Riverhead

Central School District

Board of Education Update Meeting

October 13, 2015

BBS
1

Riverhead High School Progress

Classroom
Addition

BBS
2

Riverhead High School Progress

Classroom
Addition

BBS
3

Riverhead High School Main Lobby

BBS
4

Riverhead High School Corridors

BBS
5

Riverhead High School Science Classrooms

BBS
6

Riverhead High School Science Classrooms

BBS
7

Riverhead High School Courtyard

BBS
8

Riverhead Middle School Classroom Addition

BBS
9

Riverhead Middle School Music Addition

BBS
10

Riverhead Middle School Music Addition

BBS
11

Riverhead Middle School - Cafeteria/Auditorium

BBS
12

Riverhead Middle School Science Classrooms

BBS
13

Riverhead Middle School Main Office

BBS
14

Riverhead Middle School Windows

BBS
15

Football Field and Bleachers

BBS
16

Roanoke Elementary School Progress

Classroom Addition

BBS
17

Roanoke Elementary School Progress

Toilet Rooms

BBS
18

Pulaski Elementary School Progress

Cafeteria Addition

BBS
19

Pulaski Elementary School Progress

Classroom Renovations

BBS
20

Pulaski Elementary School Progress

Professional Development Room

BBS
21

BBS
22

BBS
23

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10/13/15

Riverhead CSD
$78,334,247 Capital
Construction Project
Presented by Sam M. Schneider, Assistant
Superintendent for Finance and Operations
Riverhead Central School District
Board of Education Meeting
October 13, 2015

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10/13/15

Capital Construction Project

In October 2011, the voters approved spending
$78,334,247 on capital construction projects at
all seven schools and some athletic fields.

Conception

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Reality

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10/13/15

Capital Construction Project

The voters were presented with an projected
budget for each project within the
$78,334,247.
Where individual school projects have been
completed for less than originally anticipated,
the funds are transferred to other school
projects where costs have increased, but the
final cost for all eight projects will not exceed
$78,334,247.

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10/13/15

Transfers Among Projects

Project
McKillop Field
Aquebogue
Riley

Initial
Budget
Final Budget
$1,604,751
$931,505
$3,807,996
$3,130,834
$5,666,831
$5,346,251

Savings
$673,246
$677,162
$320,580

These funds were transferred to other projects, including RHS and RMS.

Projects can generate savings over the initial

budget due to:
Favorable bidding climate
Few unanticipated expenses
Less extensive original work scope

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10/13/15

Change Orders?
A change order is an agreement between the
contractor and the District to alter the original
contract of work to either add or delete work.
Change orders are funded through contingency
funds that were built into the $78,334,247
approved by the voters.
Change orders are for:
Discovery of unanticipated conditions
Design changes necessitated by building code or
practical realities

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10/13/15

Bond Expenditures as of Oct. 1, 2015

by School
Project
Aquebogue

Original
Estimate
$3,807,996

Current
Expenditures as Encumbrances Unencumbered
Budget
of 10/1/15
Outstanding
Balance
$3,130,834
$3,130,834
$0
$0

Phillips

$4,025,891

$4,109,168

$4,109,168

$0

$0

Riley
$5,666,831 $5,346,251
McKillop Field
$1,604,751
$931,505
High School
$32,129,979 $33,256,165
Middle School $15,426,347 $16,171,341
Roanoke
$7,791,777 $8,356,284
Pulaski
$7,880,675 $7,032,699
Total $78,334,247 $78,334,247

$5,346,251
$842,803
$30,719,942
$12,571,836
$2,077,150
$2,213,081
$61,011,065

$0
$88,702
$2,391,599
$3,546,546
$6,121,974
$4,427,487
$16,576,308

$0
$0
$144,623
$52,959
$157,159
$392,133
$746,874

The above figures do not include money appropriated by the

Board from the Repair Reserve, which are not capital expenses
even when such work is performed by the same contractor.

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10/13/15

Bond Expenditures as of Oct. 1, 2015

by Category
Expenditures as Encumbrances Unencumbered
Category
of 10/1/15
Outstanding
Balance
Attorney
$143,478
$102,000
$9,803
Misc. Costs
$361,766
$85,369
$17,177
Survey/Engineering
$905,138
$170,068
$176,748
Construction Mgr.
$1,610,125
$262,485
$4,569
Architect
$3,855,187
$270,775
$16,342
Furniture/Equipment
$2,967,162
$1,229,187
$101,064
Construction
$51,168,209 $14,456,424
$421,171
Total
$61,011,065 $16,576,308
$746,874
Grand Total: $78,334,247
Miscellaneous costs include printing costs during the bidding
process, professional movers who pack buildings in and out,
temporary signage, temporary relocation of utilities, etc.

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10/13/15

Bond Revenue
The Riverhead CSD has
financed the projects by
issuing three series of
bonds, spaced out to
ensure that money is
only borrowed when it
is needed.
Bonds are sold on the
open market to the
bidder offering the
lowest interest rate.
Official Statement issued for bonds

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10/13/15

Bond Revenue
November 2012
$13,500,000 bonds
20 year repayment
2.65% average interest rate

March 2014
$32,572,000 bonds
20 year repayment
3.1625% average interest
rate

November 2015
$32,262,247 bonds
15 year repayment
Interest TBD at closing
Moodys Investors Service rating of Aa2.

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