Bond accountability committee presents annual board report
LRPAC members update board on status of bond projects, future planning work
The 2016 Bond Program is moving forward on time and within budget.
That was the message from members of the district's community-led Long Range Planning and Advisory Committee as they shared their annual report with the Board of Education May 22.
LRPAC, which is made up of about 25 parents and community members, serves a dual role. They advise the district on future facility planning needs. They also provide a public accountability function in regards to the 2016 Bond Program, ensuring that that money is spent in accordance with its stated purposes and that the district is upholding bond promises made to the Five Star community.
In terms of bond financial accountability, members reported that about 63 percent of the original $427.6 million bond budget has been expended of the $350 million bond that voters approved in November 2016. The $427.6 million budget includes $43.8 million in premium netted during the sale of bonds and approximately $27 million in transferred Certificate of Participation funds approved for facility improvement use in 2015 prior to the passage of the bond.
Among other highlights of the financial report, LRPAC members noted:
- Projected savings of $5 million from IT projects and completed school construction projects
- Approximately 76 percent of the bond's contingency and inflation fund has been allocated to active projects. This money is supporting unanticipated bond expenditures such as the addition of secured main entry vestibules at all district schools; additional money for building repairs and general renovations; and an increase in project cost for the soon-to-be constructed second Career and Technical Education Center.
- While contingency and inflation spending is currently outpacing active project spending, LRPAC members noted that in addition to projected project savings, there will be additional funding from a pair of roof projects that will partially funded through state BEST Grants; and an additional $10.9 million in revenue, made possible through bond interest earnings, resulting in $13.8 million in net bond revenue.
Regarding ongoing and upcoming Summer 2019 bond projects, members reported on the status of:
- The nearly completed, two-year renovation and expansion of STEM Lab in Northglenn
- The anticipated summer start of construction on the new FutureForward @ Washington Square career and technical education campus and the renovation of Bollman Career and Technical Education Center.
- Renovation work at four district comprehensive high schools (Horizon, Legacy, Northglenn and Legacy) and five district middle schools (Century, International School @ Thornton Middle, Northglenn, Shadow Ridge and Westlake.
- A variety of interior and exterior renovation work at more than 20 elementary and K-8 schools
- District-wide school safety upgrades such as secured main entry vestibules, electronic card reader building access, new digital video cameras and new handheld communication systems.
- An update on the ongoing School Connectivity Project, which is building the district's own fiber network. The network is expected to be complete in 2020.
LRPAC members also reflected on some of their planning work from the past year, much of it focused on the continued growth challenges in the northern area of the district. They also shared a draft framework for a district facilities and program master plan that the committee will dive deeper into during the 2019-20 school year.