Loudoun School Board returns $31.7 million to county
At an April 2 School Board meeting, the board voted 7-0, with two members absent, to approve the consent agenda, which included returning the funds.
Though the board voted to return the money, in reality, they have few options otherwise. The funds for school building projects are voted on as bond referendums and may only go toward their originally stated purpose. The board typically returns money every year.
More than $20 million of the surplus came from lower land costs than previously anticipated, including $11 million saved from the John Champe High School site and $9 million from MS-7.
Another $10 million came from lowered construction costs.
Last year, the School Board returned $20.7 million in capital surplus.