BOARD BULLET FOR MARCH 7, 2017
The following is a summary of the Olentangy Local School District Board of Education's March 7, 2017 Special Meeting:
- Treasurer Emily Hatfield provided the Board with a review of the costs associated with the three options to address capacity issues discussed during the previous Board meeting: building a preschool building, using modular units as elementary classrooms, or entering a lease agreement for an office building at 7840 Graphics Way Drive. A preschool only building is estimated
to cost $12.8. Annual costs are
estimated to be $409 thousand dollars. Modular units would incur $300,000 as a one-time installation cost and include $443,000 for leasing modular and other operating costs. The review included the financial implications that entering the lease agreement would have on the district's five-year financial forecast. Ms. Hatfield advised that the lease would represent an approximately $3 million expenditure increase to the current five-year financial forecast when carrying the lease payment through fiscal year 2021. Although the District has the option to purchase the building at no less than $4.5 million in 2020, Hatfield explained that her estimated expense includes carrying the lease payment through fiscal year 2021 in order to show the worst case scenario. Purchasing
the building at a future date would mitigate lease costs within
the General Fund. Hatfield also noted that the District's revenue forecasts are not fixed amounts and could increase based on variables including state funding, tax receipts and enrollment.
Hatfield said the District will continue to analyze the timing of the potential purchase of the building with the
building elementary #16 and the funding options available.
The next meeting of the Olentangy Local School Board of Education will be held at 6 p.m. Thursday, March 16, 2017 in the Administrative Office.