Ocean City School DistrictPrimary School Project and

March 11, 2014 ReferendumPresented to Finance Committee

January 29, 2014

The School District submitted two applications for ROD (Regular Operating District) Funding for the following two projects: Exterior Doors at the Primary School Overall Renovations at the Primary School

What is “the Project”?

First and foremost, the projects are creating a safer and healthier learning environment for staff and students.

The State Grants amount to 40% of Preliminary Eligible Costs. We must capitalize on the current grant funding!

The District, through years of fiscally responsible management, has funds in its Capital Reserve that will reduce the amount to be issued for school bonds.

We are still in a favorable interest rate environment. We are making an investment in energy efficiency and

maintaining a comfortable climate in the building.

Why Now?

State Share Local ShareProjects Totals 40% 60%

Exterior Doors at the Primary School 113,000.00$ 45,200.00$ 67,800.00$

Primary School Renovations 5,885,198.00$ 2,354,079.00$ 3,531,119.00$

Totals 5,998,198.00$ 2,399,279.00$ 3,598,919.00$

FUNDING SOURCES - RECAPFunding from State of NJ 2,399,279.00$ 2,399,279.00$

Funding from Capital Reserve Fund 1,101,497.53$ 1,101,497.53$

Funded through local taxes - Bond Issue 2,497,421.47$ 2,497,421.47$

5,998,198.00$ 2,399,279.00$ 3,598,919.00$

Preliminary Eligible Costs andFunding Sources

The bond referendum vote will be onTuesday, March 11, 2014

Polling hours are 3 pm to 9 pm

Please contact Mr. Pat Yacovelli School Business Administrator

with any questions at:(609) 399-4161

Referendum Date