Sources of Income
Measure A Bond Proceeds
March 2004
Summary
Measure A Bond proceeds represent the funds authorized by the Berkeley voters in the election of June 1992. The citizens approved a total of $158 million.
Income
| Amount Issued to Date |
$
|
140,725,777
|
| Future Income |
$
|
17,274,223
|
|
|
||
| Total Budget |
$
|
158,000,000
|
Measure AA Bond Proceeds
March 2004
Summary
Measure AA Bond proceeds represent the funds authorized by the Berkeley voters in the election of November 2000. The citizens approved a total of $116.5 million.
Income
| Amount Issued to Date |
$
|
67,000,000
|
| Future Income |
$
|
49,500,000
|
|
|
||
| Total Budget |
$
|
116,500,000
|
Bond Interest Income
March 2004
Summary
The bond generates interest earnings based upon its cash reserves. Most of the income is allocated for capital equipment purchases; some is allocated to capital improvements. Additionally, one of the categories budgeted from interest income is furniture and equipment for new or substantially renovated schools. Occasionally, the District has reallocated a portion of the interest for use in a capital project.
Income
| Budgeted Centrally through FY 2003 |
$
|
7,982,575
|
| Planned Future Income |
$
|
1,852,000
|
|
|
||
| Total Projected |
$
|
9,834,575
|
Certificates of Participation (COP'S)
March 2004
Summary
Certificates of Participation were authorized by the Board of Education in June 1991. These funds were raised to initiate improvements to house our students in safe buildings, to accomplish accessibility improvements at several sites and for other building improvements. The obligation included a twenty year repayment schedule, with the possibility of repaying the entire obligation in five years. Repayment of the COP’s was authorized as a part of the general obligation bond measure. The first two payments were from the Series A bond issuance. The Series B bond issuance allowed for the creation of an escrow account to pay the remaining obligation. The obligation was fully paid in June 1996.
Payments
The first two payments were from the funds generated by the Series A bond issuance. In the Series B bond issuance, the Board issued sufficient funds to set up an escrow account to defease the outstanding obligation.
| PAYMENTS TO DATE | ||
| Payment 1 | Summer 1992 | |
| Payment 2 | Summer 1993 | |
| Escrow Account | Summer 1993 | |
| FUTURE PAYMENTS | ||
| None Planned | ||
Budget
| Payments to date |
$
|
$ 7,530,848
|
| Future Payments |
$
|
0
|
|
|
||
| Total Budget |
$
|
7,530,848
|
OPSC Income
March 2004
Summary
OPSC (Office of Public School Construction) income represents the funds approved by that agency for BUSD modernization and seismic work. BUSD has received funding for thirteen applications: Whittier Elementary, Washington Elementary, the G and H Buildings at Berkeley High School, the Longfellow joint use, Thousand Oaks, Malcolm X, LeConte, Willard, King seismic (hardship), King modernization, Rosa Parks, Longfellow and Jefferson modernization projects. The funds are generated from voter approved State bonds. The income tracked in this category is for capital expenditures only. The State disbursed funds for furniture and equipment in the past. Those received funds are not tracked in this report, just as this report did not detail the furniture and equipment expenses associated with these older projects.
The OPSC requires that all expenditures be in a special Fund. The State considers all interest earned in this Fund to be the State’s money and decreases the District’s allocation on a dollar-for-dollar basis. To reduce this impact, the District minimizes the amount of District cash in this Fund. This report includes the interest earned in this Fund as a part of the State’s allocation and projected interest in the Fund as part of the future allocation.
The District still has eligibility for modernization funding for Berkeley High School. If the State still has money when we complete planning for the C building and Community Theater we may receive additional funds.
We have received some money from OPSC for class size reduction and for technology. Neither the funds nor the expenditures for those purposes are described in this report.
Income
| Received through December 2003 |
$
|
27,591,195
|
| Projected Future Income |
$
|
3,970,000
|
|
|
||
| Total Budget |
$
|
31,561,195
|
Deferred Maintenance Income
March 2004
Summary
The Office of Public School Construction provides funds to accomplish deferred maintenance work. A Deferred Maintenance plan must be approved by the Board and by the State to collect monies. The type of work which is allowed is consistent with work allowed under the local bond measure.
The program has been in place for a number of years. It is a matching program within a variable dollar cap; the local agency puts up half the funds. The State had been decreasing its contribution over the years and held serious discussions about phasing out the program entirely. However, in recent years the State appears to have renewed its commitment to this Fund. We have budgeted based on the assumption that the State will fund this year and six more years.
In this report, Deferred Maintenance expenditures have been shown as a separate category of expenses to the bond Fund in Fiscal Years 1993 and 1994. Starting in Fiscal Year 1995, this report has included the project expenses in the appropriate project budget. The carryover from Fiscal Year 1994 to Fiscal Year 1995 and all future State payments are shown as an income source.
Income
| Received through December 2003 |
$
|
2,132,443
|
| Projected Future Income |
$
|
1,768,000
|
|
|
||
| Total Budget |
$
|
3,900,443
|
Other Sources of Income
March 2004
Summary
The District occasionally receives monies from other agencies not previously listed. To date, the District has received rebates from PG&E for several projects and a rebate from EBMUD on one project. In addition, we have received a check of $191,191 from the School Asbestos Litigation Fund to partially offset District expenses on asbestos removal and encapsulation in the past. We also received $305,265 from the Department of Justice to partially offset the cost of camera installation at Berkeley High School. All sources of income which do not appear in the other categories will be listed as they are received or as they are encumbered by other agencies or individuals.
Income
| Received through December 2003 |
$
|
591,875
|
| Projected Future Income |
$
|
0
|
|
|
||
| Total Budget |
$
|
591,875
|
FEMA Income
March 2004
Summary
FEMA (Federal Emergency Management Act) income represents the funds approved by that agency for BUSD hazard mitigation. We also include the federal renovation funds in this line item.
BUSD received FEMA approval for two schools: Whittier Elementary and Cragmont Elementary. The hazard mitigation program reimburses the local agency for up to 50% of project costs within a defined dollar cap. When a project is fully approved, FEMA disburses the funds to the Office of Emergency Services (OES), a State entity. BUSD is reimbursed from OES. All funds have been received. We also received funds from the Federal Renovation allocation.
Income
| Amount Received (Whittier) |
$
|
1,770,164
|
| Amount Received (Cragmont) |
$
|
4,879,915
|
| Amount Received (Fed Renovate) |
$
|
263,540
|
|
|
||
| Total Budget |
$
|
6,913,619
|
Community Fund Raising Income
March 2004
Summary
For some of our schools, the community has committed to raising additional funds to enhance a construction project. The District may “front” funds until the community fund raising effort has been concluded. Fund raising campaign contributions may then reimburse the District. The District “fronted” funds for the Columbus School (Rosa Parks) to build a second pre-kindergarten room, enlarge the multi purpose room and for other infrastructure improvements for the science and computer rooms. We have also participated with the fund raising effort in the construction of a family resource center, a play structure and a new field. We received funds for carpeting at Oxford, for enhancements to the theater at Longfellow and for a playstructure at John Muir. We welcome fund raising efforts by the community and thank them for their generous contributions.
Income
| Columbus School (1/03 |
$
|
852,769*
|
| John Muir |
$
|
9,714
|
| Oxford |
$
|
15,000
|
| Longfellow |
$
|
290,000
|
|
|
||
| Total Budget |
$
|
1,167,483
|