Ocean City Board of Education finance commitee referendum presentation

1. Ocean City School District
Primary School Project and
March 11, 2014 Referendum
Presented to Finance Committee
January 29, 2014

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. 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. 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. 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