FY 23 APPROVED CAPITAL BUDGET

Board of Education Debt Service 23

GENERAL Project Number: Council District:

Operating Budget Impact

A234102 Multiple Various

Revenues:

Location:

Expenditures: Cost Savings: None:

Est. Debt Service:

$0

(annual)

X

Expended/Encumbered as of 2/9/22: $0

Project Schedule/Status: This project will be ongoing to pay debt service.

PROJECT DESCRIPTION: This project allows for the collection of Recordation Tax and Transfer Tax in the Capital Projects funds in accordance with State law. Recordation and Transfer Taxes may be used for the payment of Debt Service on education capital projects or as pay-as-you-go funding for education projects. In the past, the County has recorded the collection of Recordation and Transfer taxes in an escrow account and then transferred the money to the General Fund to pay debt service. This project will provide a more informative means to an audit presentation.

EXPENDITURE SCHEDULE

Approp Total

Cost Element

Prior

FY 2023

FY 2024 FY 2025 FY 2026 FY 2027 FY 2028

TOTAL

Engineering/Design Land Acquisition

0 0 0 0

0 0 0 0

Construction

Inspection Fees

Equipment/Furnishing

31,700,000 31,700,000 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000 136,700,000 0 31,700,000 31,700,000 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000 136,700,000

Total Cost:

FUNDING SCHEDULE R1515 Recordation Tax R1525 Transfer Tax R8026 Reapp Trsf Tax R8027 Reapp Rec Tax

13,400,000 13,400,000 11,500,000 11,500,000 11,500,000 11,500,000 11,500,000 70,900,000 11,000,000 11,000,000 9,500,000 9,500,000 9,500,000 9,500,000 9,500,000 58,500,000 3,000,000 3,000,000 3,000,000 4,300,000 4,300,000 4,300,000 0 0 0 31,700,000 31,700,000 21,000,000 21,000,000 21,000,000 21,000,000 21,000,000 136,700,000

Total Cost:

64