AG 2004 04 19 - Laserfiche WebLink

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DRAFT Minutes- Commumty Committee on Educabon Capital Planning and Financing 2 Mayor Padgett nominated Reverend Kurtz for Vice Chairman. Mr. Campbell seconded the nomination and Reverend Kurtz was unanimously elected. PRESENTATION OF PHYSICAL GROWTH - JONATHAN MARSHALL: Jonathan Marshall bdefed the committee on the historical statistics of student enrollment, number of single family building permits and population estimates from 1990 to 2003 for the City of Kannapolis and Cabarrus County. Mr. Marshall provided a copy of this data to the committee via charts and spreadsheets. He also provided committee members with a Cabarrus County School Facility Renovations map showing new school facilities, schools with added capacity and schools currently under construction. PRESENTATION OF COUNTY, FINANCIAL INFORMATION - PAM DUBOIS & SUSAN FEARRINGTON: Pam Dubois discussed the County's current financial status as outlined in the Cabarrus County and School Funding History document. This document contained general information concerning revenues and expenditures. She discussed the following financial information: Revenues by Source; Percentage of Change in Ad Valorem Tax Revenues; Change in Sales Tax Revenue; Expenditures by Function as of June 30, 2004; County Schools Expenditures, Debt; Undesignated Fund Balance as Percentage of Expenditures; Undesignated Fund Balance/Percent Expenditures; Fund Balance Calculation as of March 31, 2004 and Financing Mechanisms [Pay as You Go, General Obligation Bonds, Installment Financing and Certificates of Participation (COPS)]. Each committee member received a copy of this document for further review. In addition, Ms. Dubois provided a copy of the County's AA bond rating as defined by Moody's Investor Service, Fitch, and Standard & Poor's. She explained that the bond rating is determined by taking numerous components into consideration such as: the amount of the fund balance, how and when loans are repaid, management, and the economy. She pointed out that the rating by Fitch included the need for the County to develop a comprehensive plan to address school capital needs. Ms. Dubois and Mr. Day commented that although the County is carrying a little more debt than preferred, the County overall has a solid financial foundation. Susan Fearrington presented the following information concerning school expenditures: Cabarrus County Schools Expenditures Last Ten Fiscal Years, Financing Projects for Schools Since 1995, Cabarrus County & Kannapolis City Schools Summary of Expenditures, Summary by Source and Expenditures by Category. A two-page debt summary spreadsheet was prepared and distributed detailing the financed school construction costs via General Obligation Bonds, COPS I, II, or III through 2004. NEXT MEETING DATE: The Committee agreed to meet Wednesday, April 7, 2004 at 5:00 p.m. in the Multipurpose Room at the Governmental Center. NEXT MEETING STUDY MATERIAL: Mr. Day distributed the following information to the committee members: "Good Schools - Good Neighbors"; "NC Public Schools Facilities Guidelines"; "Hard Lessons"; "Education - What Compels Communities to Build Schools in the Middle of Nowhere?"; and a March 13, 2004 Charlotte Observer newspaper article entitled: "Billons Spent on New Schools Could Fix Others."