During this month's Finance Board Advisory Committee meeting, Chief Financial Officer Joël Scheible shared a cash flow update and explained that this is the time of year when the district's operating bank account is officially at its lowest point of the year. During this time, the district watches deposits closely and awaits an advance from St. Louis County on local tax receipts.
The committee also learned about district General Obligation Debt bonds that were offered for sale with refunding on Nov. 30. The refunding was offered as a competitive sale with eight bidders, and the total debt savings was $4,045,979.
In addition, the committee reviewed a timetable and distribution list for Certificates of Participation/lease-purchase project and refunding bond resolution. This too will be a competitive sale on Jan. 5 to obtain the lowest interest rate. These bonds will be used to fund a new Gifted Center in the existing Lindbergh High School library, as well as LHS athletic complex improvements, including a new turf field for baseball and softball, and new tennis courts.
The district will use Construction Management-At-Risk for the Gifted Center project. The CMAR will work with Lindbergh's architect to ensure that the district stays within budget and provide the district with a guaranteed maximum price for the project.
Committee members also reviewed finance-related agenda items on the Dec. 16 Board of Education agenda and had an opportunity to ask questions.
The committee's next meeting is scheduled for Tuesday, Jan. 18.