The Stephenville Independent School District has had a good year on investment revenues and that’s a good thing.
Because the price of the concession stand and restroom facilities at Henderson Junior High School Athletic Complex has increased dramatically since last year when $160,000 was budgeted to cover the concession stand, restroom facilities and the halftime house, according to Tracy Ray, assistant superintendent for business.
During Monday night’s Board of Trustee meeting Ray reported the cost has skyrocketed to $275,000 without the halftime house included. Ray had recently met with Fred Parker and Associates and asked for a worst-case scenario pricing projection.
Luckily, investment revenues came in at $310,000 above the projected amount budgeted, she said, which will cover the increase and other unplanned budget items.
“It’s fortunate that we’ve been in the interest environment that we have been,” Dr. Darrell Floyd, superintendent said. “We don’t have to dip into fund balance.”
Ray reviewed the investment accounts and gave year to date earnings as of June 30. The Texas Local Government Investment Pool (Texpool) earned an estimated $223,000; First Financial Bank Cash Management account earned nearly $138,000; and the TexStar Investment Pool nearly $235,000.
The board approved several budget amendments due to these earnings and the unforeseen expenses as follows.
The Junior High parking lot, concrete vs. asphalt, $31,250, Retention wall for the Junior High athletic complex, $39,010, Additional fencing at the Junior High athletic complex, $7,455, Base for new track at the Junior High athletic complex, $34,285, Concession and restroom facility at the Junior High athletic complex concrete vs. metal, $115,000, Extended press box at the Junior High athletic complex (transformer needed to get electricity to the building), $8,000, and, High School track renovation (concrete stabilization issue), $75,000.
Ray said she was pleased to report that even with the changes, the affect to fund balance would be to increase both estimated revenue and appropriations by $310,000.
“It’s been a great year for investments and interest,” Ray said.
She said the projection was also a conservative estimate on interest revenue because she didn’t want to have to come back and report a lower number to the board.
Ray asked the board for permission to take competitive sealed proposals on the construction of the Junior High concession stand and restrooms as well as the project for paving the other half of the Hook Elementary School parking lot rather than using the usual process of request for proposals. She explained that the process would give her room to negotiate and the board approved her request. The board also gave the district authority to purchase both projects.