue. Nance told the board in three years, the district’s projected borrowing limit would be approximately $10.27 million, and will grow each year.
BUS GARAGE CHANGE ORDERS. The board approved two change orders associated with the bus garage project on the former Salt River property.
The first change order involves installing a beam to replace four support poles in the center of the building at a cost of $129,900. The modification will open up the space and give the district more usable space, Holsclaw told the board.
The change will be funded by contingency funds plus savings generated by the district’s recent bond refinancings.
Board member Kathy Reed listens during Tuesday’s meeting.
The second change order included seven of smaller changes deemed necessary for the bus garage project at a total cost of $8,594. The changes include a compressor shed to house the bus garage air compressors; relocating a sewer line; a credit for $7,990; a foundation for exterior brickwork.
In other business, the board:
– reviewed the volunteer work by Amy Keeling Walton to clean and organize the Bardstown Elementary School stage. According to BES Principal Paul Bowling, the stage had been used for storage and was mostly unusable as a working stage. Walton’s work means the stage is now usable for multiple uses, including stage productions.
– approved the district’s 2017-2022 strategic plan
– approved the revised certified evaluation plan.
– approved the district salary schedule that includes a 2 percent across-the-board raise for employees.
— approved continuing to use Wilson & Muir Bank as the district’s depository;
– adjusted the child care costs to cover the added expense of the 2 percent raises for employees.
– approved personal service contracts.
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