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[2. CALL TO ORDER]
[00:00:07]
5:03 REQUESTS TO SPEAK ON STUDY SESSION AGENDA ITEMS. WE HAVE NO CARDS, SO WE'LL MOVE RIGHT ON WITH THE STUDY SESSION TOPIC, CONSIDERATION FOR A FUTURE BOND.
[5.1. Board Study Session Topic: Consideration of a Future Bond ]
ALL RIGHT, SO BEFORE SONIA INTRODUCES OUR PRESENTER, I JUST KIND OF WANT TO SET THE TABLE OF KIND OF WHAT THE PURPOSE IS FOR US TONIGHT AND WHAT THE OUTCOME IS GOING TO BE FOR US.SO TONIGHT, WE'RE JUST SIMPLY GOING TO BEGIN A DIALOG ABOUT THE POSSIBILITY OF BONITA UNIFIED, LOOKING AT A GENERAL OBLIGATION BOND FOR 2024, AND SO TO HELP WITH THE DIALOG AND KIND OF SPUR US ALONG, WE'VE GOT CHET WANG WHO'S GOING TO WALK US THROUGH WHAT A BOND IS, WHAT THE PARAMETERS ARE, THE TYPES OF EXPENSES THAT A BOND CAN PAY FOR, AND THEN IMPORTANTLY, HE'S GOING TO WALK US THROUGH THE PROCESS TO EXPLORE THE FEASIBILITY OF IT.
SO KEYGENT HAS BEEN OUR MUNICIPAL ADVISORY FIRM FOR A FEW YEARS NOW.
SO TONIGHT WE HAVE, FROM KEYGENT, CHET WANG AND NICK HEWER WILL BE AVAILABLE FOR ANY QUESTIONS.
WE'VE GOT A PRESENTATION HERE, SO WE'VE GOT A FEW SLIDES.
I'LL COVER A BIT OF THE OVERVIEW AND FINANCIAL ASPECTS AND I'LL TURN IT OVER TO NICK TO COVER THE MORE COMPLICATED AND INTELLIGENT LEGAL PART OF BONDS CONSIDERATIONS AND STEPS.
SO JUST AS AN OVERVIEW, THE DISTRICT HAS ISSUED BONDS IN THE PAST, BUT WE'LL RECAP.
THEY ARE REPAID BY PROPERTY TAXES LEVIED AGAINST THE DISTRICT'S PROPERTIES, AND BECAUSE OF THE SECURITY OF THE STRENGTH OF PROPERTY, TAXES COME AS THE LOWEST COST OF BORROWING AVAILABLE TO SCHOOL DISTRICTS.
BECAUSE THE PAYMENT COMES FROM PROPERTY TAXES, IT DOES NOT ENCROACH OR IMPACT THE DISTRICT'S GENERAL FUND, AND BECAUSE IT IS THROUGH PROPERTY TAXES, YOU DO NEED VOTER APPROVAL TO AUTHORIZE NEW GENERAL OBLIGATION BONDS THROUGH A REGULARLY SCHEDULED ELECTION.
VOTERS WOULD APPROVE AN AUTHORIZATION AMOUNT, FOR EXAMPLE, $100 MILLION, $50 MILLION.
SO WHEN WE LOOK AT ANY BOND PROGRAM, WE'RE REALLY BALANCED.
ON ONE SIDE IS THE FACILITY SIDE OF THE HOUSE.
WHAT DO YOU NEED THE PROCEEDS FOR? WHAT'S THE TIMING OF EXPENDITURES, THE CASH FLOW NEEDS? WHAT'S THE SCOPE OF THE PROJECTS? ON THE OTHER SIDE OF THE EQUATION IS HOW DO YOU PAY FOR THAT LIST OF ITEMS? WE'LL LOOK AT YOUR ASSESSED VALUATION, INTEREST RATES, TAX RATES AND LEGAL PARAMETERS AND IT IS VERY COMMON FOR SCHOOL DISTRICTS TO HAVE MULTIPLE BOND MEASURES, EVEN ONES THAT HAVEN'T YET BEEN FULLY ASSESSED, TO MEET WHAT'S GENERALLY A LARGER NEED THAN WHAT CAN BE FINANCED THROUGH A BOND ELECTION.
SO THIS SLIDE FOUR IS THE DISTRICT'S ASSESSED VALUATION.
THAT'S THE VALUE OF ALL TAXABLE PROPERTY WITHIN DISTRICT BOUNDARIES.
IT EXCLUDES CHURCHES, NONPROFITS, SCHOOLS AND GOVERNMENTAL ENTITIES, AND THE KEY POINT HERE IS IT'S THE ASSESSED VALUE AND NOT THE MARKET VALUE. YOU MIGHT HAVE SOMEONE WHO'S LIVED IN THEIR HOME SINCE THE 70S WITH AN ASSESSED VALUE OF $200,000, AND THEIR NEW NEIGHBOR, WHO JUST MOVED IN NEXT DOOR, MIGHT HAVE AN ASSESSED VALUATION OF $1 MILLION.
ASSESSED VALUE, NOT MARKET VALUE.
THE GROWTH WITHIN THE DISTRICT HAS BEEN VERY STRONG.
SINCE THE LAST RECESSION IN '08-09.
YOU CAN SEE THE IMPACT OF THE DISTRICT'S ASSESSED VALUATION WAS FAIRLY FLAT.
THE DISTRICT DIDN'T EXPERIENCE THE SIGNIFICANT DECLINES WE SAW IN OTHER AREAS LIKE THE HIGH DESERT, THE CENTRAL VALLEY OR OTHER AREAS THAT WERE LESS ESTABLISHED. SO THE MOST RECENT YEAR OF GROWTH IS 5.3%.
YOUR LONG TERM AVERAGE, 20 YEAR AVERAGE, 4.8%.
[00:05:01]
30 YEAR AVERAGE, 4.5% REALLY SPEAKS TO THE STABILITY OF THE BONITA UNIFIED SCHOOL DISTRICT COMMUNITY.INTEREST RATES, WHENEVER YOU DO ISSUE BONDS, YOU DO INCUR AN INTEREST COST.
YOU'RE BORROWING FUNDS TODAY AND REPAYING BACK THE PRINCIPAL PLUS THE INTEREST.
SO AS YOU CAN SEE ON THE CHART TO THE RIGHT, FOLLOWING THE LOWS THAT WE SAW DURING THE PANDEMIC AND THE FED REALLY TRYING TO KEEP COSTS AND BORROWING AS LOW AS POSSIBLE, RATES DID INCREASE QUITE DRAMATICALLY IN CALENDAR YEAR '22 AND INTO THIS YEAR, YOU'VE SEEN THAT IN YOUR GAS PRICES, YOUR FOOD PRICES, INFLATION, MORTGAGE RATES.
I THINK THE KEY HERE IS IF YOU LOOK AT HISTORICALLY, THE CHART TO THE LEFT IS A 60 YEAR HISTORY.
WE'RE PRETTY MUCH AT THE LOWS STILL.
FROM A LARGER HISTORICAL PERSPECTIVE.
YOU CAN SEE THE OTHER TIME PERIOD WHERE RATES WERE SIMILAR IS AROUND THAT 1969-1970 TIME PERIOD.
SO NOT NEAR THE DOUBLE DIGIT RATES WE SAW IN THE 80S.
AS FAR AS TAX RATES GO, HERE'S A LISTING OF THE CURRENT FISCAL YEAR TAX RATES AND I APOLOGIZE.
THE FONT IS SMALL BUT TRYING TO FIT EVERYTHING IN HERE.
BONITA UNIFIED IS HIGHLIGHTED IN ORANGE.
THE CURRENT TAX RATE FOR THE 22-23 FISCAL YEAR IS $69.54.
FOR EXAMPLE, DUARTE HAS THE LARGEST TAX RATE AT THE VERY TOP OF THE LIST AT $199.
YOU CAN SEE COVINA VALLEY AT $126.
CHARTER OAK, JUST ABOVE THE DISTRICT AT $75.
UNDER PROPOSITION 39, YOU COULD ADD UP TO $60 IN ADDITIONAL TAXES.
THAT COULD POTENTIALLY PUT THE DISTRICT AT AROUND $130, JUST HYPOTHETICALLY SPEAKING, AND THEN YOU WOULD BE CLOSER TO THE TOP QUARTILE, BUT AGAIN, SEE WHERE YOU ARE RELATIVE TO THAT.
YOU'D BE RIGHT THERE WITH COVINA VALLEY AT $126, FOR INSTANCE.
THAT PASSED AT 62%, AND THEN YOU HAD MEASURE AB IN 2008, RIGHT IN THE THROES OF THE LAST RECESSION, PASSED FOR $83 MILLION AT 60%, BOTH ABOVE THE 55% REQUIRED UNDER PROPOSITION 39.
ON THE BOTTOM CHART, YOU CAN SEE A PROJECTION OF FUTURE TAX RATES.
MEASURE C WILL END IN 2031, AT WHICH POINT ONLY MEASURE AB WOULD REMAIN.
SO THAT'S THE REASON FOR THE DROP.
ONCE MEASURE C COMES OFF, THEN YOU'RE LEFT ONLY WITH AB IN 2032 AND THEN MEASURE AB WILL DROP OFF BY 2038, AFTER WHICH, IF NO OTHER BONDS ARE APPROVED, THERE WOULD BE NO REMAINING GENERAL OBLIGATION BOND TAXES.
SO WHAT COULD A HYPOTHETICAL NEW BOND LOOK LIKE? UNDER PROPOSITION 39, YOU ARE ALLOWED A BRAND NEW $60 TAX RATE THAT'S REPRESENTED ON THE BOTTOM LEFT HAND CHART WHERE YOU COULD HAVE A $60 TAX RATE IN EVERY SINGLE YEAR.
MOST BONDS, AS YOUR PREVIOUS BOND MEASURE, ARE ISSUED IN TRANCHES OR SERIES.
SO ON THE TOP RIGHT HAND CORNER, HERE'S A HYPOTHETICAL BREAKOUT WHERE EVERY THREE YEARS EQUAL INSTALLMENTS OF $54 MILLION TOTALS $217 MILLION.
THIS IS BASED ON INTEREST RATE ASSUMPTIONS OF 5 TO 6%.
IF YOU ISSUED BONDS TODAY, YOU'D PROBABLY BE AROUND 4%.
SO THAT IS A CONSERVATIVE ESTIMATE.
IN TODAY'S MARKET, WE ARE IN AN INFLATIONARY ENVIRONMENT, SO MIGHT NOT BE CONSERVATIVE FIVE YEARS FROM NOW, BUT IT'S A STARTING POINT AS FAR AS ASSESSED VALUATION GROWTH ALSO BEING CONSERVATIVE, ASSUMING 3% VERSUS YOUR 4.5-4.8% HISTORICAL AVERAGE AND WE'RE NOT USING ANY OF THE DEFERRED INTEREST CAPITAL APPRECIATION BONDS IN THIS SCENARIO, ONLY THE SORT OF LOWER COST CURRENT INTEREST BONDS.
SO IF YOU LOOK AT THE CHART TO THE BOTTOM RIGHT, A NEW $60 TAX RATE ON TOP OF YOUR EXISTING MEASURE C AND MEASURE AB WOULD TAKE YOUR CURRENT APPROXIMATELY $70 TAX RATE TO A TOTAL OF 130 AND THEN DROP AS MEASURE C IS PAID OFF AND THEN DROP AS MEASURE AB IS PAID OFF.
ONE OTHER THING TO KEEP IN MIND IS THE STATE HAS A LIMIT AS TO A CAP ON HOW MUCH YOUR DEBT CAN COST.
[00:10:01]
IT'S CALLED A DEBT REPAYMENT RATIO, AND THE STATE LIMIT IS 4 TO 1 AND IT'S DEBT SERVICE DIVIDED BY PRINCIPAL.SO IF YOU HAVE A $10 MILLION ISSUANCE, YOUR TOTAL PRINCIPAL PLUS INTEREST CANNOT EXCEED $40 MILLION.
40 MILLION DIVIDED BY 10 MILLION IS 4 TO 1.
EVEN UNDER THIS SCENARIO WHERE I'M ASSUMING MUCH HIGHER THAN CURRENT MARKET INTEREST RATES, WE'VE GOT A REPAYMENT RATIO FOR THIS BOND PROGRAM OF JUST ABOUT 2 TO 1, SO HALF OF THE STATE AVERAGE.
SO THIS IS A VERY COST EFFECTIVE FINANCING STRUCTURE.
NOW WITH MEASURE C AND MEASURE AB COMING OFF THE BOOKS IN 2031, 2038, YOU MIGHT ASK, IS THERE AN OPPORTUNITY FOR US TO EXTEND THE TAXES WITHOUT INCREASING FROM OUR CURRENT $70 TO $130? THAT'S THIS NEXT SCENARIO.
SO JUST VISUALLY, IF YOU LOOK ON THE BOTTOM RIGHT HAND CORNER, YOU CAN SEE WHERE MEASURE C DROPS OFF, THE GREEN BARS, CONTINUE THAT TAX, AND THEN WE'RE MEASURE AB DROPS OFF.
YOU MIGHT HEAR THIS REFERRED TO AS A NO TAX INCREASE OR A TAX RATE EXTENSION.
SO THIS WOULD UTILIZE CABS OR CAPITAL APPRECIATION BONDS.
IF YOU LOOK ON THE TOP RIGHT, YOU CAN SEE THE FIRST FINANCING WOULD BE COMPRISED 100% OF DEFERRED INTEREST BONDS, AND OVER THE LIFE OF THE PROGRAM, ABOUT 70%.
THE REPAYMENT RATIO, WHILE IT'S STILL BELOW 4 TO 1, IS SIGNIFICANTLY HIGHER AT 2.6 TO 1, AND BECAUSE WE DON'T HAVE AS MUCH TAX RATE CAPACITY INSTEAD OF $217 MILLION, WE'RE AT $140 MILLION.
NOW, THIS IS AN OPTION THAT IS AVAILABLE TO THE DISTRICT.
EVERY SINGLE TIME WE'VE ISSUED DEBT, THEY WOULD PATENTLY REJECT THE DISTRICT'S ABILITY TO ISSUE BONDS UNDER THIS STRUCTURE, EVEN THOUGH IT IS LEGALLY AVAILABLE TO YOU.
IT'S MORE OF A POLITICAL STANCE FROM THE LA COUNTY TREASURER'S OFFICE.
SO THAT'S JUST ONE THING TO BE MINDFUL OF WITH A NO TAX INCREASE, AND I'M HAPPY TO ANSWER QUESTIONS ON THIS FURTHER AND NICK CAN CHIME IN AS WELL, AND SO WITH THAT, I WILL TURN IT OVER TO NICK TO COVER SOME OF THE LEGAL ASPECTS AND STEPS.
GOOD EVENING. SO IF THE BOARD WERE TO DECIDE TO PLACE A BOND MEASURE ON THE BALLOT, WHAT THE VOTERS WOULD VOTE YES OR NO ON IS THE 75 WORD BALLOT STATEMENT AND THE LEGAL REQUIREMENTS FOR A 75 WORD BALLOT STATEMENT IS THAT IT BE A SINGLE SENTENCE, NO MORE THAN 75 WORDS ENDING IN A QUESTION MARK, AND WITHIN THOSE 75 WORDS, YOU HAVE TO IDENTIFY THE NAME OF THE DISTRICT, THE MAXIMUM INTEREST RATE, THE MINIMUM, THE MAXIMUM PRINCIPAL AMOUNT OF THE BONDS AUTHORIZED.
THE PURPOSE OF THE MEASURE AS WELL AS YOU HAVE TO RECITE THE ACCOUNTABILITY PROVISIONS OF PROP 39.
IN 2018, THREE MORE REQUIREMENTS WERE ADDED TO THE 75 WORD STATEMENT, AND THAT'S WHAT'S HIGHLIGHTED HERE ON THIS PAGE AND UNDER ASSEMBLY BILL 195, AND THOSE THREE NEW REQUIREMENTS ARE THAT 75 WORD STATEMENT HAS TO DISCLOSE THE TAX RATE, THE AMOUNT OF MONEY TO BE RAISED ANNUALLY AND THE DURATION OF THE TAX AND YOU CAN SEE WE HAVE AN EXAMPLE FROM SAN MATEO UNION HIGH SCHOOL DISTRICT.
WHAT THAT THOSE NEW REQUIREMENTS LOOK LIKE IN THE 75 WORD STATEMENT, AND AN IMPORTANT THING TO NOTE THAT THIS LAW WAS NOT IN EFFECT FOR THE DISTRICT'S PRIOR TWO BOND MEASURES.
SO UNDER PROP 39, SCHOOL DISTRICTS CAN UNDERTAKE A PROP 39 BOND ELECTION AT STATEWIDE PRIMARY ELECTION, A STATEWIDE GENERAL, A STATEWIDE SPECIAL ELECTION, OR A REGULARLY SCHEDULED LOCAL ELECTION IN WHICH ALL VOTERS OF THE DISTRICT ARE ENTITLED TO VOTE.
SO YOU'LL NOTICE THAT, YOU KNOW THE UPCOMING DATES IN THE NEXT FEW YEARS, MARCH 24TH, WHICH IS THE PRESIDENTIAL PRIMARY ELECTION NOVEMBER 24TH, JUNE 26TH, IN NOVEMBER OF 26, AND, YOU KNOW, BEGINNING IN 2020, THE STATE PRIMARY WAS MOVED FROM JUNE TO MARCH
[00:15:03]
, BUT, YOU KNOW, IN THOSE NON-PRESIDENTIAL YEARS, IT GOES BACK TO BEING A JUNE ELECTION.THIS IS A SAMPLE TIMELINE FOR BOTH MARCH 24TH AND A NOVEMBER 24TH ELECTION.
THERE'S A FEW HARD AND FAST DEADLINES ON THIS, AND SOME OF THIS IS FLEXIBLE IN TERMS OF THE TIMING, BUT THE FIRST THING I'LL POINT OUT ABOUT HALFWAY DOWN THE PAGE IS THE VOTER OPINION SURVEY, AND THE PURPOSE OF THE VOTER OPINION SURVEY IS TO TAKE THE TEMPERATURE OF THE DISTRICT VOTERS AND TO FIGURE OUT WHAT THE LIKELY VOTERS ATTITUDES ARE TOWARDS THE DISTRICT, THE ADMINISTRATION, THE TEACHERS, AS WELL AS THE POTENTIAL PROJECTS TO BE FUNDED, THE TAX RATE, TOLERANCE OF THE VOTERS, AS WELL AS THE ATTITUDES OF CAMPAIGN THEMES THAT MIGHT FORM THE BASIS OF THE CAMPAIGN AND THE HARD AND FAST DEADLINE IS THE ONE ACTION THAT THE BOARD WOULD NEED TO TAKE TO PLACE A MEASURE ON THE BALLOT, WHICH IS HIGHLIGHTED IN THE BOLD BELOW, IS TO ADOPT A RESOLUTION CALLING FOR A BOND ELECTION , AND THE REQUIREMENT IS IT HAS TO BE APPROVED BY A SUPERMAJORITY OF THE BOARD.
SO IT'S TWO THIRDS OF THE BOARD HAS TO APPROVE THE RESOLUTION ORDERING THE ELECTION, AND THAT RESOLUTION HAS TO BE DELIVERED TO THE COUNTY REGISTRAR OF VOTERS 88 DAYS BEFORE THE ELECTION.
SO FOR THE MARCH 24TH ELECTION, THAT'S, YOU KNOW, DECEMBER 8TH OF 2023, AND THEN FOR THE NOVEMBER 2024, THAT'S AUGUST 9TH OF 2024, AND, YOU KNOW, THE VOTER OPINION SURVEY I'LL MENTION IS ALSO AN IMPORTANT PART OF THE OF THE DRAFTING OF THE RESOLUTION ORDERING THE ELECTION BECAUSE WHAT THE RESOLUTION OF THE ORDER ELECTION CONTAINS IS THAT 75 WORD STATEMENT THAT I DISCUSSED EARLIER, AS WELL AS THE BOND PROJECT LIST, WHICH CONTAINS MORE SPECIFICITY ABOUT THE TYPES OF PROJECTS THAT THE DISTRICT WILL UNDERTAKE, AND WE DRAFT THAT RESOLUTION AS BOND COUNSEL TO BE TRANSPARENT AND STRAIGHTFORWARD WITH THE VOTERS ABOUT THE PROJECTS THE DISTRICT WANTS TO UNDERTAKE AND THE VOTER OPINION SURVEY, WE USE THAT TO ALIGN THE LANGUAGE THAT WE USED WITH LANGUAGE THAT THE VOTERS WILL UNDERST AND AND VALUE. SO WE TAKE THAT VOTER OPINION SURVEY PLUS THE DISTRICT'S FACILITIES NEEDS, WHETHER IT'S EXPRESSED THROUGH THE FACILITIES MASTER PLAN OR ANOTHER ASSESSMENT, WE TAKE THOSE TWO DOCUMENTS AND THAT'S WHAT IS EXPRESSED IN THE RESOLUTION ORDERING ELECTION AND THE DATE OF THE THAT THE RESOLUTION IS APPROVED IS ALSO AN IMPORTANT DATE FROM ONE OTHER STANDPOINT, IN THAT THE GENERAL RULE IS THAT SCHOOL DISTRICTS CANNOT SPEND PUBLIC FUNDS TO ADVOCATE FOR THE PASSAGE, ADVOCATE OR OPPOSE A BOND MEASURE AND THE SCRUTINY THAT'S APPLIED TO WHAT TYPES OF INFORMATION CONSTITUTES INFORMATION TO THE PUBLIC VERSUS ADVOCACY IS ELEVATED ONCE THE BOARD HAS ACTED AND THE CAMPAIGN HAS BEGUN.
SO THAT'S AN IMPORTANT DATE FROM THAT STANDPOINT AS WELL, AND, YOU KNOW, AS WE MOVE ALONG THE PROCESS AND IF THE DISTRICT DECIDES TO MOVE FORWARD, WE'LL SEND THE DISTRICT A DOS AND DON'TS CHECKLIST SO THAT YOU ARE WELL AWARE OF THE CAMPAIGN RULES, AND YOU KNOW WHAT DISTRICT OFFICIALS, EMPLOYEES ARE ABLE TO DO WITH RESPECT TO THE EXPENDITURE OF PUBLIC FUNDS.
SO THAT'S ALL I HAD ON THIS PAGE.
I'LL TURN IT BACK OVER TO CHET.
THIS LAST SLIDE HERE IS JUST A SNAPSHOT OF YOUR VOTER BASE AND PART OF A VOTER OPINION SURVEY COULD HELP DISCERN THE NUANCES OF THIS SLIDE HERE.
IF YOU LOOK ON THE TOP LEFT, YOU'RE PRETTY EQUALLY SPLIT BETWEEN REGISTERED DEMOCRATS AND REPUBLICANS AND YOU HAVE A LARGE PERCENTAGE OF DECLINED TO STATE OR OTHER OR INDEPENDENTS, AND THAT'S GOING TO BE WHAT SWAYS PASSAGE OR NOT PASSAGE OF A BOND.
WE'VE GOT YOUR VOTERS BY AGE GROUP, VOTERS BY GENDER, AND WE'VE GOT YOUR VOTING HISTORY.
SO YOU'VE GOT EXPERIENCE IN BOTH PASSING A BOND IN A PRIMARY ELECTION AND IN A IN A GENERAL ELECTION, AND YOU CAN SEE HISTORICALLY THIS IS BONITA UNIFIED SPECIFIC. GENERALLY SPEAKING, THE GENERAL ELECTION HAS TWICE THE TURNOUT AS THE PRIMARY ELECTION AND PART OF A VOTER OPINION SURVEY MIGHT HELP YOU DISCERN WHAT'S GOING TO BE MORE ADVANTAGEOUS GOING IN THE PRIMARY CYCLE OR GOING IN THE GENERAL ELECTION.
[00:20:06]
JUST SOME THINGS THAT WE'VE BEEN HEARING SO FAR IS THAT THE STATE IS CONSIDERING A STATEWIDE MEASURE IF THEY GO ON THE PRIMARY.THE GENERAL RECOMMENDATION HAS BEEN THAT'S A POSITIVE FOR SCHOOL DISTRICTS TO HAVE THEIR OWN LOCAL MEASURES BECAUSE YOU WOULD QUALIFY POTENTIALLY FOR ADDITIONAL FUNDING TO LEVERAGE YOUR TAXPAYER DOLLARS DEPENDING ON WHO'S RUNNING FOR PRESIDENT OR NOT RUNNING FOR PRESIDENT COULD INCREASE OR DECREASE THE VOTER TURNOUT AS WELL, WHICH MAY OR MAY NOT BENEFIT OR HURT YOUR BOND.
WOULD YOU BE ABLE TO GIVE US A SENSE IN THE ELECTION CYCLE OF '22, WHETHER IT WAS PRIMARY OR GENERAL ELECTION DISTRICTS THAT WENT FOR HOW MANY OF THEM WERE SUCCESSFUL? SO IN THE LAST ELECTION, MARCH '22, I BELIEVE, WAS A MORE CHALLENGING CYCLE FOR SCHOOL DISTRICTS THAN THE GENERAL ELECTION.
OKAY, WE I DON'T KNOW WHAT THE TAX RATE OR IMPLICATIONS ARE.
MOUNT SAC HAS A NUMBER OF BONDS.
SO I SEE THAT OUR TAX RATE'S IN THE BOTTOM QUARTILE, BUT WHEN YOU PUT THAT IN WITH MOUNT SAC, DO YOU EVER SEE THAT IS AN INFLUENCING FACTOR FOR DISTRICTS WHEN YOU PUT THOSE TWO THINGS TOGETHER? I WOULD SAY IF MOUNT SAC POTENTIALLY WENT FOR A NEW MEASURE ON THE SAME DAY AS BONITA UNIFIED MAY GO FOR A MEASURE YOU MIGHT SEE SOME VOTER FATIGUE AND THAT COULD POTENTIALLY NEGATIVELY IMPACT THE DISTRICT, BUT THE IDEA THAT THEY'VE PASSED PREVIOUS BONDS, WHICH ARE STILL SHOWING UP ON PROPERTY TAXES WOULD NOT-- I DON'T PERSONALLY SEE THAT AS BEING A LARGE DRIVER OF NEGATIVE SENTIMENT.
OTHER STATE FUNDS, RESERVES, DONATIONS AND THE LIKE COMPANION BOND PROGRAMS FROM THE STATE THAT WE MIGHT QUALIFY FOR, AND MAYBE, SONIA, WHAT YOUR KIND OF [INAUDIBLE] GOING IN YOUR VARIOUS SEMINARS AND SO ON.
WHAT KIND OF PROGRAMS ARE OUT THERE THESE DAYS OR ARE ON THE HORIZON? WITH THE TURN IN THE STATE BUDGET, I'M WONDERING WHAT WHAT WE'VE LEARNED IN THE FALL AND WHAT KIND OF PROGRAMS ARE AVAILABLE OR POTENTIALLY.
AGAIN, I KNOW WITH BOTH C AND AB, IT REALLY ALLOWED US TO LEVERAGE HUGE AND WAS A GREAT HELP, BUT I WONDERED WHAT'S OUT THERE THESE DAYS.
[INAUDIBLE] WE WOULD DEFINITELY GO OUT AND START RESEARCHING OTHER AVAILABLE BOND OPPORTUNITIES TO LEVERAGE, BUT AT THE TIME, AT THIS MOMENT, RIGHT NOW, WE AREN'T LOOKING FOR THAT AS FAR AS DOING RESEARCH, BUT ONCE WE HAD THE GO AHEAD, WE WOULD DEFINITELY DIVE IN.
SO THAT'S WHY IF THE STATE DOES GO IN 2024, POTENTIALLY GOING ALONG WITH THEM WOULD POTENTIALLY INCREASE SUPPORT BECAUSE, YOU KNOW, YOUR $217 MILLION OR YOUR $140 MILLION COULD EASILY BECOME $240 MILLION.
QUESTION, WHAT IS THE ODDS OF THEM PUTTING SOMETHING ON THE BALLOT? IS THERE LIKE ENOUGH WHISPERS THAT COULD HAPPEN? THAT'S SOMETHING WE MIGHT WANT TO STRONGLY TAKE INTO CONSIDERATION, OR IS IT JUST KIND OF LIKE A HYPOTHETICAL OPTION? AS I UNDERSTAND, THEY ARE ACTIVELY POLLING TO DETERMINE WHETHER THEY ARE GOING THEY'RE GOING WHETHER IT'S GOING TO BE IN MARCH OR NOVEMBER OF '24.
THE CITIES WE SERVE, IS THERE ANY INTELLIGENCE OR COMPANION ACTIVITY IN THE CITIES THAT WE KNOW ABOUT? THAT'S SOMETHING THAT A VOTER OPINION SURVEY MIGHT BE ABLE TO DISCERN IS A CITY SALES TAX OR A COMPETING MEASURE THAT MIGHT COME UP IN IN MARCH OR NOVEMBER.
[00:25:01]
, BUT I WONDERED IF AGAIN, MAYBE I'M ASKING SOMETHING YOU JUST DON'T KNOW, BUT THERE'S ALWAYS RUMBLINGS FROM LA VERNE AND SAN DIMAS.THEY'RE BOTH HAVING BUDGET TROUBLES RIGHT NOW.
I'M NOT CURRENTLY PRIVY TO ANY--THANK YOU [INAUDIBLE].
I MEET WITH COUNCIL AND MAYOR AND THAT'S SOMETHING WE COULD ASCERTAIN PRETTY QUICKLY.
FOR ME, JUST TO DUMB IT DOWN A BIT, THIS IS ALL NEW TO ME.
SO FOR EVERY 100,000, IT WOULD BE ABOUT 60 BUCKS.
SO IF IT'S A $500,000 HOUSE, THAT'D BE $300 PER YEAR.
THAT'S CORRECT, AND THAT WOULD GIVE US THAT $217 MILLION FOR FACILITIES OR WHATEVER IT IS.
OKAY, AND THE VOTER OPINION SURVEY, IS THAT SOMETHING WE PAY FOR OR SOMETHING.
THAT'S CORRECT. DO YOU KNOW HOW MUCH ABOUT THAT IS? I THINK IT'S ABOUT 25 TO 35K, BUT IT COULD GROW IF, YOU KNOW, GENERALLY THEY HAVE A CERTAIN SAMPLE SIZE LIKE 400 VOTERS AND THE DELTA OF, YOU KNOW, THE CONFIDENCE COULD BE--I'M TALKING OUTSIDE OF MY EXPERTISE--BUT COULD BE ABOUT 5%, BUT IF YOU WERE TO SAY WE WANT YOU TO POLL 600 LIKELY VOTERS, THEN THAT COST COULD GROW TO SOMETHING LIKE $50,000 FOR A POTENTIAL POLL.
SO IT DEPENDS ON THE NUMBER OF QUESTIONS ASKED, THE LENGTH OF THE POLL, WHETHER YOU'RE DOING A SINGLE POLL, AN ADDITIONAL TRACKING POLL, BUT I WOULD SAY 25 TO 35 IS A STARTING POINT AND IT CAN GROW FROM THERE, AND IT'S HIGHLY UNLIKELY WE COULD DO THAT DEFERRED ONE, YOU'RE SAYING TOO WHERE WE DON'T REALLY RAISE THE TAXES CURRENTLY? I WOULD SAY SO, YES.
CAN YOU REPEAT THAT QUESTION? THAT ONE CHART THAT HAD LIKE THE DEFERRED WHERE WE'RE NOT REALLY RAISING THE TAXES, EXTENDING IT, THAT'S MOST LIKELY GOING TO GET SHOT DOWN.
OH, YEAH, GOTCHA, AND IF I COULD FURTHER EXPAND ON THAT.
SO IF VOTERS APPROVED A NO TAX INCREASE, LA COUNTY BELIEVES THEY HAVE THE MORAL OBLIGATION TO OVERRIDE THAT VOTER THE WILL OF THE VOTERS IN THE INTEREST OF LOWERING THE OVERALL COST, AND WE'VE SEEN THEM AT OTHER DISTRICTS COMPEL THE DISTRICTS TO IGNORE THE VOTER PROMISE AND TO INCREASE THE TAXES, NOTWITHSTANDING THE FACT THAT VOTERS ONLY PASSED A NO TAX INCREASE.
SO THAT'S EVEN AFTER IT'S PASSED A BALLOT? THAT'S CORRECT. WOW.
SO OTHER THAN THE COST OF A SURVEY, WHAT IS THE INITIAL COST IN THAT WE PREDICT WE WOULD HAVE IN--ACTUALLY, LET ME TAKE THAT BACK.
ABOVE AND BEYOND THAT, IF WE WENT FOR A BOND, WHAT IS THE COST TO THE DISTRICT IN DOING SO? WELL, THAT'D BE A QUESTION FOR THEM, BUT UNDERSTAND THAT THE PROCESS BEGINS REALLY WITH THAT FACILITIES MASTER PLAN, WHICH INCURS THE COSTS RIGHT FROM THE START.
AND YOU SAID THAT SOME DISTRICTS WENT IN MARCH AND THEN WENT AGAIN IN NOVEMBER AND WERE SUCCESSFUL.
SO WHAT IS THE COST OF GOING FOR A BOND MEASURE FOR A DISTRICT ABOUT THIS SIZE? AND THEN IF IT HAD TO BE DONE AGAIN, WHAT'S THE ADDITIONAL COST? BECAUSE YOU WOULDN'T DO A SURVEY AGAIN.
SO DO YOU HAVE AN IDEA, CHET, OF THE COST FROM? IT COULD BE ANYWHERE FROM 50 TO 100 PLUS THOUSAND DOLLARS AND IF YOU FAIL ONE ELECTION, THEN YOU WOULD INCUR THE COST FOR THE SECOND TIME AROUND.
IF WE ALSO HAD A BALLOT MEASURE, WOULD THAT BE DOUBLE THE COST? SO WE PAY FOR THE BALLOT AND SCHOOL BOARD MEMBERS SEPARATELY, OR WOULD IT JUST BE WE HAVE SOMETHING OR SOME THINGS ON THE BALLOT WE PAY A ONE TIME COST.
[00:30:01]
IT WOULD BE SOME INCREMENTAL ADDITIONAL AMOUNT BUT NOT DOUBLE.OKAY. THERE ARE SOME EFFICIENCIES.
SO CAN YOU TALK A LITTLE BIT MORE ABOUT FACILITIES MASTER PLAN? WHEN WE DID IT LAST, KIND OF GIVE A BRIEF OVERVIEW, IF YOU CAN, OF KIND OF WHAT WE FOUND? WHICH WE STARTED IN 2019, FINISHED IN 2021, AND THEN TALK A LITTLE BIT ABOUT THE COST OF THAT.
SO LIKE MATT MENTIONED, THE LAST PUBLISHED FACILITY MASTER PLAN THAT I HAVE RIGHT HERE WAS IN 2021, AND IT'S ALWAYS A GOOD IDEA TO ALWAYS BE UPDATING IT EVERY, EVERY FEW YEARS BECAUSE OUR NEEDS DO CHANGE, AND YOU NEVER KNOW WHEN YOU HAVE AN OPPORTUNITY TO DO SOME LONG TERM OPPORTUNITIES LIKE THIS.
SO WE WOULD RIGHT AWAY GO WITH OUR UPDATING IT, WHICH WOULD INVOLVE REACHING OUT TO OUR ARCHITECT WHO WOULD THE STEPS USUALLY INVOLVE SIDEWALKS WHERE OUR TEAM HERE AT THE DISTRICT OFFICE AND OUR SITE ADMINISTRATION WALK THE SITE, LOOK AT SOME NEEDED IMPROVEMENTS AND EVERYTHING IS DOCUMENTED.
SO FOR EACH SCHOOL SITE THERE IS AN INDIVIDUAL PLAN.
SO A LOT OF THE THINGS THAT WE SAW IN OUR 2021 PLAN, WE WERE ABLE TO DO WITH OUR OWN DISTRICT BUDGET JUST BECAUSE THEY WERE OF HIGH PRIORITY AND AFFORDABLE FOR US TO DO ON OUR OWN, BUT THERE ARE SOME--CAN YOU JUST GIVE US A COUPLE OF EXAMPLES OF THAT.
WE DID A LOT OF PERIMETER FENCING.
WE DID SOME HVAC REPAIRS, AND LET'S SEE HERE...THE RESTROOM AT SAN DIMAS HIGH SCHOOL, THE ADDED RESTROOM BUILDING THAT WE'RE ALL VERY FAMILIAR WITH.
THOSE KIND OF PROJECTS THAT WE'VE DONE, WE'VE BEEN ABLE TO DO AND FUND ON OUR OWN.
SO OUR ARCHITECT WOULD UPDATE IT FOR ANY NEW NEEDS THAT WE MAY HAVE, BUT THE INTERESTING PART OF IT IS THAT THEY DO THE COMPREHENSIVE COST FOR THE ENTIRE PLAN WAS WHICH IS A CRAZY AMOUNT.
IT FAR EXCEEDS THE 200 MILLION WE COULD GET.
FAR EXCEEDS, BUT AT LEAST IT'S WELL DOCUMENTED AND WE IDENTIFIED IT AS A PRIORITY FOR THE DISTRICT.
SONIA, COULD YOU TALK TO US A LITTLE MORE ABOUT WHO THE STAKEHOLDERS ARE? IT WOULD BE OUR PARENTS, OBVIOUSLY, OUR STUDENTS, OUR ADMINISTRATION, LIKE I MENTIONED, AND OUR EMPLOYEES TAKING EVERYBODY INTO IDENTIFYING THEIR NEEDS THAT THEY FORESEE FROM THEIR PERSPECTIVES.
WE ALSO TAKE OUR DISTRICT ADMINISTRATION HERE ALONG WITH OUR UNIONS.
SO ANY OUTDOOR FACILITIES THAT WE MAY IMPROVE ARE TO THE BENEFIT OF OUR RESIDENTS AS WELL.
ONCE YOU HAVE THAT FACILITIES MASTER PLAN DONE, AND FOR ME PERSONALLY, LOOKING AT THE DISTRICT AND KNOWING THE THINGS THAT ARE GOING ON, I WORRY MOST ABOUT MAYBE CTE PROGRAMS, BUT ALSO THE IMPACT OF TK AND IT LOWERING TO A 10 TO 1 STUDENTS IN A CLASSROOM AND REALLY, ARE WE GOING TO BE ABLE TO MEET THAT NEED? I DON'T KNOW WHERE WE ARE ON THAT AND I WOULD LIKE TO KNOW MORE ABOUT THAT AS WELL, BECAUSE THERE'S PIE IN THE SKY.
WE WANT THIS, BUT THERE'S ALSO OH MY GOSH, WE NEED THIS, RIGHT? AND THAT'S WHAT WE DID LAST TIME, IS WE IDENTIFIED THE THINGS THAT WE KNEW WE NEEDED AND WE COULDN'T WAIT FOR ANY OTHER EXTERNAL FUNDING SOURCES.
SO WE MADE THOSE THE PRIORITY.
LIKE I MENTIONED, THE PERIMETER FENCING AND THE TK FACILITIES FROM ALL OF THE GROWTH THAT WE'VE HAD THIS LAST YEAR, WE YOU WOULD SEE SOMETHING LIKE THAT IN OUR UPDATED PLAN, BUT WE'VE ALREADY STARTED DOING RESEARCH OF OUR OWN TO SEE WHAT THE COST WOULD BE TO ADD THOSE CLASSROOM SPACES TO OUR SCHOOL SITES THAT HAD JUST HAD IMMENSE GROWTH DUE TO TK.
THERE ARE SOME IN THERE, BUT DEFINITELY MORE REALISTIC NEEDS THAT WE'LL HAVE TO ADDRESS.
WELL, AND THERE SHOULD BE PIE IN THE SKY, RIGHT.
FORGET ABOUT THE MONEY FOR A SECOND.
WHAT WOULD YOU REALLY LIKE TO HAVE, RIGHT? FROM LUNCH SHELTERS TO PERFORMING ARTS CENTERS TO BASKETBALL GYMNASIUMS AND ALL THE REST.
YOU HAVE TO HAVE SOMETHING SHINY TO SELL THE OTHER STUFF THAT'S NOT SO SHINY.
THE BCA WAS DEFINITELY AT ONE POINT A PIE IN THE SKY, BUT WE MADE IT A REALITY AND THAT'S BEAR A LOT OF FRUIT AND WHAT THE EXECUTIVE SUMMARY OF THAT PLAN DOES IS IT HAS THREE PRIORITIES.
[00:35:07]
EXTRA THINGS.THEN YOU HAVE LIST OF THE MOST IMPORTANT THINGS FIRST, BUT TO JIM'S POINT, YOU WILL HAVE A COMBINATION OF VERY SIGNIFICANT PROJECTS THAT ARE SHINY, THAT DO INTRIGUE VOTERS, AND THEN YOU ALSO HAVE THOSE THAT ARE JUST THE BACKGROUND THINGS LIKE HVAC THAT WILDLY IMPORTANT, MAYBE NOT AS SHINY ON THE OUTSIDE THOUGH.
SO IT'LL BE A COMBINATION OF THOSE TWO THINGS.
TO WHAT DEGREE AND MAYBE THIS IS A QUESTION FOR ALL THREE OF YOU, TO WHAT DEGREE--AND MATT, TOO--WOULD YOU ENVISION THE SCHOOL BOARD BEING A PART OF THIS INITIAL PROCESS? WELL, YEAH, I CAN SPEAK TO THAT.
SO WHAT WE'LL DO IS AS WE MOVE FORWARD SO TONIGHT IS LAY THE GROUNDWORK.
WE ALL HAVE THE SAME LINGO. WE KNOW WHAT IT IS THAT WE'RE TALKING ABOUT.
WE'LL CONTINUE TO HAVE CONVERSATIONS ON IT.
WE'LL AGENDIZE IT IN THE FUTURE TO HAVE DISCUSSIONS BUT THEN VERY EARLY, AS WE DECIDE THAT WE WANT TO EXPLORE FEASIBILITY, WE'RE GOING TO UPDATE THE PLAN.
IS THE COST OF UPDATING THE PLAN WITH THE ARCHITECTS, SOMETHING THAT WE'VE PLANNED FOR THAT WE KNEW WE WERE GOING TO GO FORWARD, OR IS THAT AN ADDITIONAL COST, TOO? ABSOLUTELY, WE SET ASIDE THAT AMOUNT EVERY YEAR JUST IN CASE WE NEED TO UPDATE IT.
OTHER QUESTIONS? JUST A QUICK QUESTION ON SLIDE NINE, AND IT'S JUST MORE TALKING ABOUT THE 75 WORD BALLOT AND IT TALKS ABOUT ONE OF THE STIPULATIONS DURATION OF THE TAX, BUT IT LOOKS LIKE ON THIS ONE, IT SAYS THE BONDS ARE OUTSTANDING, AND SO TALK A LITTLE BIT ABOUT HOW THAT SUFFICES FOR THAT.
RIGHT. SO, YOU KNOW, AS A SIDE NOTE, THIS REQUIREMENT APPLIES TO OTHER TYPES OF TAXES, LIKE PARCEL TAXES, WHICH HAVE OFTENTIMES LIKE A SPECIFIED DURATION, BUT, YOU KNOW, WHEN YOU'RE BUILDING A BOND PROGRAM, THERE'S ESTIMATES ABOUT WHEN, YOU KNOW, THE FINAL MATURITY MIGHT BE, BUT YOU WON'T KNOW UNTIL YOU GO TO SELL BONDS BECAUSE YOU DON'T GET THE MONEY ALL UP FRONT.
YOU SELL IN A NUMBER OF SERIES.
SO, YOU KNOW, THE ACCURATE WAY TO DESCRIBE IT IN THE BALLOT MEASURE IS THAT THE TAX WILL BE LEVIED AS LONG AS THERE'S BONDS OUTSTANDING THAT'S SECURED BY THAT TAX. IS THERE A MAXIMUM TIME FRAME OF WHICH YOU CAN'T EXCEED THE REPAYMENT? THERE'S NO MAXIMUM TIME FRAME.
EACH SERIES OF BONDS HAS A MAXIMUM MATURITY OF 40 YEARS, BUT THERE'S NO MAXIMUM TERM IN TERMS OF THE AUTHORIZATION FROM THE 75 WORD BALLOT STATEMENT.
OKAY, FOR EXAMPLE, YOU COULD WAIT 40 YEARS TO ISSUE A 40 YEAR BOND, AT WHICH POINT YOU'D HAVE AN 80 YEAR TAX, BUT YOU WOULDN'T ACTUALLY DO THAT, BUT HYPOTHETICALLY, THAT COULD BE AN EXAMPLE OF THAT.
I DO STILL HAVE SOME CONCERNS ABOUT MOUNT SAC AND THEIR BOND ISSUES THAT HAVE GONE ON, AND I WOULD LIKE TO KNOW MORE INFORMATION ABOUT WHAT IS ON LA VERNE AND SAN DIMAS' CURRENT PROPERTY TAXES, THOSE TYPES OF ADDITIONAL BONDS LIKE OUR THE ONE A, B, C, WHATEVER, WHICH ONES WE HAVE.
WE CAN DEFINITELY GET THOSE NUMBERS.
WE CAN PROVIDE THAT BACK TO YOU AND SHOW YOU.
AND HOW LONG THOSE ARE GOING TO BE OUT THERE.
OUR CITIES HAVE AND WHAT'S THE SAME AND WHAT'S DIFFERENT.
THE CITIES HAVE, LA VERNE HAS UTILITY TAXES AND SOME OTHER OBLIGATIONS THAT VOTERS OR PROPERTY OWNERS IN LA VERNE, DIFFERENT OBLIGATIONS THAN PROPERTY OWNERS IN SAN DIMAS.
RIGHT. SO I THINK THAT WOULD BE HELPFUL TO KIND OF PAINT THAT PICTURE.
SO 60 IS THE MAX, BUT IS THERE SOME KIND OF GAUGE IN THAT OPINION SURVEY TO KIND OF FIND OUT WHERE THE SPOT IS? EXACTLY, SO THE VOTER OPINION SURVEY WILL TEST A FEW THINGS.
NUMBER ONE IS WHAT IS THE GENERAL OPINION AND SENTIMENT OF BONITA UNIFIED? WHAT ARE THEY DOING RIGHT? WHAT ARE THEY DOING WRONG? WHERE ARE AREAS OF IMPROVEMENT? THAT'S ONE PART OF IT.
ON THE COST SIDE OF THINGS, IT'S WHAT ARE VOTERS WILLING TO SUPPORT? IS IT A $60 TAX RATE? AND YOU'RE RIGHT, MAYBE $60 IS TOO HIGH AND WE HAVE TO GO TO A $45 TAX RATE, AT WHICH POINT $217 MILLION COMES DOWN TO $160 MILLION THAT WE COULD RAISE THROUGH A TAX, AND THE OTHER IS POLLING THE PROJECTS.
SO YOU MIGHT HAVE YOUR SORT OF INFRASTRUCTURE, HVAC FENCING, THE NOT SO SEXY PROJECTS AND YOU MIGHT HAVE, YOU KNOW, THE COLORFUL AQUATIC CENTER AND, YOU KNOW, THERE MIGHT BE A CONTINGENT WITHIN YOUR COMMUNITY THAT IS VERY VOCAL AND SUPPORTIVE OF THE
[00:40:03]
AQUATIC CENTER, BUT YOUR VOTER BASE MAY SAY WE DON'T WANT AN AQUATIC CENTER.SO PART OF A POLL WILL SHOW WHAT LEVELS OF SUPPORT THEY'RE WILLING TO BACK ON CERTAIN PROJECTS, AND YOU MIGHT SAY, OKAY, THAT MIGHT HELP YOU PRIORITIZE. SO IF THERE'S A CONTROVERSIAL PROJECT, IF YOU WERE TO TAKE THAT PART OUT AND BUILD A PROJECT LIST AROUND WHAT YOU KNOW WILL GET YOU ABOVE THE 55%, THEN THAT $217 MILLION BECOMES $160 MILLION AT A $40 TAX RATE, FINANCING ONLY THE HVAC, SAFETY, SECURITY, THOSE TYPES OF PROJECTS.
SO IF WE NEED TO DO THAT POLL, WE WON'T HAVE THE INFORMATION FROM A NEW ROUND WITH THE ARCHITECT USING WHAT WE HAD BEFORE MATT PLUS KIND OF CABINETS KNOWLEDGE OF WHAT THE NEEDS ARE AT THE SCHOOLS, WOULD YOU GUYS BE GIVING INPUT ONTO WHAT GOES ON TO THAT? YOU'RE LOOKING AT THE TIMELINE OF AUGUST '23 IF WE THOUGHT MARCH WAS THE FIRST DATE WE'D GO.
AUGUST '23, THAT GIVES US AMPLE TIME.
IT'S AUGUST '23 WHEN THAT SURVEY GOES OUT.
OKAY, YEAH. WELL, THAT. WOULD BE FOR A MARCH '24.
IF WE THOUGHT THAT WE WANTED TO LOOK AT MARCH OF '24.
I HAD A QUESTION. OBVIOUSLY, WE WANT TO MAKE A DATA DRIVEN DECISION.
IS THERE A POLL NUMBER WITHIN THE SURVEY DATA THAT WE'RE GOING TO GET THAT SAYS, HEY, THERE'S A GOOD CHANCE OF PASSING IT? AND IS THERE LIKE A LINE WHERE YOU'RE LIKE, IT'S PROBABLY NOT THE RIGHT TIME? WHERE IS THE PRECIPICE ON THE DATA THAT WILL KIND OF GUIDE MAYBE OUR OUTCOMES? MIGHT BE FRUSTRATING, BUT IT WON'T BE ENTIRELY BLACK AND WHITE.
SO WITHIN THE DATES AND THE LEVELS OF SUPPORT ON COSTS AND PROJECTS YOU'LL HAVE, THEY'LL SHOW YOU A BAR CHART WHICH SAYS LIKELY TO SUPPORT, MORE LIKELY TO SUPPORT, AND THEN BASED ON THAT, THEY WOULD SAY YOU HAVE UP TO 58 TO A 63% CHANCE OF PASSING IN MARCH.
IN NOVEMBER, YOU'VE GOT A, YOU KNOW, LOWER VOTER SUPPORT.
SO THAT BECOMES MORE OF A JUDGMENT CALL, AND THEN YOU MIGHT SAY, WELL, BASED ON THE DATA, I HAVE A BETTER SHOT IN MARCH, AND BUT WITH YOUR EXPERIENCE, YOU'RE LIKE THE 58 AND BELOW, YOU'RE LIKE, THERE'S SOME JUDGMENT NEEDED, BUT IF IT'S 59 AND ABOVE, YOU'RE LIKE, THE ODDS ARE PRETTY GOOD IT'S GOING TO PASS.
GENERALLY, YES. OKAY, THANK YOU.
THE VOTER, THE SCIENTIFIC VOTER OPINION SURVEYS ARE GENERALLY WITHIN A FEW PERCENTAGE POINTS.
THE FACT THAT WE'RE CURRENTLY IN THE BOTTOM QUARTILE OF THE DISTRICTS, ARE THOSE LA COUNTY DISTRICTS, AM I RIGHT? THAT'S CORRECT.
IS THAT INFORMATION THAT'S SHARED IN THE POLL? IT WOULD BE PHRASED IN A WAY TO SAY AND EVERYTHING'S ABOUT PHRASING AS MATT MENTIONED EARLIER, BUT BONITA UNIFIED CURRENTLY HAS ONE OF THE LOWEST TAX RATES IN LA COUNTY.
IN ORDER TO STAY COMPETITIVE, THEY WOULD LIKE TO LEVERAGE TAXPAYER DOLLARS TO IMPROVE FACILITIES TO ATTRACT STUDENTS AND BUSINESSES AND TEACHERS. SO THAT DOES MAKE A DIFFERENCE TO ME AS A TAXPAYER KNOWING THAT.
YEAH. OKAY, GREAT QUESTION, AND I THINK ONE THING WE'RE FAIRLY WELL AWARE OF AND HAVING WORKED WITH US IN THE PAST, YOU PROBABLY ARE WHEN WE DO OUR PROJECTS AND EVERYTHING ELSE, WE HAVE TO BE VERY CAREFUL THAT FOR EVERY DOLLAR THAT GOES INTO SAN DIMAS, A DOLLAR GOES INTO LA VERNE.
SO WE WERE VERY GOOD THE LAST TWO BONDS WE DID OF BALANCING EVERYTHING OUT, AND IT IS A BIG DEAL.
YEAH THAT'S A SINK THE BOND DEAL IF YOU DON'T BALANCE THE PROJECTS.
MATT I'VE NOTICED THAT OUR [INAUDIBLE] FUNDS GET EATEN UP BY HIGH SCHOOL TRACKS AND THERE ARE A LOT OF PROJECTS THAT MAYBE COULD GO FORWARD IF THOSE TRACKS WERE FUNDED IN A DIFFERENT WAY.
IS THERE ANY WAY THAT COULD BE MELDED IN TO EASE THE BURDEN ON SOME OF OUR [INAUDIBLE] FUNDS? MELDED INTO A BOND? YEAH I MEAN, TRACKS, UPGRADES TO ATHLETIC FACILITIES, FIELDS ABSOLUTELY COULD BE PART OF THAT. OKAY, ANY OTHER QUESTIONS FROM ANY MEMBER?
[00:45:07]
, THANK YOU BOTH VERY MUCH.BEGIN TO GIVE YOU ALL AN OPPORTUNITY TO THINK, AND WE'LL DISCUSS.
AS YOU DO THAT, WE'LL LOOK AT UPDATING THE PLAN, BEGIN TO BRING YOU APPRIZED ON THESE ARE THE TYPES OF PROJECTS THAT, BASED ON THE NEEDS OF THE COMMUNITY THAT WE'LL GO FOR AND THEN KIND OF GET THAT PROCESS ROLLING LEADING INTO AUGUST.
THANK YOU. ANY OTHER THOUGHTS OR COMMENTS? I'M REALLY EXCITED ABOUT THIS AND JUST KNOWING THAT WE'RE NOT AT THE TOP, EVEN AFTER WE HAVE SUCH BEAUTIFUL FACILITIES THAT WE'VE GONE THROUGH, BUT HAVING LIVED FOR 19 YEARS IN AN ELEMENTARY SCHOOL THAT WAS VERY BEHIND THE TIMES, EVEN DESPITE IT BEING RENOVATED, I JUST THINK THAT THERE IS MORE WORK TO BE DONE IN BONITA AND I THINK THAT ESPECIALLY THOSE FACILITIES THAT WERE BUILT IN THE 50S AND 60S THAT MANY OF OUR PARENTS THAT COME ON TO THOSE CAMPUSES REALIZE THAT THOSE ARE NOT STATE OF THE ART FACILITIES AT THIS TIME.
[7. FUTURE MEETING DATES]
OUR NEXT REGULAR BOARD OF EDUCATION MEETING WILL BE APRIL 12TH, 2023 RIGHT HERE, AND WE ARE ADJOURNED AT 5:49.
* This transcript was compiled from uncorrected Closed Captioning.