Summer School Update, Bond Financing, and the 10th Site

With the Community Engagement Process in full swing, it is nice to take a break for normal board business. The closed session for our 9/9/19 meeting begins at 6:00pm. The board will reconvene for open session starting around 7pm in the LASD Board Room. The entire agenda and supporting documentation can be found here. 

We will start the evening off with a Summer School Report from Mrs. Kate Schermerhorn (the summer school principal).  This is a discussion item and her presentation can be found under agenda item H.1 using the link above.  Her report showed great improvement in the literacy of the students that attended strongly correlating with their attendance/amount of time they attended summer school.  So happy to see another successful summer school not only academically, but with rave review from parents and kids alike.  

Next up, Mr. Kenyon will wow us with his Financial Update.  This is an action item and his presentation and the unaudited 2018-19 actual revenue and expenditures can be found under agenda item H.2.  Randy is asking and recommending the board approve the unaudited financials to send to the County.  Our unaudited financials track pretty well to what was in the 18/19 budget with a few exceptions which you can read about  in his presentation.  At the end of the day, our reserves ended up at 5.6% of the budget instead of 5.3% which is good news for the District's financial health.  

Then Mr. Kenyon will present the Annual Developer Fee Report.  This is a discussion item and Randy's report can be found under agenda item H.3.  This is a report we are required to do every year to show how we are spending the developers fees we receive.  Developers fees are received by the District from land owners in the district for rebuilds, large renovations and large developments.  The amount the district receives is prescribed by law and is almost never enough to cover the capital improvements we make in any given year (including this year).  Fun fact: I had a renovation this year at my home, so I personally paid my dues into the pot this year.    You can thank me later...  

Speaking of capital improvements, Randy and our financial bond advisor will present the 10th Site Financing Plan and Resolution #19/20-17, Authorizing the Creation of a Sub-Fund Within the District's Building Fund.  This is an action item and the presentation and resolution can be found agenda H.4.   The District has already authorized the issuance of the bonds and are only waiting for right timing issue the bonds to pay for the closing on November 13th of the 10th Site purchase.  Randy is asking us to approve a resolution to create the Sinking Fund for Maintenance for our aging facilities across the district.  The fund will be funded by bond funds when they are issued.  The Board had already directed staff to move forward with this action, as it was a recommendation from the Budget Review Committee to ensure fiscal health of the District and the general fund.  This resolution makes that fund official.  

Just when Randy thought he was done, we are pulling him back in to present the Open Space Park Property Transfer Agreement with the City of Mountain View.  This is an action item and the agreement can be found under agenda item H.5.  This is part of a series of agreements we have already entered into with the City of Mountain View in the ever so complicated 10th site deal.  This agreement memorializes how the City of Mountain View will pay for a 2 acre park from the 11.65 acres LASD is purchasing from Federal Realty and how both parties will determine where those 2 acres will fall within those 11.65 acres.  As you can imagine, the Board is asked to approve this agreement.  

Lastly, the Board is given a first reading of 15 Board Policy Updates ranging from Local Control and Accountability Plan updates, to Complaint Procedures, to even Unmanned Aircraft Systems (Drones) policies.  This is a discussion item and all these updates can be found under agenda item H.6.  The Board will be asked to approve these policies at a later date under the consent agenda.  

Please note, this is just the highlights of what is on the agenda for the 9/9/2019 meeting.  You can inform yourself about the rest of the agenda at the link provided above.  As always, feel free to email me with any questions.