Agenda Item #30
Financial Advance/Loan Repayment Schedule Summary and Recommendation
Currently five Brevard Public Schools have board approved "loans" with the district with annual repayment schedules established. Request was made to review these situations and consider loan forgiveness criteria. Attached is a summary of a Focus Group that was formed to review school-based former and current loans with the district for various expenditures. Also attached are the board agenda items for outstanding school loans.
Approve loan balance forgiveness for Bayside High School and Viera High School for a total of $25,969.96. Approve loan credit for Palm Bay Magnet High School and Melbourne High School due to annual field maintenance savings for a total of $333,050 (for past savings through 2016-17); future total credit $56,850 ($18,950 annually through 2019-20 for Melbourne High School only). Melbourne High School will be required to pay the balance of $6,183 (Palm Bay High School's loan will be satisfied due to maintenance saving credits).
Information - 1/24/2017
Consent after Information5/9/2017
Authority for Action
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Agenda Item will not Require the Expenditure of Funds
Dr. Mark W. Mullins -- Deputy Superintendent/Chief Operating Officer -- 633-1000, ext. 229
Attachment: Financial Advance-Loan Repayment Schedule Summary and Recommendation 5-9-17.pdf
Attachment: Board Agenda Items for Outstanding School Loans 5-9-17.pdf