The district will move more than $15 million in expenses from its 2016 bond to the 2011 bond, using funds from the 2011 bond to pay for those completed transactions. It will also move ongoing items that were covered by the 2011 bond to the 2016 bond, closing out the 2011 bond.
“At the end of this process, basically everything will reside within the one bond program,” Chief Operations Director Paula Barbaroux said.
Because there were funds left in the 2011 bond not designated for a specific use, this move will open up the same amount of undesignated funds in the 2016 bond, according to district documents.
Undesignated funds come from interest earned on bond funds while those funds are held, waiting to be spent, as well as projects and purchases that came in under budget. They may be used for projects that can be paid for with bond funds, such as roof and heating, ventilation and air conditioning replacement; technology needs; and prepayment of bond debt.
The undesignated funds from both the 2011 and 2016 bonds is estimated to be $30 million, according to district documents.
In August, the board of trustees will consider a list of short-range capital projects that can be paid with those undesignated funds, such as facilities improvements. Those projects would extend the lifespan of those facilities, increasing the length of time until the district will need to call another bond election.