MINUTES OF MEETING

Facilities and Capital Improvement Committee

(Jointly with Budget Advisory Committee)

July 1, 2008

Present: BCK representatives; Jack Bell, Julia Bowers, Jim Marean, Mary Rader, Ralph Schuldt, Dr. Renee Stalma, Gerardo Tagliaferri and Janice Young.
* Meeting focus is to prepare for July 10 presentation to board of education. Committee is looking for board to give formal approval to proceed with capital project.
* Group discusses changes that resulted in decrease of scope from approximately $27.9 million to approximately $27.5 million.
* Group reviewed general summary of work and cost magnitudes. Suggestions were made and discussed regarding revisions to prepare for board presentation.
* Group reviewed line items summary to reflect projected 2010 costs and aid eligibility.
* Updated pre-referendum timeline is reviewed; goal is still a December 2008 referendum.
* Committee verifies it will recommend that the board establish a capital reserve fund for future projects to address the local share.
* Updates from Fiscal Advisors forthcoming regarding debt service due to changes in overall costs.
Next meeting of the FAC is July 21, 2008, 6:00 p.m.