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February 22, 2010

Knowledge of finance not my strength

Robby Robertson The Athens Review

Athens — Understanding finance and how it all works is not something I do very well. I have a hard enough time keeping up with the little bit of money I control.

When it comes to money with the county, school districts, banks or any large corporation or entity, it can be almost mind-boggling.

Athens Independent School District has been in the process of building, remodeling, improving and paving several of its campuses. It seems like almost every couple of months we hear of some construction or remodeling that is going on or getting started.

With this, I have received several calls from readers wanting to know where the money is coming from for all of this.

I heard things like, “The bond didn’t pass, so how are we able to build a new addition?” or “How are we able to build all these new parking lots and athletic enhancements?”

Being simple-minded like I am, I knew I was not explaining the money part of this to our readers, because I wasn’t exactly sure of it all. I would hear words like Fund Balance, Maintenance Tax Note and Project Reserves at all of the board meetings, but to be honest, I wasn’t sure how it all fit.

I met with AISD’s Chief Financial Officer Randy Jones this week, and got an explanation on all of it in layman’s terms. It is very simple once you understand it. If you already understand it, forgive me.

Athens ISD has four sources “accounts,” if you will, that they pull from for building and remodeling projects.

There is the $3.75 million bond that passed in  November 2008. Then there is the $2.6 million Maintenance Tax Note that the school refinanced last July. The other two could be one in the same, but are characterized separately – Capital Projects is about $1.1 million, and an allocation from that is about $2.0 million.

Here is a breakdown:

• $3.75 million bond – Can be used for any remodeling job at the schools, as well as new construction;

• $2.6 million Maintenance Tax Note – Can only be used for remodeling of existing structures;

• $3.2 million Fund Balance – Can be used only for new construction or remodeling of existing structures. This money comes from reserves that the district puts back each year. According to Jones, at the start of July, there was about $7.4 million in reserves. They approved a $2 million allocation this year for projects such as this.

So you may ask: How do they decide what money to put where? We know that the Fund Balance and Bond money can be used for new structures, so this is what is being used for the additional wings at South Athens, Athens Middle School and Athens Intermediate.

Bond money went to the new parking lot at Bruce Field, and for the new addition to the front of South Athens. For the parking lot at the baseball field, AISD could use money from the Maintenance Tax Note, as well as Fund Balance Money.

The reason for that is because legal counsel told the district that the parking lot at the baseball field, even though it had been dirt, was used as a parking lot for years.

Therefore, money for the Maintenance Tax Note and Fund Balance could be used. The addition to the front of South Athens was funded by bond money. The interior upgrades were funded by the Maintenance Tax Note, since they were for the classroom additions. Money was taken from all three accounts.

The new lighting at the track had to come out of the bond, because it was considered new construction. There were no lights there before.

Other factors that are included are  construction costs. According to the district, some of the projects are coming in under budget, which means they can take money that is left over and put back into the pot for other projects. Jones says with the economy the way it is, construction has been considerably less than expected.

That brings me to another subject – new schools. But I’ll save that for another column.

Hopefully this will clear up a few issues I have been asked about. I know it did for me.

Robby Robertson is a staff writer for the Athens Daily Review.

 

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