Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • NFO ongoing: Balancing growth and stability with Bajaj Finserv Equity Savings Fund
    • Active ETFs Are a Top Choice for Model Portfolio Providers
    • Three Ways to Find Deals in Your Investments This Year
    • Stevens Point school district set to receive federal education funds
    • AurealOne- Sponsored Content | ThePrint
    • Retirement mutual funds’ AUM jumps 226% in 5 years: Here are the top 10 performers
    • Specialised investment funds: What investors should know about SEBI’s ₹10 lakh rule
    • Japanese bonds log weekly foreign outflows on BOJ policy caution
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Bonds»STATE BOND MEASURE MAY MEAN $68M PLUS FOR MUSD
    Bonds

    STATE BOND MEASURE MAY MEAN $68M PLUS FOR MUSD

    August 7, 2024


    Approval of Proposition 2 — the $10 billion bond measure for modernizing public school facilities on the Nov. 5 ballot — would likely mean at least $68 million to further improve Manteca Unified campuses.

    That’s because Manteca Unified has a number of approved projects on a waiting list eligible for “reimbursement” from the $4 billion portion of the bond set aside for modernization.

    The $68 million actually represents the state’s share of completed projects — and endeavors underway to modernize facilities funded with two local bond measures.

    They are the $159 million Measure G bonds voters approved in 2014 and the $260 million Measure A bonds voters approved in 2020.

    Local bond receipts were used to cover the state’s share of eligible construction projects while waiting on the promise of being reimbursed.

    As of June 20, the school district has received $22.7 million from the state toward Measure G work such as what was done at Golden West, Lincoln, Sequoia, and Lathrop elementary schools to name a few.

    The “reimbursement” is essential in order for the district to have funds to tackle the third and fourth phases of the modernization endeavors at the 104 year-old Manteca High campus and the 58 year-old East Union High campus as well as work at the 16 year-old L:athrp High campus.

    Manteca Unified has been methodical in first advancing bond projects that qualified for state matching fund to take advantage of the dwindling pool of available funds in Sacramento.

    At the same time, doing so has put them in the queue for state funds when there is money available to cover additional projects such as most of the $68 million tied to projects that Sacramento has already approved for reimbursement.

    Further reimbursement than what the district has already received is contingent on the state having the money to do so. Proposition 2 will help cover the tab.

    Manteca Unified has other Measure A projects that may qualify for state funding yet to be approved by Sacramento.

    The approach the district took means the combined $419 million between the two local bonds could in reality cover the cost of at least $509 million in facility upgrades when state funding is provided.

    A districtwide assessment five years ago identified just over $550 million of modernization need in constant 2019 dollars.

    As schools continue to age and construction inflation eats into funding, there will be a shortfall of tackling all the needs identified in the facility master plan.

    That said, the district — when all is said and done — will have been able to tackle a vast majority of the facility modernization and upgrades they set out to tackle with the two bond measures.

    They have stretched local bond dollars further by taking advantage of restricted funds to address some projects listed in the facilities master plan.

    The biggest item is the replacement of aging HVAC systems that the state made a priority  and provided funds for — during the pandemic.

    That money freed up bond money that would have gone toward HVAC replacement.

    Given there are more than 1,600 classrooms in addition to support facilities districtwide, the HVAC work represents a substantial cost savings in bond expenditures.

    It should be noted state school bonds are secured by the state’s general fund and not property tax as in the case of local school bonds.

    Proposition 2 also includes $3.3 billion for new construction.

    The bulk of that is likely to go to build new facilities for state mandate transitional kindergarten classes.

    Manteca Unified is pursuing an early education campus on Tinnin Road for kindergarten and transitional kindergarten that would be eligible for funding from that portion of Proposition 2.

    Proposition 2 also includes $115 million for lead in water testing and remediation, $600 million for career technical education, and $600 million for charter schools.

    The district, which received state funding for the CTE complex recently built at East Union, is also seeking funding for a new CTE faciality at Manteca a High.

    As such, that part of the bond could relieve local property taxpayers of costs connected with building a CTE complex at Manteca High.

    California’s public schools serve more than 6 million students at 10,000-plus schools in more than 300,000 classrooms —  70% of which are more than 25 years old.

    Schools statewide are projected to need about $117 billion for facilities. About 69% of that amount is needed for school maintenance and modernization— updating science labs and adding computers, for example — while only 10% is needed to keep pace with enrollment or address overcrowding.

     

    To contact Dennis Wyatt, email dwyatt@mantecabulletin.com

     

     



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    Japanese bonds log weekly foreign outflows on BOJ policy caution

    July 30, 2025

    What Are Bonds? A Beginner’s Guide (2025)

    July 30, 2025

    Pay contractors with bonds to curb inflation – Joe Jackson advises government

    July 30, 2025
    Leave A Reply Cancel Reply

    Top Posts

    NFO ongoing: Balancing growth and stability with Bajaj Finserv Equity Savings Fund

    July 31, 2025

    Qu’est-ce qu’un green bond ?

    December 7, 2017

    les cat’ bonds deviennent incontournables

    September 5, 2018

    ETF : définition et intérêt des trackers

    May 15, 2019
    Don't Miss
    Mutual Funds

    NFO ongoing: Balancing growth and stability with Bajaj Finserv Equity Savings Fund

    July 31, 2025

    Investing doesn’t have to be about choosing between growth potential and relative stability—some avenues can…

    Active ETFs Are a Top Choice for Model Portfolio Providers

    July 31, 2025

    Three Ways to Find Deals in Your Investments This Year

    July 31, 2025

    Stevens Point school district set to receive federal education funds

    July 31, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    Vanguard Doubles Down on Traditional Finance, Shuns Crypto ETFs

    August 15, 2024

    Understanding how to save on taxes

    May 15, 2025

    NFO Tracker: WhiteOak Capital Mutual Fund launches arbitrage fund

    August 27, 2024
    Our Picks

    NFO ongoing: Balancing growth and stability with Bajaj Finserv Equity Savings Fund

    July 31, 2025

    Active ETFs Are a Top Choice for Model Portfolio Providers

    July 31, 2025

    Three Ways to Find Deals in Your Investments This Year

    July 31, 2025
    Most Popular

    ₹10,000 monthly SIP in this debt mutual fund has grown to over ₹70 lakh in 23 years

    June 13, 2025

    ₹1 lakh investment in these 2 ELSS mutual funds at launch would have grown to over ₹5 lakh. Check details

    April 25, 2025

    ZIG, BUZZ, NANC, and KRUZ

    October 11, 2024
    © 2025 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.