Hinsdale High School District 86 finally closed the books on the Future Ready Facilities projects voters approved in April 2019.
The district spent $167.6 million on a long list of projects at both high schools, almost $27.8 million more than the $139.8 million listed in the referendum.
Most of the additional spending — almost $17.9 million — came from premiums on the $138.9 million in tax-exempt municipal bonds the district sold.
“Municipal bonds will generally always sell at a premium,” said Josh Stephenson, chief financial officer for the district. “I don’t think it’s significantly dependent on current market conditions.”
The 20-year bonds were sold in three separate amounts over two years. The first sale of $62.3 million in 2019 generated $70 million in proceeds. The second sale of $31.5 million in 2019 generated $34.9 million, and the third sale of $45.2 million in 2020 generated $50.9 million.
Interest income on the proceeds totaled $2.7 million.
The district also received money from outside sources. Community members raised $1.6 million to put toward the cost of the new Don Watson Aquatic Center at Hinsdale Central. The district also received $100,000 from Sterigenics as part of a lawsuit settlement. Quest Food Management, which has a seven-year contract with the district, provided $143,722 for capital purchases.
“In exchange for doing a longer-term contract, they also put in a capital investment,” Stephenson said.
“They bought all the equipment that went into the cafés/coffee shops at both campuses.”
Operating funds totaling $6.9 million also were used toward projects as well, with the largest line items being Phase 3 period 4 bids that exceeded the budget ($2.3 million) and infilling and renovating the pool at Central ($1.6 million).
Almost $142 million of the total went to Pepper Construction, which oversaw the project and paid most of the contractors.
“I think there was over 100 different bid packages throughout the referendum period,” Stephenson said.
Among firms with whom the district contracted directly, Arcon Associates received $9.9 million for architect and engineering fees, while a little more than $2.9 million went to Lowery McDonnell Co. for furniture. Fieldturf USA Inc. was paid almost $2 million and DCG Roofing Solutions Inc. almost $1.3 million, and the district also arranged the installation of low-voltage wiring in order to receive “e-rate” reimbursement from the federal government, Stephenson said.
The District 86 finance committee reviewed the final numbers at its Nov. 13 meeting. Stephenson said there wasn’t any new information.
“All these conversations we’ve had many times before,” he said. “I don’t think there is anything in here that was unknown or surprising. It’s just a summation of everything that occurred.”
