Finance Committee recommends CPS go ahead with money for new construction | K-12 Education

The resolution has two parts: The second recommends that the district refinance $8.8 million left over from a $50 million bond issue in 2014.

When the bond was issued back then, interest rates were higher. The refinancing would allow the district to save 3.25% in interest savings, which would amount to $289,000, according to committee documents. 

Among the capital projects funded by the 2014 bond issue was the rebuilding of Cedar Ridge Elementary School.

The $40 million from this latest bond issue will be spent on renovations and an addition to the Columbia Area Career Center, an addition to Battle Elementary School and a new elementary school by John Warner Middle School. 

Chief Financial Officer Heather McArthur presented an update on the district’s finances.

She said there is an increase of $88.5 million in preliminary personal property tax revenue from what was budgeted for this school year. However, the projected revenue from state funding did not meet budgeted expectations and fell almost $1 million short.

Overall, the district is almost $3 million ahead in projected revenues compared to what was budgeted for this school year. 

McArthur also went over how federal COVID-19 Elementary and Secondary Schools Emergency Relief, or ESSER, funds will be used. That includes $500,000 that will be put toward creating “outdoor learning areas” at elementary schools.

McArthur said schools that have not had these types of play areas will also be able to install them. 

“Ultimately we want things that are safe and things that are accessible,” Chief Operations Officer Randy Gooch said.

Board member Jeanne Snodgrass asked whether the school community will be involved in the design and building process of these areas. McArthur said the district would be open to including the community in the design process, but no decisions have been made yet.