Buckeye approves transfers of funds for construction project

YORK TWP. — Buckeye Schools is getting its finances in order to build a new high school and turn its current high school into a junior high. The Buckeye Board of Education approved a transfer of $890,000 from its permanent improvement fund, $1.6 million from its sales tax fund and $3 million from the general fund during its meeting Tuesday. All three transfers will go into the district's capital projects fund, which will be used to fund construction within the district. Treasurer Mark Donnelly said the district's goal is to reach $40 million for the project from the district's internal funding sources, which he anticipates will happen by the end of the year. Buckeye is also taking out a $23 million certificate of participation loan for the project. "We're actually going to sell the debt on May 19," he said. "We'll get our funds sometime in early June, but the debt will be structured in such a way that we won't make our first payment until December 2027." The certificate of participation loan will generate interest over the project's lifespan, Donnelly said. The district estimates it will have up to $67 million in project funds, and future fund transfers are not anticipated. "There's $59 million for the new high school, $1 million for the abatement and demolition of the junior high and a $5 million investment in (the current high school)," he said. "Included in those numbers, there's architect fees, and there's construction manager fees. It's not $5 million worth of stuff put in the building." Buckeye receives about $2.4 million a year between its permanent improvement fund and sales tax fund. Donnelly said in the future, $1.8 million from those funds will be used to service the debt from the loan, and the remaining $600,000 will go toward other capital improvements in the district. "Those are capital funds anyway," he said. "They're meant to be used for buildings and capital purchases or paying debt on capital purchases." Board member Kim Cecelich voted against the transfer of funds. "I have no problem with this," she said. "The problem that I have, which I've said before is, you're taking $40 million out of our accounts. In two years when you can't pay your payroll, and you come to the public saying that you want money, I've told you that this community will never, ever, ever ask for any more money." The board of education also spoke of the need to figure out the district's plan for the football stadium. Superintendent Jeff Stanton said the district has discussed developing a committee on athletic facilities. "I think it would not be correct for the board to approve recommendations from (Mark) Donnelly or myself related to the football stadium absent that committee," he said. "Everybody agrees we've got to address what we're doing, not only for the football stadium, but with our athletic facilities." Contact reporter Madisyn Woodring at (330) 721-4049 or mwoodring@medina-gazette.com.