December 16, 2021 Minutes

REDWOOD CITY SCHOOL DISTRICT

Measure T

Citizens’ Bond Oversight Committee (CBOC)

December 16, 2021

Minutes of the Meeting

 

Location: Members of the Committee attended in-person at the District Office and virtually via Zoom.

 

Present: Lori Bluvas, Michael Bolander, Jennifer Givens, Felix Gonzalez, Carl Landers, Karl Metz, Jeanne Panos and Jitpal Sahai

Jeanne Panos arrived at 6:12 pm. Michael Bolander arrived at 6:16 pm.

Absent: Rebecca Weekly

Others present: Priscilla Aquino-Dichoso, Olivia Acosta, Supt. John Baker, Ed.D., Don Diaz, Trustee Janet Lawson, Trustee Mike Wells, Will Robertson and Erika Szallos

1.0    Call to Order

Meeting was called to order at 6:07 p.m.; quorum established.

2.0    Approval of December 16, 2021 Agenda

 (Lori Bluvas/Karl Metz; 6-0)

3.0    Public Comment

At this time members of the public may address the CBOC on any items of interest to the public that are within the subject matter jurisdiction of the CBOC. Speakers are requested to limit their remarks to three minutes. No Committee action can be taken.

4.0    Information/Discussion

4.1       Progress Report on Bond Construction and Modernization Projects

Mr. Robertson shared the Measure T Bond Program Progress Tracking Matrix. The matrix shows both the in-progress and completed construction projects. Most projects are grayed out as the bond program is nearing to an end.

Mr. Robertson stated that the District had received Division of State Architect (DSA) certification for Roy Cloud and Hoover and awaiting DSA certification on the Roosevelt project. Garfield, Orion (formally John Gill) and Taft are last three full site modernization projects/new two-story building projects. Taft is scheduled for completion in Quarter 1, 2022 and Garfield and Orion are scheduled to be completed in Quarter 2, 2022.

Mr. Robertson shared the Bond Program Construction Progress Photo Update.

4.2       Update on Total Revenues and Expenditures for Measure T Bond Program

a)  FY 2020-2021 Year End Report

Ms. Szallos shared the handout Measure T Bond Fund Income & Expense Summary, 2020-21 Unaudited Actuals. The column FY 2020-21 (Year-end Closing) shows total revenue of $1.44 million and total expenditures of $65.77 million in Fund 21 – Measure T. In Fund 25 – Impact Fees, there is a total expenditure of $5.64 million.

Ms. Szallos shared the supporting documents for Fund 21 and Fund 25 financial reports as of June 30, 2021 from Financial2000.

b)  FY 2021-2022 Current Year Budget (First Interim)

Ms. Szallos shared the handout Measure T Bond Fund Income & Expense Summary, 2021-22 First Interim, which she stated is a projection. The column FY 2021-22 (1st Interim Budget) shows total revenue of $375k is an estimate for interest earned on bonds and total expenditures of $66.102 million in Fund 21 – Measure T. In Fund 25 – Impact Fees, there is a total unspent balance of $136k.

Ms. Szallos shared the supporting documents for Fund 21 and Fund 25 financial reports as of November 30, 2021 from Financial 2000.

Mr. Robertson explained that as the bond program gets closer to the completion of the big projects the District will discuss and release the $4 million in bond reserves. The goal is to spend down the bond funds by end of this fiscal year but realistically may take longer.

Ms. Szallos shared the handout Capital Facilities/RDA & Impact Fees (Fund 25), Revenue, Expenditures & Changes in Fund Balance as of 2021-22 First Interim. The beginning balance as of July 1, 2021 is $136k and the projected ending balance as of June 30, 2022 is $0, as it would be fully spent.

Ms. Szallos shared Bond/Construction Fund/(Fund 21) Revenue, Expenditures & Changes in Fund Balance as of 2021-22 First Interim.

4.3    Discuss future meeting dates and items on the agenda

The next meeting will take place on Thursday, March 24th, 2022. Suggested items on the agenda are the spending of reserves, electing new chair and vice-chair, 20/21 Measure T audit report, 21-22 2nd Interim report and the communication of completion of projects.

5.0       Action Items (Action Required)

5.1       Motion to Approve the September 23, 2021 Committee Minutes

                        (Jennifer Givens / Michael Bolander; 8-0)

6.0    Adjournment of Meeting

                        Motion to Adjourn the December 16, 2021 Meeting

Meeting adjourned at 6:54 p.m.

                        (Michael Bolander/Jitpal Sahai; 8-0)