WCPSS Saves More than $15 Million from Three Past Building Programs
At the December 18 Board of Education meeting, WCPSS staff identified 15.3 million dollars in savings that will be reallocated to purchase land needed for school sites.
The savings, totaling $15,353,347, were generated from 18 different projects under three building programs and were a result of sales tax refunds, and unused project contingencies and program contingencies. Contingencies are funds set aside to pay for any unforeseen expenses that may arise during the construction of new schools or renovation projects.
Of the three building programs, savings of $345,189 were identified in Phase IIIB from the Middle Creek High project, $7,535,595 from 10 projects in Plan 2000, and $7,474,563 from 7 projects in Plan 2004.
The board approved all of these funds be reallocated to the Property Acquisition fund of each of the building programs. An estimated $14.9 million is needed to complete land purchase for River Bend Elementary, which is currently using swing space at Spring Forest, a new high school in southwestern Wake County, and a new middle school in Fuquay-Varina. The remaining $378,152 will be used for a middle school site in Cary.