1997-10-20-AC-REPORT.pdf - Laserfiche WebLink

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APPROPRIATION COMMITTEE • REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS How DO THESE TWO APPROACHES COMPARE? (CONTINUED) • CRITERIA • "INCREMENTAL. ANNUAL APPROPRIATIONS" "COMPREHENSIVE. MULTIYEAR COMMIT ■ IMPACT ON TAXPANERS —TAXPAYERS BEAR 100% OF DEBT SERVICE, WITH —TAXPAYERS BEAR 41% OF DEBT SERVICE LOCKED;, LITTLE OR NO PREDICTABILITY FOR FUTURE IN FOR NEXT 25 YEARS. INCREASES. —CUMULATIVE ANNUAL DEBT SERVICE WILL REQUIRE --1F DEBT:SERVICE IS COVERED BY DEBT EXCLI.W1; THEN LESS.FREQUENT OPERATING OVERRIDES. FREQUENT OPERATING OVERRIDES. K.�_ •_ J —RESIDENTIAL TAX PAYER PAYS$161.74 PER —FOR PHASE 1, RESIDENTIAL TAX PAYER PAIL $100,000 OF ASSESSED VALUE BEGINNING IN FY 2008 $101.69 PER$100,000 OF ASSESSED VALUE IN PEAK;.,. AND EVERY YEAR THEREAFTER. YEAR FY 2003, THEN TAX IMPACT DECLINES. _ . ,..;._ • --AFTER FIRST SIX YEARS, RESIDENTIAL TAXPAYER --FOR PHASE 2, RESIDENTIAL TAX PAYER PAYS PAYS MORE EVERY YEAR. $47.39 PER$100,000 IN PEAK YEAR FY 2010, TTN (COMPARE ANNUAL DEBT SERVICE REQUIREMENTS TAX IMPACT DECLINES. IN EXIUBTTS B AND C.) —FOR PHASE 1 AND PHASE 2 RESIDENTIAL TAXPAYER PAYS$115.99 PER$100,000 IN PEAK YEAR FY 2008, THEN TAX IMPACT DECLINES. —VOTERS MAY REMAIN GENERALLY UNINFORMED OF —DEBT EXCLUSION APPROACH REQUIRES TOWN'S SUBSTANTIAL CAPITAL NEEDS. UNDERSTANDING AND SUPPORT OF INFORMED VOTERS. Note: Impact on tax rate per$100,000 of assessed value from John Ryan's 10/13/97 worksheets. Apnropriation Committee Report Page r of 13 October 13, 1Q97