Schools return $9 million surplus to Loudoun County
The Loudoun County School Board voted to return $9,119,207 to the county at its Oct. 23 meeting after the following school construction projects finished under budget:
• Buffalo Trail Elementary School, $2,409,377
• Creighton’s Corner Elementary School, $69,960
• Stuart W. Weller Elementary School, $930,253
• Stone Hill Middle School, $4,984
• Sycolin Creek Elementary School and road improvements, $9,388
• Trailer relocation, $32,240
• Tuscarora High School, $1,260,469
• Woodgrove High School, $4,350,552
• Woodgrove High School road improvements, $51,974
The money comes from the Capital Improvement Plan (CIP) between the School Board and the Board of Supervisors, meaning it cannot be spent by the School Board on other projects.
“This is bond money,” school board member Kevin Kuesters (Broad Run) said. “It’s restricted as to use.”
The money will have to be reapproved by the Board of Supervisors before being spent by the school system again.
The surplus was result of changes in real estate values and market fluctuations between the CIP’s approval and actual purchases and work, according to Assistant Superintendent of Business and Finance E. Leigh Burden.
“There’s such a lengthy time period between the time we begin budgeting for a project . . . that the market conditions may be more favorable to us,” Burden said. “And when that happens you’ll see a surplus of a couple million dollars for a project.”
- Gov. McAuliffe announces first commercial hops facility in mid-Atlantic in Loudoun
- No small potatoes: Loudoun Interfaith rebounds in time for the turkey
- First baby born at Inova’s new Natural Birth Center
- Rolling Stone article on culture of rape at UVA: ‘Instantly all anyone could talk about’
- Eastern District collects $24 million in debts in fiscal 2014