2017-Annual Report - Laserfiche WebLink

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f x Town R/ n, ger Finance Capital Plan (2017-2022) In February 2017, Moody's Investment Service reaffirmed Table 3 includes a list of all major capital projects for the Lexington's Aaa bond rating, citing the Town's wealthy 2017-2022 period that are likely candidates for debt exclu- tax base with continuing economic development activi- sion votes. For each project,the year which Town Meeting ties,healthy reserves and a track record of voter support for has taken action or is anticipated to vote is listed. Proposition 21/2 operating overrides and debt exclusions.In Projects listed in Phase I are those which the voters have 2017,the Town issued$45.475 million in general obligation approved as exempt from the limits of Proposition 21/2.The bonds for capital financing.The bonds were sold at a 3.069% projects listed in Phase 11 are projects that have been ap- interest and an average maturity of approximately 12 years. proved in Town Meeting,but are planned to be voted on for In June 2017,a bond anticipation note was issued for a total exemption in the December 4,2017 debt exclusion election. of$29,837,000 million with a Net Interest Cost of 0.94%. Phase III projects are those which are in the planning stage It was used to finance school facilities capital projects design and will likely be presented at Town Meeting over the next and master plan,the Middle School additions and remodel- five years. ing,sewer improvements,and other capital projects. Table 3: Exempt Debt—Phase I—Phase III Projects School Facilities Project Design(March 2015) $4,080,000 School Facilities Project Design&Elementary Modular Class(Dec.2015) $5,385,000 Clarke Middle School(March 2016) $19,941,058 Diamond Middle School(March 2016) $42,255,149 SUBTOTAL $71,664,207 Hastings School—Net of Massachusetts School Building Authority funding(Dec $48,765,695 2017) New Lexington Children's Place Pre-K(Dec 2017) $14,879,342 Fire Station with Swing Space(Dec 2017) $22,140,000 SUBTOTAL $65,859,037 Police Station(2019) $25,651,762 The financial impact of the Phase I projects to the home of median value ($831,000) can be seen in Chart 2. Chart 2:Tax Bill for Home of Median Value Tax Bill for Home of Median Value ($831,000) -All Projects $16,000 3255 $382 $432 $311 $199 $35 $14,000 $142 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $_ FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 013asp Property lax Bill i CPASurcharge(23%incroise donLJ,111Y)111111 Corn bonent of bill attributable to Excluded Debt M Tax Bill Ex—pt Mitigation