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DGS: Office of Public School Construction: Proposition 47 (Nov. 2006) Summary

Proposition 47
Proposition 47, the Kindergarten-University Public Education Facilities Bond Act of 2002 was approved by the voters in November 2002. This proposition provided $11.4 billion in general obligation bonds for K-12 facilities through the School Facility Program, as well as funding for new programs; charter school facilities, critically overcrowded schools, joint-use projects and small high schools.

Mission Statement
As staff to the State Allocation Board, the Office of Public School Construction facilitates the processing of school applications and makes funding available to qualifying school districts. These actions enable school districts to build safe and adequate school facilities for their children in an expeditious and cost-effective manner.

The following chart summarizes the K-12 facilities funding provided in Proposition 47:

Program	Amount Authorized	Amount Funded	Balance
New Construction	$6,250,000,000	$6,140,347,398	$109,652,602
Modernization	$3,300,000,000	$3,295,590,332	$4,409,668
Critically Overcrowded Schools	$1,700,000,000	$1,048,138,983	$651,861,017
Charter School	$100,000,000	$35,709,046	$64,290,954
Joint Use	$50,000,000	$49,380,259	$619,741
Total:	$11,400,000,000	$10,569,166,018	$830,833,982

* The interest earned exceeded the PMIA borrowing costs and therefore resulted in a negative cost for this month.

Program Accomplishments
The statewide bond funds provided under the School Facility Program represent tremendous accomplishments benefitting the students of California.

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