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Budget Review subcommittee on primary and secondary education & Workforce Development

Budget Review subcommittee on primary and secondary education & Workforce Development. Chelsey Bizzle, Executive Director School Facilities Construction Commission. School Facilities Construction Commission.

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Budget Review subcommittee on primary and secondary education & Workforce Development

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  1. Budget Review subcommittee on primary and secondary education & Workforce Development Chelsey Bizzle, Executive Director School Facilities Construction Commission

  2. School Facilities Construction Commission Provides Kentucky’s 173 school districts with an equitable distribution of funds (1) for capital construction and renovation projects based upon unmet facility need and (2) to purchase new technology under the Kentucky Education Technology System (KETS) program. Funding for the KETS program is included in the Kentucky Department of Education’s budget request, the SFCC only administers the program.

  3. School Facilities Construction Commission Since inception in 1985, the SFCC has participated in nearly2,400 school bond issues, totaling $11.7billion. Of the total par amount, $3.6billion was supported by SFCC debt service payments and $8.1billion was supported by resources of the local school districts.

  4. SFCC offers of assistance To be eligible to receive an offer of assistance, districts must: Have a Kentucky Board of Education approved facility plan on file with the Department of Education; Commit at least an equivalent tax rate of $0.05 to debt service, new facilities, or major renovations of existing school facilities as defined by KRS 157.440; On June 30 of odd-numbered years, the school board must restrict all available local revenue for school building construction, to be used in accordance with the district’s approved facility plan; and Have an unmet facility need

  5. SFCC offers of assistance • A District’s “unmet need” is determined by: • Total facility need • - Local available revenues • Unmet facility need • For 2017, Kentucky’s total unmet school facility need was $6.3billion. This takes into account $7.1billion of total facility needs and $780million of total local available revenues.

  6. SFCC offers of assistance are determined by: General Assembly’s appropriation to SFCC multiplied by unmet need of the district expressed as a fraction of the state’s total unmet need School District A Student Enrollment: 2,636 Need per Student per Enrollment: $18,317 Bonding Potential of $33,999 at 4% = $462,058 SFCC offers of assistance

  7. Par amount of bonds issued with sfccparticipation

  8. Number of bond issues with SFCC Participation SFCC Appropriations

  9. Outstanding Debt fy 2019 Debt on the books for FY 2019: $401,930,854 Total SFCC Payments: $126,474,236 Total Local Payments: $275,456,617

  10. Outstanding SFCC Debt Total debt on the books (SFCC Portion): $1,462,126,475 Total principal: $1.18billion Total interest: $280 million

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