Create a long-range plan to fund capital projects identified in Facilities goals. District 103’s Strategic Plan, Vision 2020, outlines this need using the specific actions below:

• Determine the costs of necessary capital projects.
• Determine options to fund capital projects identified in Facilities goals, including consideration of using existing capacity.

As part of the Facilities Focus Area/Goals identified in the Vision 2020 Strategic Plan, the Board of Education approved moving forward with the next phase of planning for facility improvements on September 15, 2015:

• Additions to Half Day School and Laura B. Sprague School; and
• Moving grade 5 from Daniel Wright Junior High School to Half Day School.

A budget plan to fund the identified costs of these improvements was developed and reviewed during the Community Engagement process in August 2015.

• District reserves and financing options identified $13.3 million available without additional funds through referendum:
  • $3.4 million in Working Cash Bonds
  • $6.9 million in Debt Certificates
  • $3.0 million from Cash Reserves for Capital Projects
• The financing plan was revised in October 2015, in order to achieve:
  • Lower long-term cost
  • Lower impact to operating funds (lower yearly cost to the budget)
• Revised financing for the $10.3 million:
  • Issued in October 2015: $4.4 million in Working Cash Bonds (increase by $1 million)
  • Issued in March 2016: $5.9 million in Debt Certificates (decrease by $1 million)