February 8, 2021

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Noting that a quorum is present, I hereby call this special meeting of the Board of Trustees of the Katy Independent School District to order. Today is Monday, February 8, 2021, and the time is 5 30 p.m. Dr. Gorgorski, will you verify that we are in compliance with the provisions of the Texas Open Meetings Act with regard to notice for this meeting? Madam President, I do confirm we're

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in compliance with the provisions of the Texas Open Meeting Act for our meeting this evening.

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Agenda item number two is open forum. Tonight we do not have any community members sign up to speak, so we will move on to item number three, reports 3.1 2021 Community Bond Advisory Committee recommended bond package. Dr. Grooms.

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Good evening, President Phan, Trustees, and Dr. Gagorski. I am here tonight on behalf of the Community Bond Advisory Committee to present their recommended bond package for May 2021 election, should the Board of Trustees decide to move forward with calling for an election. I want to note that many of our bond committee members who could not be here today because of safety protocols are viewing this meeting tonight via live stream. And also we have here with us tonight is our facilitator for the Community Bond Advisory Committee, and that is Greg McIntyre who's sitting there in the back. He actually developed the process for this committee, helped the committee come to consensus, and walk them through all the steps and in obtaining questions or rather answers to their questions. Now the reason that the bond committee is even considering or has considered bringing forth a bond package is because of the growth of our community and what fuels that growth is the excellence and the tradition of our school district. These next couple of slides you're going to see a little bit about that excellence and that tradition. Our straight A's across the board. We are ranked by Niche, which you're well familiar with, a ranking organization. We consistently earn an A from that organization. The Texas Education Agency has assigned the school district an A, and the Financial Integrity Rating System of Texas consistently assigns KDISD an A rating. Recently, the KDISD was ranked number one as a number one employer by Forbes in the state of Texas, number two in the Houston greater area. The district consistently makes the AP honor roll and also consistently is noted as being one of the best communities for music education by the National Association of Music Merchants. All reasons for why we experienced growth time and time again for the last three decades. Here's just a reminder of the achievements, the academic achievement level of our students. KDIC students outperformed their peers this past year, getting a 92% rating on the star performance in student achievement domain. Maine and earning over $25 million in graduating scholarships for graduating seniors, rather. And again, a reminder about our growth. And here you'll just see some headlines from our local newspapers indicating how new business is coming to KD and how we continue to grow year after year. year. In fact, it's by 2,500 new students per year over the past decade, a statistic that remains true even as we enter the next five years of growth. Again, looking at that growth from now until 2029. And these slides are in here to provide that foundation for why the committee is recommending a 2021 bonds package. Quick update on bond 2017. At this point, 100% of the projects are either in progress or completed. And that bond included six new schools, one comprehensive renovation at Filder Elementary, school expansions, technology, and safety and security, and buses and portables. We have a long history in KDISD of approving bonds to meet growth and renovation needs. This particular slide only goes back to 1994 when we had 23,000 students and again this is just an example of that history for the past couple decades. Going into the 2000s and I know you can't see what's on these slides but this information is available on our website as well, bringing us to 2017, our most recent bond. The 2021 Community Bond Advisory Committee. This group, as the board is well aware, was charged with assessing campus and facility needs, reviewing projects presented by administration, as well as timelines and costs associated with those projects and to ultimately determine whether there is a need for a 2021 bonds package the group consisted of over 100 individuals who represented a cross-section of our community members we had professionals from every major field teachers retirees parents grandparents here's just a quick list of some of those representations across the district every single feeder pattern was represented as well. And here's some photos of some of our committee members in action. And our names of our committee members. Again, I realize you probably can't see this on the screen right now, but this is on our website as well. Together, those 110 committee members contributed over 1,600 combined hours in pre-meeting and in-meeting hours, assessing data, reviewing projects, and making decisions about what to include in their bond package. So a little bit about the bond development process amongst our committee members. There was a lot of planning and learning, presentations from the school district administration, A lot of back and forth discussion with questions and answers about specific data and projects that were presented. And then there was a lot of deliberation at the individual group tables. And pretty soon you're going to see what those groups looked like and how they voted. But before I get there, I'm going to give you a snapshot of one of the documents that the committee reviewed. This is a high level itemized list of all the projects that the committee reviewed by proposition. Going back to that, I do want to say that there were over 150 line items, but when you look at those projects by campus, there's actually over 400 individual campus projects by school. school. So the committee made their decision concerning what projects to put in the bond with a two-third majority votes. That meant that two-thirds of them needed to approve a project or a proposition rather at the very end to include it in their bond package. So diagram of the groups that voted on the bond package on propositions to include in the bond package we had about 15 tables represented in the room those 15 tables were comprised of up to about seven members each bond committee members each of those 15 tables took a vote on which proposition to include in their bond package any table that is in green indicates that that table decided to move that proposition forward. A table in red indicates that that specific group voted not to move a proposition forward. But remember, at the end of this process, it was two-thirds majority vote. So as you can see, there are well over two-thirds of the table, that tables that are green, meaning that they voted for each of those propositions, A, B, C, and D to move forward. So what does the recommendation look like? Let's see. 87% of the recommendation is inclusive of campuses, new campuses, one new high school, high school number 10 in the Northwest Quadrant, one junior high, three elementary schools, schools, renovations and expansions for aging campuses, safety and security upgrades, building component replacements, so these are things like chillers and HVAC units, and a Northwest Transportation Center along with buses. Nine percent of the committee's recommended bond is allotted towards classroom and campus technology 2% going towards an auditorium for high school number 10 the committee felt that because all of our high schools thus far have an auditorium that for equity purposes it was important that high school number 10 also had an auditorium which is a competition swim pool which I know you're aware of and the last 2% of the recommended package is designated for for campus and district athletic facilities, and the stadium repair for Rhodes Stadium, a partial roof. With those new schools I mentioned, the five new schools will be adding over 7,000 new seats, 7,490 seats to be specific. And here are those propositions again. Proposition A, new schools, purchase of school sites, renovations, safety and security, building component replacements, buses. Prop B, technology for classrooms and campuses. Prop C, again, the natatorium for high school number 10 to establish equity across all of our high schools. And then Prop B, the campus and district athletic facilities and the road stadium roof repair. And those are component replacements. I want to be clear about that. Prop D component replacements so track field replacements or lighting at our campus fields and stadiums and the committee felt was very important to ensure fiscal responsibility with this bond they made it clear that they did not want to see any type of change to the tax rate with this bond and we were able to achieve that and you're going to hear more about that from our chief financial officer Christopher Smith in just a moment but the tax rate right now is 39 cents after the election should the community pass it and of course should the board call for an election it would remain at 39 cents and again I'm going to ask our CFO to come up here now oh no I'm sorry I have a couple more slides so we're going to give you a look inside of one of the recommended projects this is Hutzel Elementary a proposed renovation project this minute it's about this video rather is about one minute and 50 seconds I can get this plane

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Hutzel Elementary was built in 1978 when you first walk in you'll notice that our Our ceilings are low and the lighting is dim, especially compared to the Dewar campuses. All of our wings feed into the main entrance. This causes congestion, which poses a challenge with safety, and also it increases our transition time. Our nurse's office sees about 35 students per day. Currently, the space has room for only two beds, and there's no room for isolation when we have serious illnesses. This area would greatly benefit from having some privacy so that we are able to treat students. Most grade levels have an exterior door within a classroom. This causes a potential for unauthorized entrance and exit. This is especially concerning in our life skills in our early childhood classrooms where children will try to exit. The library is an open concept that sits in the middle of the campus. Two main hallways are on each side of our library, causing an increased amount of noise and distraction during library lessons. The shelving is insufficient and outdated for modern day use of the library. In some places the shelving is deteriorating. A media library center with instructional space and creating a quiet environment free from distraction would be optimal. Each gray level only has one closet for materials. Because of this, we have had to convert instructional space into storage areas.

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And Hutsall Elementary is recommended for a renovation and now we're going to take a look at one more project that has been recommended by the committee within that broader scope of projects and this is Windbourne an elementary that has also been recommended for a renovation.

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With safety and security being a principal's number one priority, the front entrance and office currently leaves room for renovations due to the multiple access points into the building and the openness of the layout. Our library is the heart of our school. It's right in the middle and it's open to the entire building. When we have classes and they're checking out books, our librarian is unable to conduct library lessons due to the openness. Our bathrooms are another area. The capacity of the number of kids we can fit in there at one time. Our floors, the privacy with the height of the stalls and the stall doors, and the plumbing. Anytime we flush a toilet, the walls shake. Our hand washing stations are a safety concern due to the water splashing flashing everywhere and the functionality for all ages. The age of the building impacts the school experience for students and teachers through the lack of collaborative spaces, enhanced lighting, and the need for classroom upgrades.

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Okay, so now you have the bond package recommendation and now Christopher Smith is going to join us to talk about the financial capacity as well as that tax rate that I mentioned along with some ballot language that is new this year

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all right well good evening dr. Gorg or ski president van and trustees I'm glad Glad to be here tonight to discuss the financial perspective of a potential 2021 bond. Just to give you a little history, in 2014, when we brought this recommendation to the board, the bond committee and the administration was looking at a potential one-half cent increase that we were going to be voting on. It turns out it was not an increase. In fact, it was a decrease that we were able to decrease the tax rate by one penny. In 2017, we said there would be no change to the tax rate, and there had been there has been no change to the tax rate uh for interest in sinking and in 2021 we feel that same thing and i'm going to talk to you about a few reasons why we feel that we think that we can do this without a change to the tax rate a little bit more history back in 2005 we had a two dollar total tax rate uh uh that was bought down by the state legislature uh and beginning beginning with the 2005-2006 tax year, and we were able to drop our tax rate to a total of $1.52. That stayed the case for eight years, and this is the last five of those eight. They're at $1.52. And then when we did the 2014 bond election, like I said, we were able to drop that penny, that tax rate by a penny to the debt service to $0.39. So then you can see our tax rate dropped to $1.5166. And in these last couple of years, thanks to House Bill 3 that the legislature passed in 2009, we were able to drop our tax rate. This is the maintenance and operations tax rate down. The debt service tax rate remained at $0.39, and then we were able to drop the maintenance and operations tax rate down again. Debt service tax rate still stayed the same at $0.39, and that's the tax rate we're speaking of that will stay the same at $0.39. cents but our total tax rate has been able to decline a lot of thanks to House Bill 3 over these last two years. That's what that looks like to a taxpayer over that that same amount of time that I just showed you the pennies but I want to talk about the beginning and ending of that part of time. Back in 2011 the average market value in KDISD was 201,000 or just under $202,000. dollars. That would mean at our tax rate back at the time, the taxes of $2,852 would be paid on the average residence. Moving forward to market value today, or what was in October of 20, I'm sorry, January of 2020, the market value was $303,173. And the taxes that one would pay on that even though the tax rate has been lowered by that penny over at that one point and these last 13 cents because the value of the house has gone up the taxes are now three three thousand seven hundred seventy six so that is a tax dollar amount increase of nine hundred twenty four dollars that the average homeowner is paying even with the reductions in tax rates but the key areas is their equity in their house or the value of their house in this case the residence has increased to about $101,000. So that's what I would consider as the CFO a very good investment that the house value or the average house value has appreciated by over $100,000 in this example or this real-life case of what the average value has done in KDISD. Why is that? Well, that is because KDISD is a place that people want to be, and housing demand is and you know it if you've been any any type of real estate transaction there is a big demand for housing and there has been and there it looks like there will be this is some just some history of our appraised values and there's a lot of numbers there and I just would ask you to focus on the far left at 2006 that goes back 15 years ago and the far right far right is going to be our main column thing to talk about is that's our our appraised value growth year over year. So in that one year at the very bottom you can see we grew from the prior year at 10.4 percent and you can look up there along the way all the way to that rectangular box and you can see growth every year. In fact since that 15 year window of time we've grown an average of 8.9 percent per year for those 15 years and our values in the last 10 years we've grown 8.6 percent and in the last five years we've grown 6.5 percent the assumption is that our municipal advisor jeff robert at hilltop securities used uh from a value growth standpoint is only two percent three percent three percent and two percent and we presented that uh or we ran that through uh mr robert ran that through his formulas uh and we feel uh that we could do that at those modest what we think are modest growth uh and still be able to maintain that 39 cent tax rate This is Mr. Roberts' model. That blue line that you see is our current debt structure, and you can see that that immediately starts to fall down, and that means that we're paying off bonds. This potential authorization that we're speaking of tonight is that green line, and if this were to move forward tonight and then were to be passed, that would be our green line. It would maintain at 39 cents. It just shifts out to the right. Our liability as a district does increase. We are issuing more bonds and you see that movement to the right but the tax rate would be maintained the same. The reason that tax rate remains the same is because we're doing two things. We're not selling all 676 million dollars of bonds all at once. That'll happen over a three or four year period of time. Each of those three or four year period of time we have value growth every year so our ability to pay back back bonds increases every year during that time, and we're paying bonds of our current bond structure off. Those three things happening together create capacity to add on another bond authorization for those children that are coming. And I think that's what I had said one time, you know, they're coming, regardless, and we've got to have a place to put those children. They may not even know they're coming yet, but they're coming, because we're going to hit 100,000 students in the next several years, and I've seen enough of the demographers over the years that I believe they're coming, they're coming fast, and we need a place to put them. Just a little, some of the things that we use in our tool belt for debt management, bond refundings. Anytime we have an opportunity to do a refunding or basically refinance what people would do when they refinance their mortgage, and there's probably been a lot of refinancing mortgages lately with the low interest rates, When we find an opportunity to refund our bonds at lower interest rates, we do that. In fact, we've had, since 2017, we've saved interest of $70.8 million on our bonded indebtedness. Our bond defeasances or redemptions, just paying bonds off, I think we've paid off about $80 million in bonds when we've had an opportunity to do so and just paid them off. And that saved us, saved taxpayers of the district $17.8 million just by getting that paid off. Of course, we use, and I don't think all school districts do this, and Katie, we've done this forever, that I know that when we sell bonds, even though we'll sell the $676 million in three or four tranches, when we do sell those bonds, we invest those funds until they're spent. and they're spent relatively quickly, but we do take that interest and put that into our bond fund to pay back bonds. And we don't use that to let it accumulate to be able to build more or to put furniture in or whatever. We use that to pay debt, and that's been a very strong debt management tool over the years as well. Then we have fund balance. We have a healthy fund balance of $60.6 million that if we didn't reach our conservative value growth one day, that this board could probably use a little bit of fund balance and and at my recommendation it probably would not be not be a big issue if that were the case that had to happen bonds now versus later what what happens if if this doesn't happen what you've heard me say and you've heard dr. groom say that they're coming and we would we've see overcrowding in our schools now and we would only be more so especially on the north side of the district because they're coming. Construction inflation risk, as I understand it, now is a good time to be in the market letting contracts out because the pricing on those contracts is relatively at a good spot to be doing that. Don't know where it'll be six months from now, but it's good now. And then there's interest rate risk. You'll hear from Mr. Robert, our financial advisor, at the regular February meeting and rates are at or near an all-time low and they're skirting that near time all-time low all the time and at some point you think that that's got to go up and but now is a good time to be issuing bonds for municipalities such as Katy ISD and then if we don't have new schools that puts additional pressure on the new on the general fund you know in order to make those technology retrofit cycles make or just if we wanted to stay on them those would have to come out of the general fund any renovations to schools or portable buildings that we'd have to buy would be having to come out of the general fund which you know that then is competing with instruction dr. grooms mentioned that ballot language I'm just going to read this back in 2019 the legislature passed this it's in section 45.003 all bond referendums the ballot language needs to finish with these words this is a property tax increase that's what even though it's not a tax rate increase you've heard me say that several times tonight it's it does have to say this is a property tax increase I said it was a liability increase and it is a liability increase it is an an increase in debt, but it's not a tax rate increase. So we, you know, we've got this message that says there's no change to the tax rate. The 39 cent debt tax rate is, we feel strongly based on the assumptions that we talked about, would be and would maintain at that 39 cents. So I'm going to read this at the bottom. What is a property tax increase means? Residence tax tax rate does not change, though the length of time our community pays on existing and new debt is extended because the outstanding total has increased. And just a different way of saying what I said earlier, our debt would increase with the passage of a $676 million authorization, but our need to change the tax rate would not happen. We could maintain that 39 cent tax rate. And Dr. Grimm showed you this slide earlier. It's just another way to look and say what I've just been speaking to that's all I have unless there's any questions board

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members do you have any questions for mr. Smith or dr. grooms then president

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mr. Redmond mr. Smith one of the things that was shared during the bond committee was what what's the actual total that our current tax rate what size bond could be supported at our current tax rate 700 million courses

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this authorization presented to you is 676 million. We do have the numbers for that and that we'll be presenting that as part of our debt plan in two weeks from tonight. But so this is coming under what we thought our maximum could be and I didn't mention that earlier but there was a third line. We're not just looking at 676 million dollars in 2021. The financial municipal advisors and me and my staff have looked not just at 2021 but what happens in 2025 when we have to do this again because they're coming and we're gonna have to do this again probably how does that look and we feel based on our models and those conservative growth assumptions and our paying down debt we think that we could could do an 800 million dollar authorization as much as what five you for four four years from now if we if we you know if that happens but we're always looking out out into the horizon to make sure that we're not just taking care of our current needs but we're also structuring our debt so we can take care of the needs that are that are coming because those children are going to continue to move those those moving vans are going to continue to come to Katy ISD thank

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you madam president miss champagne mr. Smith and dr. grooms thank you for your presentation i have a few little questions so on the bond package that are the school specific for example hudson and winborn and katie elementary will that information be somewhere on the website so that you know people who is especially who those where they live at those near those schools they'll be interested to know what is going to be in in it for them will that that be somewhere listed?

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Yes, thank you for asking that question, Ms. Champagne. It will be on the website. That's a short answer. We do have a community bond advisory committee, subcommittee, or a communications committee that is working on all the pieces that will be used to inform the greater community about the bond and the projects that are included in the bond. Should this board decide tonight to call for a May 2021 bond bond election. This evening, our bond... website, web page rather, will be updated with information on every single project by campus, as well as other pieces of information related to the bond, such as that itemized list that you

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just saw in the presentation. And then just one other question. I saw that the 2029 looked like we had the figures, you know, the projected figures through 2029. Is that when only think that our district will be at capacity or no it's a short answer but i think dr g wants

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to add to that i'll go ahead and jump in a little bit uh pasa only will project us 10 years out so they put us right at 2030 on a projection of where we'll be but the last time i talked with them about that they think it'll be a few years after that we'll be real close to built out but not quite uh they think totally and this is just a speculation which is trying to push over 10 years out maybe as many as 115 or 117,000 here so we'll see how far that goes but we don't expect to be built out by 2030

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miss Gasol I'm president so the I noticed that there was a there's a line item for purchasing land so for the five schools that are planned do we own that land for some of them or we have to buy land for all of them where do we stand

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for that. Mr. Vierling is going to join us because he has thorough information on

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that. Thorough information, thank you. So we own land for elementary 44, elementary 45, junior high 18, and high school 10, and the Transportation Center. So we would need to purchase land for elementary 46. That's the one we would need land for that we don't have right now.

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And the transportation center that's just based on did we just study traffic patterns that we we have to add another transportation center because that growth is all going to be in that northwest quadrant? Yes ma'am the the growth in the

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northwest any time you talk about transportation centers or you're talking about buses or maintenance vehicles or something like that windshield time is is always huge right and and getting the bus to the the kiddos quicker or get into their homes quicker. That's always a better thing for kids in terms of how long they're on the buses for. And then obviously the money that you end up saving in the long run, not driving as far to do that. So since the growth again is concentrated in that area, that'll get us one in the north, one in the south, one in the east, and one in the west. And we feel like that's a pretty good setup for transportation. It'll also have a little police substation out there like we do at south transportation just a little small office for the officers out there and a little a small maintenance hub as well great

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um hang on took my glasses off lost my last question stand by um and so the evaluation of renovations which schools get renovated that's not just based on what year they were built right is it a regular cadence because would it be then all the schools that were kind of built in that four year five year plan or is it on kind of a

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case-by-case basis so so we really on this on this end on this bond we really are trying to look at look at the schools that we renovate from the standpoint of when they're built I know we haven't always done that in the past bond we did fielder so that kind of jumped up before the other ones but there were some other issues with space and and that sort of thing there so so what we're really trying to look at is we're really trying to look at the buildings in terms of when they were built in the need and the need right then I will tell you that our maintenance operations group and you'll see a lot of component replacements and things like that they've done an outstanding job over the last 10-15 years really of of doing the component COMPONENT REPLACEMENT PIECE IN A TIMELY FASHION SO THAT YOU DON'T GET TO WHERE YOUR BUILDINGS ARE JUST FALLING DOWN AROUND YOU. AND I THINK THAT'S WHAT YOU'LL SEE, YOU KNOW, IN THE NEXT 10 YEARS AS WE RENOVATE BUILDINGS. AND WE'VE GOT A LOT TO RENOVATE. THOSE THAT WERE ALL BUILT ALMOST AT THE SAME TIME IN THE SOUTH SIDE, YOU KNOW, WE'LL HAVE A LOT ALL COME UP AT ONCE. BUT I THINK IF YOU DO A LOT OF THAT PREVENTIVE MAINTENANCE AND YOU DO A LOT OF THAT COMPONENT REPLACEMENT STUFF, You're gonna see you won't see the extensive renovations that you might have seen on some of the other buildings I hope that answers your question

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And I think that I think that's a good way to go about it, too I mean, you can't just say we're not gonna I'm not even gonna buy a new couch until I

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Remodel the whole house right and speaking of couches and so they so Mr. Smith's department they do furniture retrofits and things like that as well So I think, you know, I know that other districts don't always do that, the component replacement piece and really keeping up with it. And what you'll find is that when you get to a bond, then the price tag of your bond is just tremendous because you've got to do these major, major renovations. And not to mention the fact that can you ever keep up with the pace of the work that needs to be done. So I think we've been pretty smart about the way we've done it here. And I think we've got a good plan for these particular schools.

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Okay, and the two schools that you featured in that little video both had that same situation where kind of the library is in the center of the school and everybody walks on both sides. I mean, it's probably too early to ask, but is the plan to close that in somehow?

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We may do that. We're going to look at the scope once everything falls out. But I will tell you that, you know, in the libraries that we've done, Patterson and Galbo, we've enclosed those. Those are open concept libraries. And, you know, I went to school at Cimarron Elementary and I remember that library being open, so when I go through Windborn, I see it's kind of a fond memory. But if you're the librarian and you're trying to have a class in there, it's pretty challenging. So...

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I just know there are a couple other campuses that still have that situation. So I was just kind of curious. You answered all my questions. I'm sorry I wasn't talking into the mic. I couldn't see your face. So I sat back instead of sitting forward. Sorry about that. That's it for me. Thank you. Thank you.

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Any other questions? Dr. Gagorski, President Phan, there's another point that I meant to make, and I'm sorry. I think it's something that I will not sleep tonight if I don't make it. But when I talk to you about this slide with our assumptions that we feel are very conservative growth rate assumptions, you can see up here that this is projected all three bond sales. 2017, we had four. We're going to have four. We've had three so far. We're going to have four. So we've done that over four years. or we will have done that over four years. This is just using three and those assumption rates, but we're also using those interest rates up there, which are about 100 or over 100 basis points if we sold bonds today more than it would cost us. So we think that we've been conservative on the interest rates as well, too. So not just the value growth conservative, but those as well. And I wanted to make that point. I'm sorry. Thank you, Mr. Smith. Board members,

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Madam President, I'd just like to say, if I might, that I am very impressed with the work that the bond committee did and all the staff, you know, Dr. Grooms, Mr. Smith and Mr. Verling, everyone else. I can tell that a lot of work has been done on this, and I really appreciate that. And I'm anxious to see, you know, this going forward for a vote in the election. Thank you.

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you. I do have quick, two quick, easy questions. I'll give my first to Mr. Veerling. You mentioned on the transportation center that there will be the police substation there. Typically in Katy, we do things kind of equitable, but I also wanted you to touch on the fact that there's going to be a date. Will there be a daycare? Like we provided the other transportation centers for the bus drivers to have care for their children while they're driving at the new transportation center that's proposed. Yes, ma'am. That's basically

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basically kind of the standard as far as transportation is concerned.

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I just think it's a highlight of the building that I don't think a lot of people know that we have the daycare.

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And it's a great benefit to our bus drivers with kiddos. I don't think it doesn't, unless you have children and you're a bus driver, you may not know about it, but that's a huge benefit to our bus drivers to have that. At a very minimal cost.

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Yeah.

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Very minimal cost. Yes, ma'am.

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Okay, great. I just wanted to touch on that. And Mr. Smith, you may not have this information, and I might be putting you on the spot, but this is the third bond as a board member that I will have worked through, approved, and seen succeed. Not only succeed in the vote, but succeed in the way it's carried out and executed. And one part of that success is the average savings that we typically have. we've always as long as I've been on the board been able to build an elementary school because of bond savings do you know the average savings we typically can do not again I'm I opinion the spot I just think it's I think it's important that we've done it time and time again is save money and had more projects come out of a single bond than was ever expected I'm doing the math in my head

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sorry and I actually did the math about two weeks ago or I saw the math I don't know but it has been savings depending on like in 2014 I'm sorry in 2010 we were able to get a contract for Tom what's now Tompkins high school at an extremely good price way better than we would have had it been done a year earlier and so we were able to have some substantial savings on that in fact it was enough to build an elementary school and we did that without having to put that in the next bond in 2014. So we do have savings. It's not that we, you know, we look at the market at the time, and that's a really deep study, and, you know, we don't want to miss out and not have enough budget, but sometimes we do have more than we need, and luckily that's where we land more often than not, and we've had some savings that we've been able to do instructional

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things with. Thank you. That's all I've got. Any other questions? Okay, then we will move on to action item 4.1 consider board approval of an order calling a school bond election to be held in the district making provision for the conduct of the election and resolving the matters incident and related to such election

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madam president mr. Redmond I move that the Board of Trustees approves the order calling the school ball the school building bond election as recommended by

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the administration a motion has been made by mr. Redmond a second by mr. Mr. Keller that the Board of Trustees approves the order calling a school board bond election as recommended by the administration. We will now proceed to vote. All those in favor please raise your right hand and say aye. Aye. Motion passes 7-0. Item 5 future meetings, the next regular board meeting will be held on Monday, February 22, 2021 right here in this building and there being no further business before the board the meeting is adjourned. The time is 6 11 p.m.