The State Allocation Board (SAB) held a relatively uneventful meeting yesterday, February 28, 2018, with some good news and only one action item.
The Executive Officer reported that the spring general obligation bond sale will close on March 15, 2018. The Office of Public School Construction staff anticipates receiving proceeds from this sale to provide apportionments for the State Facility Program. The March SAB meeting has been rescheduled to March 21, 2018, to allow staff to prepare apportionments for approval by the SAB.
The lone action item was approval of preliminary apportionments for 24 projects under the Charter School Facilities Program (CSFP). After taking into consideration the preliminary apportionments approved by the SAB at its January meeting (see “State Allocation Board January 2018 Meeting,” in the January 26, 2018, Fiscal Report) and administrative costs, there is approximately $287.4 million available in the CSFP (inclusive of Proposition 51 and bond authority from Propositions 47, 55, and 1D that have returned to the program). The action taken yesterday provided approval for $263.8 million. The amount remaining in the CSFP is insufficient to fully fund the next project on the list. Therefore, the remaining submitted applications that have not received funding will be retained through the end of 2018 in case additional funding becomes available.
The approval of these preliminary apportionments is a reservation of bond authority. Each applicant has four years, plus the addition of a one-time, one-year extension, to convert their preliminary apportionment to a final apportionment by obtaining the necessary plan and site approvals.
A copy of the SAB Agenda and full reports on the items noted above can be found on the SAB’s website.