August-28-2019-Special-School-Board-Meeting-Segment-1
[00:00:00] Order and before you start chair Molitor Joe is just going to check that the volume effect. That's the last we can you pick it up. Do you have a pick up either? ready Molitor.
here Ginger Finch. pinky Thompson. here and Chelsea King Martin and Dylan Heights are not with us today. Thank you. Thank you.
[00:01:00] Okay. Yes, good afternoon. So you have with to the detailed information for resolution 2018 that 12, let me walk you through and share with you a little bit background information to make sure we are in the same stage.
Okay. Yes. I'm here. Yes, Dylan hides. We are noting that you have joined us. Thank you. Okay, so some of you might already have the opportunity to review the material that we provided to you yesterday and some might not. So I would like to take a few minutes here to go over the background information to make sure we are all in the same blue if we recall back and [00:02:00] make up the budget committee met include fiber member and five committed Community member to approve the District budget in the total amount of one hundred seventy seven point four million right after that Jun.
Just wanted to attack along with board members met with Piper chopping to decide to move forward with our 445 million freeze otter eyes Bond proceeds at that time, hypertrophy providers. The estimate deaf services that we have we might have on our 4450 million is 1.8 million. That 1.8 million include principal and interest.
So on June 10 during the regular board meeting I enclosed 1.8 million deaf Services into [00:03:00] 300 fund was a deaf Services fund and more adapt. The butter for us with is in the amount of 173942 million after. Joint pain Royal Rumble emitting. I recognize that I met the typo the scrivener arrow in my resolution.
So we call for special board meeting on June 27 to correct that error that I met in resolution 20 18-12 and now August 20th. We sell our 4.5 million Bond proceeds to Colombian bank and will receive the final number for our principal and interest from them. Was it a total of 1469 T was is [00:04:00] 110,000 less than the estimate that services that type of job be provided to us on June.
Because up that we would care to be transparency to Our Community member. We would like to revise the resolution 20 18-12 to the accurate amount of one poison 19 million is set up 1.8 million.
What you have and in terms of the documents is the memo describing. What dr. Just outlined you have been the summary sheet of the budget with the general fund special Revenue fund Debt Service fund updated capital projects fund. You have the new resolution. Yes, and then the last document is a [00:05:00] helpful visual that just kind of timelines out each of those three.
Resolutions the 1-inch you 10th with the estimate than June 27th with the amended estimate the scrivener errors corrected and now here we are August 28th. So that last Excel spreadsheet just shows the timeline.
What we would look for now is emotion that could then lead towards any discussion or. Yes, and then after the emotion to approve this resolution, then I will complete the Ed 50 and submit to black a mac Wesson from Calgary. Whereas for an extension yes.
[00:06:00] Here
and Now. Yes, the dick motion is because the total budget that we have on June 27. We have a hundred and ten thousand more than what we needed and The Debt Service fund. So the amendment we are.
Improved [00:07:00] by
the walk
that right there. in there. Then board member can adopt the budget. So because we asking for less than this time we asking for Less. So that's what you can add up the but judge I think technically as we heard from our legal counsel, we are actually technically fine if we don't even do the steps today.
Because you proved based on a higher estimate than is rounded. So what we're doing today is kind of above and beyond even what the Board needs to do. The most important document to do today who want to stay very technically accurate to our public of [00:08:00] what we actually would only incur in terms of Debt Service.
We've been improved up to 1.8 of where we going to ask where we're going to need to collect the 1.6 is actually the resolution so we don't really even need to do the motion to amend approved budget. We could just flip that over. Go straight to the resolution and vote to have an updated resolution that you would then attach into your budget book.
and that we would then have on our record to our public if they ever asked or query did you ever go to do ever incur all the way up to 1.8 million in your debt service and we would say no actually came in lower and we only need. The 1.69 and that's why we did a new resolution, even though technically wasn't necessary.
[00:09:00] Can I ask just a quick question that I
had?
The bond went to stood upon the one is the $3.00 [00:10:00] 4,000 yards. He placed on the property tax. This is the local option tax. Then this local option tax is a five-year, right? So this range for Aspire my November? Okay and going forward prison 184 Bond. So there's some different taxes that are getting confused in here.
Yeah. So the the capital Bond. Oh. so this. The 4.5 million was approved as part of the in 2014 the capital bond that was approved. We had we had sold all of those bonds accept up to the 4.5 million. We still had voter approval for another bomb another set of [00:11:00] bonds that we could sell giving us 4.5 million, which we do have remaining projects.
And so we're going out and selling those. That's the 4.5. It's not to be confused at all with what the board is looking to make it go out for in 2019 and what we have promised our community which I think is your question is we ask for up to three dollars per thousand for our Capital bond rate. And then we then we the local option is a dollar.
Four thousand. Okay. Yeah, that's
where I was. So so that's a that's a complex question because as your assessed values can [00:12:00] fluctuate your percentage or your rate could result in a different amount that you would pay. So sometimes people will ask. How come I'm paying a little more or a little less year to year because it's always based on the rate for assessed value.
So that's why we're really careful to say that that the rate that we're asking is what we're holding to it. Maybe that someone pays a little more one year or when there was the recession if you recall. Folks are paying less because the assessed value of their homes were going down. All right, and so there yeah, yeah.
All
[00:13:00] right.
We have 12.
right.
Wait
a minute this attender afraid to get my son out for you. I want to go back to your question share regarding your concern about we're in there that you're concerned about the budget [00:14:00] many men. Okay.
And at that time was there and so you were
kind of debating how
to go around.
[00:15:00] That we would need to reconvene and particular the budget but that in our important effort to be very transparent. Actually that probably would be a good idea. We had actual knowledge. And changed it
is so when
I
received my board packet. budget committee.
[00:16:00] And legal counsel would even say it's okay if we didn't need to have revised the resolution, but we do know that there's heightened. There's just gonna be hiding conversations as we go as into this Capital Bond and local option and wanting the. Feel that all along the way they're working with the most accurate numbers they have in available to the [00:17:00] public and documenting this meeting is conversation and.
the accurate amount that we do now have from Columbia bangs helpful to everybody if folks are out there paying attention in this.
are there.
All right. ready Molitor.
Dylan Heights. Ginger Finch. Christy Thompson. Thank you. Thank you so much. Thank you everyone for making yourselves available in terms of [00:18:00] just housekeeping. One of the things you may want to do is take this resolution and maybe even the Excel spreadsheet that was helpful to you and staple them in the back of your budget book as which is what we're going to do just as a way of.
Recalling this meeting when you flip through that document just to recall that we did have that final resolution and in place if that's helpful. Thank you for that suggestive. Thank you everybody. Yes, please.
Goodbye.