Guilford County school board member Anita Sharpe had a real problem with CFO Sharon Ozment’s suggestion that the system use certificates of participation to rebuild Eastern Guilford High School.
The problem is GCS doesn’t know what the final insurance settlement will be. They’ve got $8 million now, and with the cost of the new Eastern expected to be $60 million, it stands to reason that GCS should seek $53 million in COPs.
But what if they end up with more than they need after the insurance settlement is finalized, Sharpe asked. Ozment basically replied that GCS could use the extra money for other projects, including those projects that don’t make the proposed bond referendum.
That’s the point, Sharpe replied: If projects don’t make the bond referendum, then it’s for a good reason. Therefore, is it right then that they get funded through the back door, so to speak, with money that voters didn’t have the opportunity to approve?
Good for Sharpe. It’s refreshing to see a some sense of fiscal responsibility from at least one member of the school board.
