May 30, 2019 Minutes
REDWOOD CITY SCHOOL DISTRICT
Measure T
Citizens’ Bond Oversight Committee (CBOC)
May 30, 2019
Minutes of the Meeting
Location: District Office Board Room
750 Bradford Street
Redwood City, CA 94063
Present: Michael Bolander, Lori Bluvas, Richard Delfs, Elizabeth Flegel, Jeanne Panos and Rebecca Weekly
Others present: Olivia Acosta, CBO Priscilla Aquino-Dichoso, Supt. John Baker, Ed.D, Trustee Dennis McBride, Mark Newton, Will Robertson and Erika Szallos
Absent: Felix Gonzalez and Carolina Webster
1.0 Call to Order
Meeting was called to order at 6:06 p.m.; quorum established
2.0 Approval of May 30, 2019 Agenda
(Jeanne Panos/Rebecca Weekly; 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 Overview of District’s planning progress to date
• Mr. Robertson shared the CBOC Bond Program Update handout.
- Procurement: District plans to roll out the flat screen TVs and motorized adjustable carts district-wide and single interactive display for site libraries, in the fall of 2019.
- CEQA: John Gill, Garfield and Taft have cleared the public circulation period for the Initial Study/Mitigated Negative Declaration (IS/MND) California Environmental Quality Act (CEQA) documents.
- CDE: All school sites, except Fair Oaks, plan approvals to the California Department of Education (CDE) have been submitted. District has received CDE plan approvals on all sites except John Gill, Garfield and Taft.
- Construction progress: Kennedy Admin/Parking Lot Project footings are complete and concrete slab on grade has been placed. Due to rain, the completion date has been pushed to December 24, 2019 (from December 9).
- At McKinley, all classroom modernizations are complete.
- At North Star, classroom modernization is in progress.
- The McKinley/North Star fencing and gates will be completed in the summer.
- At Hoover, the new gas line installation, including PG&E scope, is complete. District is bidding on the new gym and modernization and plan to begin work in the summer.
- At Selby Lane, the Parking Lot Expansion and Reconfiguration Project was mobilized on site last week on Monday. Project will be completed this summer.
- Interim Housing: Four portables at Kennedy and eight portables at Garfield have been placed. Electrical and site work scope will be completed over the summer.
- John Gill basketball hoops have been removed and storm drain has been placed. Site work begins next week. Electrical and final site work scope will be completed over the summer.
- Henry Ford and Roosevelt site work will begin this summer. Electrical and final site work scope will be completed over the summer.
- The City of Redwood City’s Safe Routes to School Project at Kennedy is almost complete.
• Mr. Robertson shared the RCSD Design and Construction Progress Tracking Matrix as of May 22, 2019.
4.2 Update on bond expenditure to date
a. Year-to-Date Expenditure Report
Ms. Szallos shared the Measure T Bond Fund Income & Expense Summary and the Account-Ability Consolidated Projected Cost Report as of April 30, 2019. Ms. Szallos explained that both systems have been reconciled as of April 30, 2019. Ms. Szallos explained that the year-to-date expenditures as of April 30, 2019 for Fund 21-Measure T, Fund 01-Prop 39 and Fund 25-Impact Fees is $9,3337,415 and for all-years the total expenditures are $23,229,124.
CBO Aquino-Dichoso added that $23,229,124 is 11% of $209,815,158 total budget spent. Ms. Weekly asked if the money spent is according to plan? CBO Aquino-Dichoso responded yes.
Mr. Bolander asked that for the schools that are closing if bond funds will be reallocated to other school sites. Mr. Newton responded that the Bond Team has met to review the specific scopes and to develop a strategy. Due to the buildings belonging to the District, the buildings must be kept up and have decided which scopes must be kept in order for the buildings to continue to be operational. Scope reductions were presented and approved by the Board.
b. Revised Measure T Bond Program Budget
CBO Aquino-Dichoso shared the Account-Ability hand-outs and explained that it was a revision of the total budget of the Measure T Bonds. At the last committee meeting the total expenditures is $207.1 million and now it is $209.8 million. The change in revenue is primarily on the interest earnings, as it is higher than projected. In addition to, 11% of total budget has been expended to date, but do anticipate the projects will speed up in the coming year. Interest earnings on Measure T bond funds must be used for the bond projects.
CBO Aquino-Dichoso explained that the total program revenue is $209.8 million, which includes projected amounts (series issuance, cost of issuance, fund principal and earned interest) for FY2019-20. GO bonds third issuance is planned to close in September 2019.
Mr. Delfs asked if the District is confident the technology will be valid for the 30-year bond? Mr. Newton responded that some districts sell a variety of different bonds with different expiration rates for technology and other components that have a shorter shelf life. Technology and shorter shelf life bonds mature at a much quicker rate and have a shorter payback for those particular assets. These bonds which mature at a quicker rate are on a 5-year maturity rate or burn down.
CBO Aquino-Dichoso said that proposed new total program contingency is $3.3 million. Mr. Robertson added that there is also a $4 million board reserve.
4.3 Discuss future meeting dates
The next meetings will be held at 6:00 p.m. on
Thursday, September 19, 2019
Thursday, November 21, 2019
Thursday, March 19, 2020
5.0 Action Items (Action Required)
5.1 Approval of March 21, 2019 Committee Minutes
(Rebecca Weekly/Jeanne Panos; 6-0)
5.2 Approval of 2017-18 CBOC Annual Report
(Rebecca Weekly/Jeanne Panos; 6-0 with changes)
5.3 Approval of the 2019-20 Bond Program Budget Projection
(Rebecca Weekly/Jeanne Panos; 6-0)
6.0 Adjournment of Meeting
Meeting adjourned at 7:24 p.m.
(Jeanne Panos/Rebecca Weekly; 6-0)