On December 18, I sent you all a holiday message which included acknowledgement of the approximately $1.8M “funding gap” for the new Winton construction. At Monday night’s Board meeting, I presented much more detailed information about the events that led to this gap, and more specific numbers behind it. You might have read about it in the paper, so I wanted to be sure to clarify answers to a few questions you may still have after having read about it:
1. How did the gap occur?
a. We did not realize nearly the savings on the other bond projects as was predicted by our COO last May. (We ‘saved’ $1.3M less than predicted.)
b. When the Board approved the contract for approximately $7.3M (including the ‘extra’ wing of classrooms to expand Winton’s capacity), the COO did not inform the board or me that outside of this $7.3M contract, there was a separate contract for architecture and engineering for the project for well over $500,000.
These two items, added together, combine for the $1.8M+ funding gap. More here.