BEAUFORT COUNTY REQUEST BRIDGES PREPARATORY SCHOOL BPS Bridges Preparatory Public Charter School (BPS) BPS has selected a site location, purchasing Boys and Girls Club on Boundary Street in Downtown Beaufort Opened in 2013-2014 with Kindergarten through 6 th grade BPS will add a grade level each year thereafter and ultimately serve grades Kindergarten through 12 th
Teacher to student ratio 14:1 ~ Class size: 20 students BRIDGES PREPARATORY SCHOOL SUCCESSES 96% of 358 students signed intents to re-enroll All classes FULL for next year with 142 on waiting list (grades K-7) 100% of teachers returned signed contracts for next year Students from Beaufort, Bluffton, St. Helena, Whale Branch, Port Royal, Okatie, Yemassee, Jasper and Hampton Counties BRIDGES PREPARATORY SCHOOL FACTS Funding ~ New Money into Beaufort County Funded by the State of South Carolina BPS educates with $5,300 per child versus BCSDs $10,600 We educate 358 children grades K-6 (this school year) 2013-14 budget ~ $2.7 Million Projected Fund Balance ~ $500,000+ Purchasing permanent facility, adding 4 classes per year, up to 780 students by 2018 Need to expand and redevelop the site due to demand BRIDGES PREPARATORY SCHOOL INNOVATION PAIDEIA instructional method STEM-infused curriculum Paideia National Organization school partnership will: Highlight the belief that each child is unique Successfully educate the whole child Character-based education Small class size Curriculum aligned with State and National Standards BRIDGES PREPARATORY SCHOOL GOVERNANCE South Carolina Public Charter School District BPS Charter School Board of Directors BPS Head of School BPS Faculty BPS Parents Professional Fiscal Management: Accounting firm McKay, Kiddy & Associates Audit firm Elliott-Davis
BPS functions as an organization through the order of the following entities: No state funding for charter school buildings other than private sources Start-up charter schools need 3-5 years of funding to obtain external capital (need 3-5 years of financial statements to get a loan) Private equity ~ increases the interest rate and is still a lease; BPS would not own its facilities 1. Are there other sources of funds? Restricted BRIDGES PREPARATORY SCHOOL 6 COUNTY QUESTIONS BPS is a state-funded public charter school Our funding is from the State of SC, not from the local county school district Projections show $40 million in revenue over the life of our initial 10-year charter
2. Will the project create revenue? Yes BRIDGES PREPARATORY SCHOOL 6 COUNTY QUESTIONS 5-year BPS Revenue Projections: Year 2014-15 - $3,205,988 Year 2015-16 - $3,548,787 Year 2016-17 - $4,075,888 Year 2017-18 - $4,602,989
2. Will the project create revenue? Yes
BRIDGES PREPARATORY SCHOOL 6 COUNTY QUESTIONS 3. What are the maintenance and personnel costs?
$144,000 $75,000 $26,000 $15,000 $18,000 0 Operations Rent Utilities Insurance Maintenance Custodial Rent $144,000 Utilities $75,000 Insurance $26,000 Maintenance $15,000 Custodial $18,000 Maintenance costs are 1% of revenue and 11% of total expenses. $1,285,222 $24,350 $160,976 $6,556 $95,941 $89,009 0 Personnel Cost Salaries Retirement Group Health & Life Insurance Workers Comp Tax Social Security Other Salaries $1,285,222 Health & Life Ins. $160,976 Social Security $95,941 Retirement $24,350 WC Tax $6,556 Other $89,009 Personnel Costs are 6% of revenue and 65% of total expenses. BRIDGES PREPARATORY SCHOOL 6 COUNTY QUESTIONS FISCAL YEAR TOTAL JOBS ESTIMATED PAYROLL Year 2014-15 37 $1,989,481 Year 2015-16 45 $2,435,935 Year 2016-17 53 $2,670,564 Year 2017-18 62 $3,064,325 Year 2018 -19 72 $3,111,274
4. Will this create jobs? Yes BRIDGES PREPARATORY SCHOOL 6 COUNTY QUESTIONS BPS does not take money from the local district, leaving BCSD more money to educate fewer children BPS has no attendance zones inside the state, therefore, children from all over South Carolina can attend Encourages new residents to move to Beaufort County Reduces the migration of Beaufort students to overcrowded Bluffton schools
5. Will this help Beaufort County as a whole? Yes BRIDGES PREPARATORY SCHOOL 6 COUNTY QUESTIONS If the project was privately funded, the interest cost would be close to $3 million over 5 years. If funded, all of the saved interest will be available to improve instruction.
6. Has a cost benefit study been done on the project?
BRIDGES PREPARATORY SCHOOL 6 COUNTY QUESTIONS BRIDGES PREPARATORY SCHOOL WHAT WE NEED BPS invests $1.4 million This investment buys the Boys and Girls Club building on Boundary Street and initial renovation (2013) Paid for with cash flow from a successful year County Request: $6.8 million builds a full K-8 facility Bridges uses local contractors to redevelop the old Boys and Girls Club building and site
BRIDGES PREPARATORY SCHOOL BEAUFORT FACILITY Redevelopment of a blighted area, increasing property values Reduces pressure on Bluffton schools as the migration of students to Bluffton from Beaufort slows down Beaufort County will be known for its school choice leadership - an incentive for industry and resident relocation Open attendance zone allows residents more choice on where to live and home investment BRIDGES PREPARATORY SCHOOL BPS BPSs proposal is an economic stimulus and redevelopment opportunity leveraging public/private investment $40 million projected NEW revenue over 10 years The proposed school site leverages existing underutilized public assets already supported by tax dollars: Downtown Beaufort Co. Library, Charles Lind Brown Center, county athletic fields and city parks BPS reduces cost to tax payers by providing revenue and/or cost-share to Beaufort County and The City of Beaufort when utilizing their facilities