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• Board of Education Receives Finance & Audit Committee Report and Approves Resolution to Proceed
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Board Receives Finance & Audit Committee Report and Approves Resolution to Proceed

On Tuesday, July 18, Anthony Peebles, chairman of the District’s Finance & Audit Committee, presented the committee’s report and analysis of the District’s plan to fund a long-term facilities plan to the Board of Education. The report concluded that:

• Based on current capital project estimates, the 6.45 mills the District is seeking on the November ballot generates necessary funding for segment 1 of the long-term facilities plan
• The projected costs include assumptions for construction & materials cost inflation, construction contingency/soft costs and time-based cost escalations
• The permanent improvement levy of 0.5 mills meets the necessary state guidelines and will provide funds to maintain buildings once they have been renovated 
• Based on current PreK operation budget estimates, the request for 3.0 mills collects sufficient funding through fiscal year 2027-28

In addition to receipt of the Finance & Audit Committee Report, the Board of Education also approved the “resolution to proceed” for the bond issue for 2023, a legal requirement in order to place the previously approved bond issue on the November ballot.

Paperwork for the ballot issue will now be filed with the Cuyahoga County Board of Elections.

For information and archived documents from the long-term facilities planning process, go to shaker.org/facilitiesplan.

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All community members may sign up to receive these ongoing information updates about the District’s long-term facilities planning process. Please share this link with your neighbors to sign up: Click here to receive long-term facilities planning updates. (Current staff and families will automatically receive emails.)