FY 23 APPROVED CAPITAL BUDGET

Board of Education Debt Service 22

GENERAL Project Number: Council District:

Operating Budget Impact

A224101 Multiple Various

Revenues:

Location:

Expenditures: Cost Savings: None:

Est. Debt Service:

$0

(annual)

X

Expended/Encumbered as of 2/9/21 $16,960,154

Project Schedule/Status: This is an annual project that will close at the end of the fiscal year.

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

19,880,000 19,880,000

19,880,000

19,880,000

Total Cost:

0 19,880,000

0

0

0

0

0 19,880,000

FUNDING SCHEDULE R1515 Recordation Tax R1525 Transfer Tax

11,880,000 8,000,000

11,880,000 8,000,000

11,880,000 8,000,000

0 0 0

0 0 0

Total Cost:

19,880,000

0 19,880,000

0

0

0

0

0 19,880,000

80