DEPARTMENT: Pre-K 4 SA
DEPARTMENT HEAD: Kathy Bruck, CEO
SUBJECT:
Appropriation of remaining Pre-K 4 SA Construction funds
SUMMARY:
Possible Board action to approve for Pre-K 4 SA to redirect approximately $2.6 million in funds originally allocated to the construction of Pre-K 4 SA Centers to be utilized for other program capital improvement projects [Kathy Bruck, Pre-K 4 SA CEO]
BACKGROUND INFORMATION:
The Early Childhood Education Municipal Development Corporation constructed four Education Centers from December 2012 to August 2014 to serve 14,000 pre-kindergarten students over the first eight years of the program. The South and North Education Centers were constructed for the inaugural school year in August 2013, and the West and East Education Centers were completed for the second year of school beginning in August 2014. In December 2012, City Council approved the funding of the North and South Education Centers using City of San Antonio capital project funding. In December 2013, the City issued Tax Notes pledged by the 1/8 cent sales tax to fund the construction of the East and West Education Centers. The total project funding for the four Education Centers totaled $32.8 million as illustrated below.
Education Center
Approved Project Budget*
North
$ 5.4
South
$ 6.5
East
$13.5
West
$ 7.3
Total
$32.8
*in millions
The Corporation's Board of Directors approved $32.8 million in capital improvements for the construction of the four Education Centers with actual expenditures being $30.2 million resulting in a net surplus of $2.6 million.
ISSUE:
This Board item authorizes the transfer of $2.6 million remaining in the City of San Antonio capital improvement fund to the Early Childhood Education Municipal Development Corporation. The lower-than-expected construction costs are primarily attributable to experience from the construction of the North and South Education Centers, and the use o...
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