Sound Off: Football funds
<b> The Lawrence school district administration’s explanation of how funds were obtained for the football complexes included the lease/loan payment. (“For some Lawrence voters, 2005 bond issue still casts cloud of suspicion,” Lawrence Journal-World, Dec. 23, 2012.) It was previously reported in the Journal-World as $9 million, to be repaid over 10 years. How much remains to be paid, what are the annual payments, and is this paid from facility funds that would otherwise be available to refurbish and upgrade schools (roofs, boilers, technology, etc.)? </b>
According to district finance director Kathy Johnson, two lease-purchase contracts for turf, lights and bleachers were signed in January and April 2009. The total purchase price for the two was $9.05 million. The district makes payments in July and January each year totaling about $1.153 million. The funds are paid from the district’s capital outlay fund, which may also be used to pay for things like major purchases, maintenance repair projects that are not funded with bonds.
As of July 1, 2012, the start of the current fiscal year, the outstanding principal on the contracts was $6,790,046. The district budgeted to pay $1.6 million this year. The first-half payment for this year was made in July for $576,084.04. The January payment has not yet been billed. Assuming the budgeted amount is correct, that would leave an outstanding balance of about $5.19 million when the current fiscal year ends June 30.