Litchfield Elementary School District Bond Update June 30, 2021

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Litchfield Elementary School District provides an update on the 2014 Bond Authorization as of June 30, 2021. The District has issued bonds totaling $35 million with expenditures and available cash detailed. Expenditures include school remodeling, new construction projects, operational expenses, and more in alignment with their strategic finance plan.

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Litchfield Elementary School District Bond Update as of June 30, 2021 2014 Bond Authorization

Presenter Wendy D. Qualls, Executive Director of Finance

Strategic Plan Alignment Finances/Resources Increase stakeholder knowledge and understanding of school funding.

Timeline for Completion Arizona Revised Statute 15-491.K Each school district that issues bonds under this section is required to hold a public meeting each year between September 1 and October 31, until the bond proceeds are spent, at which an update of the progress of capital improvements financed through bonding is discussed.

2014 Bond Authorization and Bonds Issued Bond Authorization $35,000,000 Bonds Issued 2015 $ 6,000,000 2016 $ 6,000,000 2018 $ 16,000,000 2021 $ 7,000,000 Total Bonds Issued Expenditures to Date Available Cash $ 35,000,000 $(26,681,352) $ 8,318,648

2014 Bond Expenditures through June 30, 2021 Remodel Existing Schools Budget Corte Sierra Elementary School (2016) L. Thomas Heck Middle School (2019) Litchfield Elementary School (2020) Scott L. Libby Elementary School (2020) Western Sky Middle School (2020) Wigwam Creek Middle School(2020) Remaining Balance New School Construction Budget Verrado Heritage Elementary School (opened August 2015) Belen Soto Elementary School(opened August 2019) White Tanks Learning Center (started 2021) Remaining Balance Remodel Administrative Facilities Data Center (2017) Food Services (2018) Remaining Balance $2,100,000 $ 28,280 $ 58,221 $ 294,443 $ 149,677 $ 204,000 $ 65,022 $ 1,300,357 $25,200,000 $ 4,001,898 $16,298,573 $ 34,074 $ 4,865,455 $ 200,000 $ 40,504 $ 127,367 $ 32,129

2014 Bond Expenditures through June 30, 2021 Operational & Administrative Construction Support Facility (opened fall 2017) Fuel Storage Tanks (2020) Remaining Balance Pupil Transportation Vehicles Budget Buses (2016, 2018, 2019) Remaining Balance Legal Costs for Bond Issuance Expenditures $ 3,500,000 $ 2,392,473 $ 493,063 $ 614,464 $ 4,000,000 $ 2,404,153 $ 1,595,847 $ 89,604

Future Construction Plans White Tanks Learning Center

Other Funds Used for Construction Verrado Heritage Elementary School (opened August 2015) Community Education Donations 2009 Bond Adjacent Ways $ 361,785 $ 129,704 $ 8,151,159 $ 860,906 Belen Soto Elementary School (opened August 2019): Adjacent Ways $ 795,482 Scott L Libby Elementary School Remodel (2020): Capital Outlay (DAA) $ 77,932

Other Funds Used for Construction Wigwam Creek Middle School Bus Loop (2020): Adjacent Ways $ 349,024 Fuel Storage Tanks (2020): ADEQ Grant $ 64,674 Palm Valley Elementary School Roof Replacement (2019): School Facilities Board $ 833,555 Western Sky Middle School Roof School Replacement (2019): School Facilities Board $1,126,908