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Home My WebLink About1997-10-20-AC-REPORT.pdf Barrie Peitz 8 Jackson Ct. Lexington, MA 02173 TOWN OF LEXINGTON APPROPRIATION COMMITTEE REPORT TO SPECIAL TOWN MEETING OCTOBER 20, 1997 Submitted by: Paul H. Lapointe, Chair Roger F. Borghesani, Vice Chair Stephen Coit Ronald W. Colwell Paul Hamburger Alan Levine Isabel Mroczkowski Ronald Pawliczek John J. Ryan, Ex Officio, Recording Secretary OCTOBER 13, 1997 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TowN MEETING RECOMMENDATIONS SUMMARY ARTICLE 2: REMODELINGIRECONSIRUCTION OF TOWN SCHOOLS By unanimous vote, the Appropriation Committee recommends that Town Meeting: • Appropriate 70.9 million to carry out Phase 1 of the School Building Project as voted by the School Committee on October 7, 1997. • Authorize borrowing to finance the $70.9 million Phase 1 project cost. Please refer to the detailed report beginning on page 4. ARTICLE 3: LIBRARY CONSTRUCTION By unanimous vote, the Appropriation Committee recommends that Town Meeting: • Appropriate an additional$1,050,000 to construct, reconstruct, repair, and equip Cary Memorial Library. This additional appropriation will allow the Library to add 5,000 sq. ft of badly needed future expansion space and to renovate Cary Hall for use as an interim library during construction. When added to the$7,850,000 1996 Town Meeting appropriation, the two appropriations will cover the$8.9 million total project cost. The Town's$2.4 million share of project costs will not increase; the Library Trustees have voted to increase their support. Outside sources will fund over 70% of the Library Project. Town Borrowing $2.4 million State Grant 2.8 million Trustees' Funds 3.7 million Library Project Total $8.9 million Annropriation Committee Report Page"of 13 October 13. 1997 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TOWN MEETING RECOMMENDATIONS SUMMARY (Continued) CAPITAL PROGRAM FINANcING RECOMMENDATIONS By unanimous vote, the Appropriation Committee recommends that the Board of Selectmen: ■ Seek voter approval this fall of an $80 million debt exclusion override to finance Phase 1 of the School Project and debt authorized by previous Town Meetings, but not yet issued: SCHOOL PROJECT': PHASE 1 '} s r a: $70,920,000 AU'mORIZED Bur UNISSUED DEBT: School Renovations, Design 6,265,000 Library Repair, Construction 2,666,666 Land Acquisition 150.000 DEBT EXCLUSION TOTAL $80,001,666 See Exhibit A for details of the$9,081,666 in bonding authorized by previous Town Meetings. FY 1999 BUDGET IMPACT OF AUTHORIZED BUT UNISSUED DEBT �•;; • An operating override will be required in the spring of 1998 if the Town's voters do not approve a debt exclusion for the debt service related to the $9.1 million of unissued debt. Debt service for the$9.1 million authorized but unissued debt in FY 1999 is estimated to be$1.1 million. If this debt service is paid from the general tax levy, then the Appropriation Committee forecasts an FY 1999 budget deficit of$1.7 million. (See Exhibit D.) Appropriation Committee Report Page 3 of 13 October 13, 1997 APPROPRIATION COMMITTEE • • REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS SCHOOL COMMITTEE'S CAPITAL PROGRAM GOALS ■ EDUCATIONAL PROGRAM 1. MAINTAIN CLASS SIZE WHILE ADDING SPACE TO MEET PROJECTED 25% ENROLLMENT GROWTH OVER NEXT 10 YEARS 2. PROVIDE DEDICATED SPACE IN ELEMENTARY SCHOOLS FOR ART, MUSIC, COMPUTERS, SPECIAL EDUCATION 3. PROVIDE PARITY (EQUAL FACILITIES) AMONG SIX ELEMENTARY AND TWO MIDDLE SCHOOLS ■ FACILITIES 1. ADDRESS DEFERRED MAINTENANCE: ROOFS; ELECTRICAL, PLUMBING, HEATING SYSTEMS; ROADS, PARKING —NINE SCHOOLS, 872,118 SQ. FT;REPLACEMENT VALUE(Q3$157 PER SQ. FT =4136,923,000 2. ADDRESS PUBLIC SAFETY ISSUES: PARKING, STUDENT DROP=OFF, EXTERIOR LIGHTING ■ FINANCES 1. QUALIFY FOR 59% REIMBURSEMENT OF PROJECT-RELATED DEBT SERVICE UNDER THE SCHOOL BUILDING ASSISTANCE ACT EXTEND"ANTICIPATED USEFUL LIFE" OF SCHOOL BUILDING TO AT LEAST 50 YEARS —First requirement in Regulations Governing The School Building Assistance Act MEET CURRENT BUILDING CODES: FIRE PROTECTION, HANDICAPPED ACCESS, EARTHQUAKE REFLECT SCHOOL COMMITTEE POLICIES OBTAIN TOWN FUNDING AUTHORIZATION 2. DEVELOP COST-EFFECTIVE PLANS Annropriation Committee Report Page 4 of 13 October 13, 1997 1 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS Two POSSIBLE APPROACHES TO ACHIEVING SCHOOL CONIlIIITTEE'S CAPITAL PROGRAM GOALS: • INCREMENTAL, ANNUAL APPROPRIATIONS • COMPREHENSIVE, MULTIYEAR COM11II TENTS CRITICAL QUESTION: Q: How SHOULD TOWN MEETING AND BROADER COMMUNITY DECIDE WHICH APPROACH IS BI:imk? SUGGESTED CRITERIA FOR DECIDING: • RESPONSE TO EDUCATIONAL PROGRAM NEEDS ■ APPROACH TO DEFERRED MAINTENANCE • COST-EFFE envENCSS ;,s•; ■ IMPACT ON TOWN FINANCES ■ IMPACT ON TAXPAYERS Appropriation Committee Report Page 5 of 13 October 13, 1997 APPROPRIATION COMMITTEE = t REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS WHAT IS THE "INCREMENTAL, ANNUAL APPROPRIATION" APPROACH? ■ HISTORICAL PEEsPEcnVE: ANNUAL MAINTENANCE AND CAPITAL REQUESTS EU'UER DEFERRED OR BONDED TOWN MEETING SCHOOL COMMITTEE REQUEST TOWN MEETING APPROPRIATION c:: a,x^sx:ra 1992 MAINTENANCE $2,654,460 MAINTENANCE _ $850,000 1993 MAINTENANCE $850,000 MAINTENANCE $445,000 1994 MAI1vTENANCE/HASflNGS $2,145,000 MAINTENANCE/HASTINGS $2,145,000 1995 MAINTENANCE $3,106,200 MAINTENANCE $350,000 YEAR 1 TECHNOLOGY 1.903342 TECHNOLOGY ENGINEERING $150.000 FY96 Request 55.009.542 .. , FY96 Appropriation MUM 1996 MAINTENANCE , $202,000 MAINTENANCE $202,000 YEAR 1 TECHNOLOGY 1,200,000 YEAR 1 TECHNOLOGY 1,200,000 CLASSROOM SPACE RENOVATION 308,000 CLASSROOM SPACE RENOVATION 308,000 SPACE STUDY/DESIGN SERVICES 500,000 SPACE STUDY/DESIGN.SERVICES .500:000 FY97 Request $2,310,000 FY97 Appropriation $2.310009..- 1997 (MAINTENANCE) $122,000 (MAE•rirENANCE) $125,000 (YEAR 2 TECHNOLOGY) 1,029,290 (YEAR 2 TECHNOLOGY) $1,03(4000 (DESIGN SERVICES) 2,400.000 (DESIGN SERVICES) 52.400,000 FY98 Request $3,551.290 FY98 Appropriation 53,555.000 TOTALS NUM 516.520.292 59.805,000 Note A Six-year request total includes some unfunded requests proposed again in following years. Appropriation Committee Report . Page 6 of 13 October 13, 1997 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS OVERVIEW: "INCREMENT/My ANNUAL APPROPRIATION" APPROACH(CONTINUED) Q: WHAT LEVEL 0>!ANNUAL FUNDING LS NECESSARY TO ACHIEVE SCHOOL COMMITTEE'S CAPITAL PROGRAM GOALS? IASSUMPTION: To MEETING MUST "5 APPROPRIATE AT LEAST$5 MILLION EVERY YEAR FOR THE FO r;. SABLE�,' Q: rivo WHAT IS BASISTHIS AS FOR ASSUMPTION? • DEPRECIATION AS BENCHMARK FOR ANNUAL FUNDING OF BUILDING RENEWAL ' —BUILDING REPLAN VALUES: $136,923,000 ,1;; :°_!, < —AMORTIZATION PERIOD: 40 YEARS ;•' —ANNUAL AMORTIZATION: $3,423,000 • ENROLLMENT INCREASES, ' : ,-` •''�. PROGRAM TECHNOLOGY, SITE IMPROVEMENTS PLAYING REQUIRE ADDITIONAL F , • SCHOOL COMIVIITIEE'S PRE (,WARY FIVE-YEAR PLAN(FY 1999 TO FY 2003) —RANGES FROM$6.2 MILLION IN FY 2000 TO$2.9 MILLION IN FY 2002 —AVERAGES$4,814,000 PER YEAR Note: See the following page for details of this preliminary plan. Appropriation Committee Report Page 7 of 13 October 13, 1997 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ' ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS OVERVIEW: "INCREMENTAL, ANNUAL APPROPRIATION" APPROACH(CONTINUED) ■ SCHOOL COMMITTEE'S PRELIMINARY FIVE-YEAR PLAN(IF NO COMPREHENSIVE PROGRAM) ELEMENT FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 .'''' '''1..I.1:1",.::,.‘:: LEXINGTON HIGH SCHOOL $1,933,550 $611,545 $176,995 $701,995 $376,995 `€ \:.� ! I MIDDLE SCHOOLS: ''<:eir-'` ::, CLARKI. 0 0 820,000 173,027 860,027 >< '�.:_�''.I , DIAMOND 116,956 1,180,956 110,000 125,000 0 ><ii'i`> < $ . • ELEMENTARY SCHOOLS: ,:o ` a �'• 390,130 . 0 825,000 € w' s '. BOy�q, 232,102 70,411 a z 1 BRIDGE 90,000 188,411 0 390,190 825,000 ::< �; , '. , , ti- 8 ESTABROOK 0 950,000 75,000 . 75 000 9,970 I"::•'; '''''cii . FISKE 0 0 755,000 `, HARRINGTON 0 75,000 81,000 750,000 102,626 :{<<. I I M HASTINGS , Q Q Q Q 154.000tLLI:Y ;.372.608 3.075 912 ;.408.125 2,215.152 3,241,626 t` . :t, SUBTOTAL. ' .. ,.,ter<:,:;.�;` �.=, . 711,782 922 773 722,437 664 564 972,488 {h . . :`'tk` CONTINGENCY, INFLATION, a ' � `,`< ; . ,tt . DESIGN FURNISHINGS 30% �p�" . ,.r•.: ..x.......r. ..,vxr .. :. ..:.r...i r.Fi..:.f::r. ;• rv::.v:::.•. :. :...... ...:... .. • PORTABLE .0 i ;� �� AFI : CLASSROOM SPACE 1,062,500 1,050,000 1,050,000 0- ,�.�::��.��,,'��,Y I I LW 1 211 Dili LI LIJ • .., ; ...:� I` I I TECHNOLOGY PLAN ',Q . ..... I> rossiponimmroftmint.;,,,_,.....quommizoitier.":.of'k :... ,�;y 'i.:.Y:.}.}:.::.::.>:>4;•' ,':'moi':S:''°<i..y: .,.::}f .•^r••.a2}.:.;..o:r c..�?..:..,;..;, ..zG a.,.... ,� �:�'�.'•k:<::•::........ ...r.•:..:.. �:..r.... <•: .:::.}. ""214'`"1 Y.�• • �� .� �'.}}., r ,.. :�. :�� >'. .. 879��'6 :Vii:> * :<:. Appropriation Committee Report Page 8 of 13 •. - October 13, 1997 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TOWN MEETING OVERVIEW: "COMPREHENSIVE, MULTIYEAR COMM' f " 111HrNT APPROACH 3. :r 4 M • PERMANENT BUILDING COMrIITTEE'S$107 MILLION PROGRAM RESPONDS SCHOOLTO , ' COMMITTEE'S GOALS j�``'��.t • SCHOOL COMMITTEE'S$70.9 MILLION PHASE 1 PROPOSAL ADOPTED 10/7/97 . F ''t a 9 ELEMENT :. . Cosr(millions) —• QUALIFIED FOR REII4IBL'rRSF.MENT ri-- ,:: - , LEXINGTON HIGH SCHOOLr:' CLARK MIDDLE SCHOOL $28.56z F . s.-.�a DIAMOND MIDDLE SCHOOL 14 3 ,,,,, r` >>i yx . ELEMENTARY SCHOOL $ o . x �� '"�� ''i HARRINGTON TECHNOLOGY PLAN(STATE-APPROVED) 12 ''`" :- SUBTOTAL: $65.6 NOT QUALIFIED FOR RE MB :3._` Ll ! I "SWING" SPACE �� 1V1' �' $4.0 1 TECHNOLOGY PLAN(STATE-APPROVED) . J"•'''' z SUBTOTAL: -,'`- TOTAL PROJECT COST: $70.9 STATE REIMBURSEMENT 0 59% OF$65.6Mz's $38.7 • ;"e ,:, NET COST TO THE TOWN $32.2 • $39.8 MILLION PHASE 2 MIGHT BEGIN IN FY 2004 (SEE EXHIBiT C FOR PHASE 2 ASSUMPTIONS.) --ALLOWS UPDATED ELEMENTARY ENROLLMENT PROJECTIONS TO SHAPE PHASE 2 —SMOOTHES DEBT SERVICE REQUIREMENTS AND TAXPAYER IMPACTS --DEFERS PHASE 2 UNTIL COMPLETION OF PHASE 1 PROJECTS Appropriation Committee Report Page 9 of 13 October 13, 1997 APPROPRIATION COMMITTEE • - • REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS How DO THESE TWO APPROACHES COMPARE? "IN AL. ANNUAL APPROPRIATIONS" "COMPREHENSIVE. MULTIYEAR COMMITMENT" ■ RESPONSE TQ EDUCATIONAL PROGRAM NEEDS —PORTAR4 CLASSROOMS USED TO MEET PROGRAM —PHASE 1 CREATES P SPACE FOR MIDDDLE, GOALS AND ENROLLMENT INCREASES. HIGH SCHOOL.STUDENTS. EYIN SYSTEM' :; : —PROGRAM PARITY DEPENDENT ON PORTABLE —PHASE 1 CREATES PROGRAM PARTTY iN PERMANENT CLASSROOMS. MIDDLE SCHOOL SPACES. ELEMENTARY SCHOOL PARITY DEFERRED TO PHASE 2.: _ ■ APPROACH TO DEFERRED MAINTENANCE —DEFERRED MAINTENANCE NEEDS CONTINUE TO —DEFERRED MAINTENANCE ELIMINATED IN FOUR GROW. SCHOOLS, 67% OF SQUARE FOOTAGE. : .. .. —NO SCHOOL FULLY RENEWED FOR EXTENDED LIFE. —EACH SCHOOL RENEWED FOR 50-YEAR LIFE. —SCHOOL BUILDINGS EXPOSED TO SYSTEMS —NEW SYSTEMS MINIMIZE RISKS OF BUILDING EMERGENCIES THAT MIGHT DISRUPT CLASSES. EMERGENCIES. A—nopriation Committee Report Page 11)of 13 October 13 1997 • 1 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TOWN MEETING ARTICLE 2: REMODELING/RECONSTRUCTION OF TOWN SCHOOLS How DO THESE TWO APPROACHES COMPARE? (CONTINUED) • • " cc COMP ERENS1VE i� U a I a" is " fEwr a �1�M1171y ■ Cosr-EF EFegan txt5 . r-- — •PERFORMING WORK IN EACH SCHOOL OVER MANY —EACH SCHOOL COMPLETED FROM YEARS IS MORE COSTLY: INEFFICIENCIES, INFLATION. IN 27 MONTHS. TOP TO BOT7�OM ■ IMPACT ON TOWN,matin —DEFERRED MAINTENANCE DEMANDS INCREASE —PHASE 1 BUILDING RENEWALS REDUCE OPERATING BUDGETS AS WELL AS CAPITAL NEEDS. ANNUAL OPERATING AND MAINTENANCE EXPENSES AND � ELIIMIIITATE CAPITAL NEEDS: :. : . a,. +: .,;;154-. —'CUMULATIVE DEBT SERVICE FOR ANNUAL$5 • _ E 2 MILLION BORROWING COSTS$447,000 MORE IN FY —NET DEBT SERVICE COSTS OF PHASI:1ANDPHASE 2 2005 AND COSTS MORE EACH YEAR BOND ISSUES LESS EXPENSIVE BY FY 2005. . ' (SEE EX.HIBIIS B AND C.) (SEE ExH IBrrs B AND C.) —DEBT SERVICE FROM ANNUAL$5 MILLION AUTHORIZATIONS REDUCES TAX LEVY FUNDS _ANNUAL DEBT SERVICE REQUIREMENTSSET_:FOB ., AVAILABLE FOR OPERATING BUDGETS. PHASE1 FOR 25 YEARS. Wrrs DEBT EgCI,USION;-TAX LEVY IS AVAILABLE FOR OPERATING AND OTHER CAPITAL NEEDS --ANNUAL PROGRAM UNLIKELY TO QUALIFY FOR —PHASE 1 PROGRAM LEVERAGES TOWN FUNDS BY REIMBURSEMENT OF PROGRAM COSTS. QUALIFYING FOR 59%STATE REIMBURSEMENT OF TOTAL PRINCIPAL AND INTEREST COSTS. (SEE EXHIBIT C.) Appropriation Committee Report Page 11 of 13 October 13, 1997 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 APPROPRIATION COMMITTEE REPORT TO OCTOBER 20 SPECIAL TOWN MEETING EXHIBIT A • $9,081,666 DEBT AUTHORIZED BY PREVIOUS YEARS' TOWN MEETINGS BUT NOT YET ISSUED - • 1995 Town Meeting 1996 Town Meeting Article 17: Harrington School Repairs $350,000 Article 14: LibraryRenewal (Town's 1/3 Share) $2,666,666 Article 18: Technology Engineering Services 150.000 Article 22: Miscellaneous School Article: . 1995 TM Subtotal $500,000 — Technology Program: Year 1 , • 5 ;200,000 — Space Utilization Study 100,000 1997 Town Meeting — Project Schematic Design Services Article 22: Miscellaneous School Article — Classroom Space Renovations — Technology Program; Year 2 308,000 $1,030,000 — Harrington Reroofing 175,000 — School Administration Building Repairs 125,000 — Central Computer mP Equipment Replacement ,Y.Z7.900 Article 22 Subtotal $1.155.000 Article 22 Subtotal $2,210,000 Article 23: School Project Design Services $2,400.000 Article 24: Land Acquisition $150,000 1997 TM Subtotal $3.555.000 1996 TM Subtotal $5,026,666 Note Except for the$150,000 authorized for land acquisition under Article 24 in 1996, the$9.1 million previously authorized relates to either Library or School projects. Appropriation Committee Report Page 13 of 13 October 13, 1997 APPROPRIATION COMMITTEE ARTICLE 2: REMODEUNG/RECONSTRUCTION OF TOWN SCHOOLS ANNUAL DEBT SERVICE REQUIREMENTS Exhibit B "INCREMENTAL,ANNUAL APPROPRIATION" APPROACH FY Bond Issue FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 ', FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 1999 $5 Million $750,000 1725,000 $700,000 $675,000 $650,000 $625,000 $600,000 $575,000 $550,000 $525,000 2000 $5 Million• 750,000 725,000 700,000 675,000 650,000 625,000 600,000 575,000 550,000 525,000 2001 $5 Million 750,000 725,000 700,000 675,000 650,000 625,000 600,000 575,000 550,000 2002 $5 Million 750,000 725,000 700,000 675,000 650,000 625,000 600,000 575,000 2003 $5 Million 750,000 725,000 700,000 675,000 650,000 625,000 600,000 2004 $5 Million 750,000 725,000 700,000 675,000 650,000 625,000 2005 $5 Mallon 750,000 725,000 700,000 675,000 650,000 750,000 725,000 700,000 675,000 2006 $5 Million 750,000 725,000 700,000 2007 $5 Million •' 750,000 725,000 2008 $5 Million 750,000 2009 $5 Million Totals 750.000 1.475.000 2.175.000 x.850.000 3.500.000, 4.125.000 4.725.000 5.300.000 5.850.000 6.375.000 6.375.000 Assumptions for Annual Debt Service Projects: Annual requests proposed by School Committee Bond Issues: $5 Million bond issue every year Term: 10 year repayment Principal: Level annual payments of$500,000 each year Interest Rate: 5% B V13/97 APP9" °.XLS.Debt Schedule APPROPRIATION COMMITTEE ARTICLE 2: REMODEUNG/RECONSTRUCTION OF TOWN SCHOOLS ANNUAL DEBT SERVICE REQUIREMENTS Exhibit C "COMPREHENSIVE, MULTIYEAR COMMITMENT"APPROACH FYs Project FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 ' FY 2006 FY 2007 FY 2008 FY 2009 1999-2023 Phase 1 $1,883,000 53,038,600 $3,483,800 $3,450,800 $6,449,000 $7,262,951 $7,062;400 $6,861,851 $6,661,300 $6,020,751 $5,442,200 2004-2031 Phase 2 320.000 669.200 989.200 1.321.400 2.485.200 2.552.975 Gross Debt Service 1.883.000 33 0300 3.483.800, 3.450.800 6.449.000 7.582.951 7.731.600 7.851.051 7.982.700 8.505.951 7,995.175 SBAB Phase 1 2,440,909 3,453,556 3,453,556 3,453,556 3,453,556 3,113,480 3,113,480 SBAB Phase 2 Q Q Q Q 821.305, 821.305 SBAB Totals 0 0 0 0 2.440.909 3,453,556 3.453.556 3.453.556 3.453.556 3,934.785 3.934.785 Net Debt Service 1.883,000 3.038.600, 3.483.800 3.450.800 4.008.091 4.129.395 4.278.044 4.397.495 4.529.144 4.571.166 4.060.390, • Assumptions for Annual Debt Service Phase 1 Phase 2 Projects I Cost FY Start Term Projects C StartTerm High School 28,465,000 1999 20 years Bowman 8,360,000 2004 20 years Clarke 1?,600,000 2000 20 years Bridge 8,370,000 2004 20 years Diamond 14,355,000 1999 20 years Estabrook 8,650,000 2006 20 years Harrington 8,000,000 2000 20 years Fiske 7,655,000 2006 20 years Technology 2.200.000 1999 5 years Hastings 6.740.000 2008 20 years Reimbursable Total 65.620.000 Phase 2 Total 39.775.000 Technology 1,300,000 1999 5 years Swing Space 4.000.000, 1999 10 years Note Non-Reimbursable 5.300.000, All projects fully reimbursable. Phase 1 Total 70.920.000 Borrowing: Reimbursable projects:Short-term borrowing first four years;bonds Issued in Year 5 Nonreimbursable projects:No short-term borrowing;bonds issued in Year 1 Repayment Period: Bonds issued for terms as noted Principal Payments: Level annual principal payments for all bonds Interest Rates: Short-term borrowing @ 4%;long-term bonds @ 5% SBAB Reimbursement Schedule: Level payments begin in Year 5 and extend for life of each bond issue APPS I.XLS.Debt Schedule E t C 3113/97 _ _ APPROPRIATION COMMITTEE • APPROPRIATION/REVENUE HISTORY&FIVE-YEAR PROJECTIONS GENERAL FUND ONLY Fiscal Years 1996 through 2003 • Exhibit D ':i,,S'S,1+:/•:i• rf. V..;.,:.,:.+.: ''f .k .r:`1`•`%''G.,rr:•:2iy?�, r�;;::;2k2:•<:2:\ Aro dated ..... x. �? .. . w:: ,,...,. . . �. •r+»/:;Mfr•4T:S;��rfi.„:+.,?.L;�::�.+,'�.i,+>xhKyk'd `Y'{...A`:•:':�'t,:i2::;;:.i .: FY 1996 FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Revenues Tax Levy General Levy 51,796,048 53,569,140 55,333,369 57,066,703 58,843,371 60,664,455 62,531,066 64,444,343 Debt Exclusion 1.439.954 1.174.088 1.100.500 1.033.500 Q 0 Q Q Tax Levy Total 53.236.002 54.743.228 56.433.869 58,100.203 58.843.371 60.664.455 62.531.066 64.444.343 State Aid-Cherry Sheqt 5,525,482 6,074,250 6,812,918 7,012,918 7,212,918 7,412,918 7,612,918 7,110,421 Local Receipts 5,813,935 6,310,958 6,906,288 6,906,288 6,906,288 6,906,288 6,906,288 6,906,288 Available Funds 1.088.188 1.668.166 1.813.596 1.813.596 1.813.596 1.813.596 1.813.596 1.813.596 Total Revenue 65.663.607 68.796.602 71966.671 73,833.005 74.776.173 76.797.257 78.863,868 80.274.648 Expenditures Operatina Expenditures Town Operations ' 20,492,835 21,211,935 21,915,917 22,443,374 23,097,358 23,773,438 24,472,466 25,195,337 Public Schools 37,320,579 40,109,770 42,403,743 44,579,619 46,855,959 49,237,538 51,729,358 54,336,668 Regional Vocational School 620,850 472,415 721,950 743,609 765,917 788,894 812,561 836,938 Non-Program Expenses 2.889.048 2.429.461 2.442.282 2.500.000 2.360.000 2.360.000 2.500.000 2.360.000 TotalOneratinq 61.323.312 64.223.581 67,483,892 70.266.601 73,079.235 76,159.869 79,514.386 82.728.943 Capital Expenditures Debt Service from Tax Levy: Existing Debt 2,844,948 2,843,783 2,645,279 2,388,494 1,592,769 1,447,359 1,264,562 478,943 Authorized/Unissued Debt 0 0 0 1,113,917 1,466,757 1,414,016 1,144,608 1,102,699 Articles&Cash Capital 55,393 555.150 737.000 750.000 750.000 750,000 750.000 750.000 Tax Levy Total ' 2.900.341 3.398.933 3.382.279 4.252.411 3.809.536 3.611.375 3.159.170 2.331.642 Pine Meadows Debt Exclusion 1.439.954 1.174.088 1.100.500 1.033.500 Q Q Q Q Total Capital 4.340.295, 4.573.021, 4.482.779 5.285.911 3.809.526 3.611.375 3.159.170 2.331.642 ata x enditures 65.663.607 68.796.602 71.966.671 75.552.512 76.888.761 79.771.244 82.673.556 85.060.585, Operating(Deficit►lSurplus 10l !1 101 11.719.5071 12.112.5881 12.9719871 13.809.6871 14.785.9371 APP97” XLS.Base Projections Ex D 113/97 APPROPRIATION COMMITTEE APPROPRIATION/REVENUE HISTORY&FIVE-YEAR PROJECTIONS GENERAL FUND ONLY Fiscal Years 1996 through 2003 Exhibit D (Continued) ASSUMPTIONS UNDERLYING FIVE-YEAR PROJECTIONS General Note: Except as noted,these five-year projections reflect the Towh Manager's assumptions.. Revenues Tax Levy Allowable 2 1t2%annual increase in general levy plus$350,000 in new construction each year State Aid $200,000 annual increase in general aid;SBAB reimbursement of$702,497 ends in FY 2002 Local Receipts Projected at FY 1998 levels Available Funds Transfers and"Free Cash"appropriations projected at FY 1998 levels Town Operations Expenditures Personal Services 2%annual increase reflecting FY 94 to 98 historical trend (Appropriation Committee's assumption) Benefits 5%annual increase Expenses 3%annual increase Public Schools Expenditures Personal Services 5%annual increase reflecting FY 94 to 98 historical trend,adjusted for slower enrollment growth (Appropriation Committee's assumption) Benefits 5%annual increase Expenses 3% plus$200,000 annual increase Regional Vocational School Assessment 3%annual increase Non-Program Expenditures Charges&Offsets $2 million per year with no annual increase Overlay $500,000 in FY 1999 and 2002,anticipating impact of revaluations;$360,000 in other years Debt Service Existing Existing debt,including Pine Meadows excluded debt,from debt repayment schedules Authorized/Unissued Estimated by John Ryan,Town Comptroller (See Exhibit A for detail of$9.1 million to be Issued.) Articles&Cash Capital Articles&Cash Capital Projected at$750,000,slightly higher than FY 1998 level APP97 XLS.Base Projections E D )113197