Ocean City Board of Education finance commitee referendum presentation

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Ocean City Board of Education finance commitee referendum presentation

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Ocean City Board of Education finance commitee referendum presentation

  1. 1. Ocean City School District Primary School Project and March 11, 2014 Referendum Presented to Finance Committee January 29, 2014
  2. 2. What is “the Project”? The School District submitted two applications for ROD (Regular Operating District) Funding for the following two projects: Exterior Doors at the Primary School Overall Renovations at the Primary School
  3. 3. Why Now? First and foremost, the projects are creating a safer and healthier learning environment for staff and students. The State Grants amount to 40% of Preliminary Eligible Costs. We must capitalize on the current grant funding! The District, through years of fiscally responsible management, has funds in its Capital Reserve that will reduce the amount to be issued for school bonds. We are still in a favorable interest rate environment. We are making an investment in energy efficiency and maintaining a comfortable climate in the building.
  4. 4. Preliminary Eligible Costs and Funding Sources Projects State Share 40% Totals 113,000.00 Exterior Doors at the Primary School $ Primary School Renovations $ 5,885,198.00 $ 2,354,079.00 $ 3,531,119.00 Totals $ 5,998,198.00 $ 2,399,279.00 $ 3,598,919.00 FUNDING SOURCES - RECAP Funding from State of NJ $ 2,399,279.00 $ 2,399,279.00 Funding from Capital Reserve Fund $ 1,101,497.53 $ 1,101,497.53 Funded through local taxes - Bond Issue $ 2,497,421.47 $ 2,497,421.47 $ 5,998,198.00 $ 45,200.00 Local Share 60% $ 2,399,279.00 $ 67,800.00 $ 3,598,919.00
  5. 5. Referendum Date The bond referendum vote will be on Tuesday, March 11, 2014 Polling hours are 3 pm to 9 pm Please contact Mr. Pat Yacovelli School Business Administrator with any questions at: (609) 399-4161

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