1950-02-16Au adjourned meeting of the Board of County Supervisors of Albemarle-County,
Virginia, was held at the Office Building of said County on the 16th day of February, 1950.
Present: Messrs. G. Purcell McCue, E. J. Ballard, Henry Chiles and W. W. Wood.
ame of
'oimt Negro High S
.ed Hill
~o~sol. White
Tee Union Elem.
.c. Elemo & High
Shat. Negro Elem.
~smont Elem. W.
~,smont Elem. N.
~rozet Elem. W.
Irozet Elem. N.
icL~tire Elem. 9o
~. Lewis Elem. 9.
~ Br.Nood E
f Keswiek E
'~ Greenwood
~t Ston~ P,
;~ Cism~nt
~orth
~. H. Primsm~Y W.
Absent: Messrs. Co R. Dorrier and J. W. Williams.
Officers present: County Executive.
The Board reconvened to consider the proposed budget for the County for the year
1950-51 and to consider further the school's overall capital improvement program, including
estimated improvement costs, financing costs, and means of f;mnancing the program.
Mr. Gale, Superintendent of Schools, Mr. J. T. Henley, Chairman of the School
Board, and Mr. E. J. Oglesby, Member of the School Board, met with the Board for a discus-
sion of the proposed school capital improvements.
After discussing some portions of the proposed budget, the CountY F~xec~tive pre~
sented to the Board a projection of proposed school capital improvements, including financ~
costs a~d means of financing as follows:
C0~...~Y OF AIP..E.?LIRI~__VIRGINIA
'; .... ~'~'~"~ OF ~-~.,n~ncw~ S~nOOL C~-.-~AL L~LPROVE:~m.~Sa ~...~.~'~._.,~G ~OoTS AND ~_~S OF FINANCi~NG
Estimated
Cost
N 600,000.00 600,000.00
A 50,000.00 50,O00.00
~chool N 1200~000o00
; N 1~4,000.00
,ol A 191,800.00
N.' 202, 500.00
N. 120,000.00)
N 202,500.00)
A 2&,920.00)
157,'500.00)
A 75,260.00)
A 11,978.00)
W~. A 63,600.00)
N 120,000.00)
W. A 18,020.00)
W. A 57,200.00)
W. N 63,000.00)
N 96,000.00)
A
3,435, 27~-00
~TIMAT~ C.~T OF ~ 'ROVEMEETS
IN ANCING OSTS
~etirement ef
etiremen% of Lit~
~ter~st on Bonds
Interest on Liter~
~OTAL INTEREST A5
Loans
Loans
EBT COSTS
)ED
20TAL TO BE EXP~
1,200,000.00
EISOAL VW~R
lC,:)52~5,3 195;3-54_
1~4,000.00
191,800.00
202,500.00
261,744. 50 ~61,7;%. 50
261,744.~
650,000.00 -0~ 1,2OO,O00.00 534,300.00
261,744.50
261,744.50 ~61,744.50~ 26t~.:
, ......
· ~0- 25,000.00 25,000.00 25,000.00
2,325.00 2,325.00 2,325.00 42,325.00
-O~ 7,250.00 6,937.50 6,625.00
_ 74.00 . 8z?'.50 781.00, z$,734.5o
3,209.00 35,402.50 35,043.50 98,684.50
25,000.00 25,000.00
42,325.00 67,325.00
6,312.50 6,000.00
23.~
97,525.50 135, 520.00
25,000°00 25,O00.;
674325°00
5,625~00 5,250.t
35,848.50 34. 502.J
~3,798.50 132,077.1
653,209.00 35,402.50 1,235,043.50 632,984.50
222,000.00
22,679.00
500,000.00
111,000o00 lll,O00.O0
1,200~000.00
359,270.00 397,264.50 ~5,534.00~;. 393~82t.
111,000.00 .~
750,000.00
789,169.50
~125~ 505.00 263~71.
33,6 0 3a,
922,769.50 ~9,!05.00 397,17 ·
525,505.00 ~63,571.00 3,349-
234,470.00 332,667.50 542,22~.O0 153,839.50
50,000.00
_~~6~.....0_0_ 133,60~.00 133,600.00 ...133,600.00
887,679.00 368,070.00 1,777,267.50 786,824.00 1~8,439. g0
234,470.00 332,667.50 542,224.00 153,839.50 789,169.50
!*$1~046,978.00 of which ~/4 is proposed to be expended each year beginning year 1953-54.
The County ~ecutive pointed out that the estimates of ~osts of proposed improve~
merits and that the scheduling of the proposed improvements were in aceoz~lance with the de~ir~
of the School Officials as expressed by the Superintendent. He also stated that the compu-
%ations for financing costs were based upon the assumption that all future debt financing
would~e from State Lite~yFund Loans at a 2%rate and would be financed for a Period of
thirty years, including a S~at~ Literary Fund Loan of $1,200,000.00 in the fiscal year
1951~52 and a $750,000.00 State Literary Fun~d Loan in the fiscal year 1953-54. The means of
financing include hoped for State grouts of $111,000.00 in the year 1952-53 and $111,O00oO0
in the year !953~5~, which are in addition to the $333,000~00 State grant expected as a
sult of recent State Legislation. It was also pointed out that the means of financing this
program include am assumed ~ross tax levy of $0.90 for this purpose for the next seven years
and thereafter except for the gradual decrease in interest costs en the amount of debt
tired each year. it was pointed out tha% the above proposed school improvement program
could be financed upon the following assumptions used above:
(1) Cost Estimates°
(2) Interest on borrowings at 2%.
(3) Would finance on a thirty-~ar basis.
(4) A total of $555,000.00 State Grants.
(5) A total of $1,9-50,000.00 State Literary Fund Loans.
(6) A gross tax levy of $0.90 for this purpose beginning with the
year. 1950 and continuing through the year 1956, and also there-
after e~cept for the reductions in annual interest costs on debt
retired each year.
It was pointed out, however,, that no projection is made for any increased operat~
costs which might result from the operation of thi~ program. Members of this Board and mem-
bers of th~2:S~olJ.Boar~.~r~se~t:'-~oth.jex~p=e:ssed the feeling that the tax rate should not be
increased beyond the present rate of $3.50 either now or in the future.
Upon motion, the meeting adjourned.
Chairman