Mar 21, 2016 - Schools, Hastings and Engineering/Design. â¢Use of Capital Stabilization Fund to Mitigate. Taxpayer Impact. March 21, 2016. Special Town ...
SPECIAL TOWN MEETING
Article 2
Appropriate for Middle Schools Funding Plan Prepared by Town Manager’s Office and Finance Department March 21, 2016
Special Town Meeting
Article 2 – Funding Plan Taxpayer Impact 1: Funding Plan for All Major Capital Projects: 2016-2021 Taxpayer Impact 2: Funding Plan for Subset of Projects: Modular Classrooms, Middle Schools, Hastings and Engineering/Design Use of Capital Stabilization Fund to Mitigate Taxpayer Impact March 21, 2016
Special Town Meeting
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2016 – 2021 Capital Plan: Likely Exempt Debt
Project Design (March 2015) Project Design & Elem. Modular Class. (Dec. 2015) Clarke (March 2016) Diamond (March 2016) Hastings-net of MSBA funding (Feb. 2016 & 2017) SUBTOTAL
$ 4,080,000 $ 5,385,000 $ 19,941,058 $ 42,255,189 $ 42,000,000 $113,661,247
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New Lexington Children’s Place (2017/2018) High School HVAC (2016/2017) Pelham Property (2016) Fire Station (2017/2018) Police Station (2018/2019) SUBTOTAL TOTAL
March 21, 2016
$ 11,025,000 $ 13,125,000 $ confidential $ 19,200,000 $ 19,800,000 $ 63,150,000 $176,811,247
Special Town Meeting
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Factors in Managing Debt and Taxpayer Impact Existing Exempt Debt Service is Decreasing $21,000,000 in Capital Stabilization Fund
Low Interest Rate Environment Manage Debt Service and Taxpayer Mitigation to Lessen Increases in Property Tax Bills March 21, 2016
Special Town Meeting
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Existing and Proposed Excluded Debt Service Excluded Debt Service: Authorized and Projected $25,000,000
$20,000,000 $15,000,000 $10,000,000 $5,000,000 $FY16
FY17
FY18
Excluded Debt Service - Authorized and Issued
FY16 Excluded Debt Service - Authorized Issued $ 8,572,202 $ and Projected Unissued Projected Debt Service - $4.08MM, $5.386 $ MM, Clarke, Diamond, Hastings Projected Debt Service -All Other Projects Total Excluded Debt for All New Projects Total Mitigated Debt Service All Projects
March 21, 2016
FY19
FY20
FY21
FY22
Projected Debt Service - $4.08MM, $5.386 MM, Clarke, Diamond, Hastings
FY23
FY24
Projected Debt Service -All Other Projects
FY25
Mitigated All Projects
FY17 7,949,726 $
FY18 7,690,949 $
FY19 7,327,631 $
FY20 7,069,103 $
FY21 6,370,134 $
FY22 6,161,475 $
FY23 5,724,934 $
FY24 4,214,176 $
604,647 $
4,663,879 $
7,611,080 $
9,233,324 $
8,579,452 $
7,540,376 $
7,394,400 $
7,248,425
$
260,375 $
736,342 $
2,370,691 $
4,739,848 $
5,909,671 $
5,779,804 $
5,649,938 $
5,520,071 $
5,390,204
$ $ 8,357,202 $
865,021 $ 8,814,748 $
5,400,221 $ 9,981,771 $ 9,267,264 $ 13,578,762 $
13,973,173 $ 16,378,976 $
14,489,123 $ 17,128,617 $
13,320,181 $ 17,616,336 $
13,044,338 $ 18,048,273 $
12,768,496 $ 16,982,672 $
12,492,653 16,573,515
Special Town Meeting
FY25 4,080,861 7,102,449
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Taxpayer Impact 1 – All Projects Tax Bill for Home of Median Value ($786,000) - All Projects $16,000 $14,000
$269
$1,240
$1,270
$1,195
$1,166
$956
$1,153
$1,205
$12,361
$12,671
$12,988
$13,312
$13,982
$12,055
$13,642
$11,754
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
$14 $12,000
$51
$131
$263
$328
$263
$590
$620
$652
$11,187
$11,467
FY16
FY17
$10,000 $8,000 $6,000 $4,000 $2,000 $-
Base Property Tax Bill + CPA Surcharge (2.5% increase annually)
FY16 Base Property Tax Bill + CPA Surcharge (2.5% increase annually) Component of bill attributable to Excluded Debt Total Tax Bill Less: Mitigation: Tax Bill After Mitigation $ Change % Change
March 21, 2016
FY17
FY18
Component of bill attributable to Excluded Debt
FY19
FY20
Tax Bill Exempt Mitigation
FY21
FY22
FY23
FY24
FY25
$
11,187 $
11,467 $
11,754 $
12,055 $
12,361 $
12,671 $
12,988 $
13,312 $
13,642 $
13,982
$ $ $ $
603 11,790 (14) 11,776
620 12,087 12,087 311 2.6%
921 12,675 (269) 12,406 319 2.6%
1,218 13,273 (263) 13,011 605 4.9%
1,481 13,842 (328) 13,514 503 3.9%
1,468 14,139 (263) 13,876 362 2.7%
1,371 14,358 (131) 14,227 351 2.5%
1,321 14,633 (51) 14,582 355 2.5%
1,195 14,837 14,837 255 1.7%
1,166 15,148 15,148 311 2.1%
$ $ $ $ $
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Special Town Meeting
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Taxpayer Impact 2 – Elementary & Middle School Projects Tax Bill for Home of Median Value ($786,000) - $4.08MM, $5.386 MM, Clarke, Diamond, Hastings $16,000 $14,000 $254
$35
$131 $888
$807
$787
$833
$825
$893
$864
$12,662
$12,977
$13,972
$12,354
$13,632
$12,052
$13,302
$11,753
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
$14 $12,000
$188
$254
$227
$590
$602
$615
$11,187
$11,466
FY16
FY17
$10,000 $8,000 $6,000
$4,000 $2,000
$-
Base Property Tax Bill + CPA Surcharge (2.5% increase annually)
FY16 Base Property Tax Bill + CPA Surcharge (2.5% increase annually) Component of bill attributable to Excluded Debt Total Tax Bill Less: Mitigation: Tax Bill After Mitigation $ Change % Change
March 21, 2016
FY17
Component of bill attributable to Excluded Debt
FY18
FY19
FY20
Tax Bill Exempt Mitigation
FY21
FY22
FY23
FY24
FY25
$
11,187 $
11,466 $
11,753 $
12,052 $
12,354 $
12,662 $
12,977 $
13,302 $
13,632 $
13,972
$ $ $ $
603 11,790 (14) 11,776
602 12,068 12,068 292 2.5%
869 12,622 (254) 12,368 300 2.5%
1,051 13,103 (227) 12,876 508 4.1%
1,147 13,501 (254) 13,247 371 2.9%
1,052 13,714 (188) 13,526 278 2.1%
964 13,941 (131) 13,810 284 2.1%
923 14,225 (35) 14,190 380 2.8%
807 14,439 14,439 249 1.8%
787 14,759 14,759 320 2.2%
$ $ $ $ $
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Special Town Meeting
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