Canton, Massachusetts · Saved source text
November 18, 2024, Finance Committee Meeting. Minutes
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Canton Finance Committee Minutes Voted on: 1/22/25 801 Washington Street Vote: 7-0-0 Canton, MA 02021 Finance Committee Meeting Minutes November 18, 2024 Canton High School Teachers Break Room Finance Committee Members Present: Dave Clough, Dan Cole, Anne Lang, John Leonetti, Emilio Mauro, Maureen Menconi, Kristin Mirliani and Cindy Thomas. Finance Committee Members absent: Reuki Schutt. Guests Present: Ellen Jones, Recording Secretary Randy Scollins III, Finance Director Call Meeting to Order: Mr. Mauro called the Finance Committee meeting to order at 6:07 p.m. New Business: Mr. Mauro reviewed the agenda which included a discussion of the restructuring for the financing for the Galvin Middle School Construction Project Funding. Discussion — Special Town Meeting No. 1, Article 2 — Galvin Middle School Construction Funding Mr. Mauro turned the discussion over to Mr. Scollins. Mr. Scollins distributed the following two documents to the Finance Committee: 1) An updated Funding Recommendation, which was previously presented to the Finance Committee at their meeting on September 25, 2024. 2) Anupdated Page 7 of the same document (Tax Impact of $166.7 Million Debt Exclusion Project with expanded columns updated as of November 14, 2024). The Norfolk County Retirement Board (NCRB) pension assessment savings —- On November 4, 2024 the (NCRB) voted to modify the NCRB pension funding schedule by moving the date for which it would be fully funded from FY29 to FY35. This was unanticipated and unwelcomed by many Town Administrators across Norfolk County. The reason for the change to the full funding date was that the actuary who determined the full funding date retired in calendar year 2024. NCRB’s new actuary has taken a more conservative view of the assumptions in the actuarial analysis and has extended the full funding date to FYE 2035 instead of FYE 2029. There were two primary things that impacted the NCRB’s decision to extend the date: 1) Updated mortality tables with the latest information to reflect that everyone is living longer. 2) The more significant change was to the discount rate, which is the assumed long-term investment return assumption, which is being reduced from 7.75% to 7.5%, despite the fund achieving a higher return. Mr. Scollins stated that NCRB has been using a discount rate of 7.75% for as long as he has been in municipal finance, for approximately 20 years. The NCRB received negative feedback from the Public Employee Retirement Administration Commission (PERAC) who oversees all state and municipal pension funds. NCRB’s new actuary has accepted PERAC’s recommendation without protest from the NCRB member towns. Instead of the pension assessment of $933,717 in FY 2030, the assessment will be $9,255,226. This represents a continuation of the Town funding the full assessment for another two years. This means the Town will not have pension assessment savings in FY 2030 and FY 2031. Instead, there will be savings for use on the GMS debt service in FY 2032, which would be the third year of the permanent financing bond. Without the savings in years one and two of the bond, the taxpayer impact will be higher than calculated based on the original assumption of savings in FY 2030 and FINCOM 20241118 Minutes.docx Page 1 of 3 12/17/24
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FY 2031. In FY 2032, the estimated savings to the Town will be approximately $7,641,728. By the end of FY 2034, Canton’s NCRB assessment is estimated to drop by another approximately $2 million. The assumptions for funding assume that there will be no reduction in the total commitment of pension assessment savings over the life of the 30-year bond. The new assumption will be that the use of pension assessment savings will be higher in years three through eight by applying the amounts that would have originally been applied in years one and two as additional amounts in year three through eight and beyond to lead to the originally planned outcome in the long-run. The average 30-year cost to the taxpayers is unchanged. The first two years will have a higher impact on taxpayers than previously calculated and the next six years will have a lower impact on taxpayers than previously calculated — resulting in the total impact being unchanged — which is only 40% of the debt service costs of the project funded with excluded debt. Mr. Scollins stated that on Page 7 of the exhibit entitled “Tax Impact of the $166.7 million Debt Exclusion Project” there was a slight error in the formula for the column entitled “Impact on the Average Residential Tax Bill of Using Excess Levy Capacity” and the column entitled “Combined Impact of Excluded Debt and Using Excess Levy Capacity’. A new column added to the spreadsheet entitled “Resident Share of the Unused Levy Capacity” is $58,316,773 or a percentage share of the annual debt service of 60.4774%. (Property taxes are currently based on a 60.5% residential/39.5% commercial tax split). The average cost per thousand dollars per year to the average taxpayer is as follows: Net of Excluded Debt Paydown: $198 Of Using Excess Levy Capacity: $243 Combined Impact on Average Tax Bill: $441 Mr. Mauro inquired about the probability of change going forward regarding the pension savings. Mr. Scollins responded that while the NCRB position is a more conservative view than in the past, the Town could see positive results with regard to investments. However, with PERACs recommendation, he does not see them increasing the rate of their long-term investment assessment. Mr. Mauro stated that the Town is not taxing to the levy limit and that the overall plan is still a sound fiscal plan. With the 30-year bond, there is always some risk involved but the Town has a Capital Stabilization Fund, unused levy capacity, and pension savings as a source of funds. Mr. Leonetti agreed with Chair Mauro. He further stated that property values have been increasing 6-7% and the flexibility of the borrowing rates for the 30-year bond could produce some savings. Mr. Scollins stated that in the most recent bond sale the Town received a borrowing rate of 3.62%. He has estimated a 4% interest rate for the Galvin borrowing and estimates that this could decrease. There is also flexibility with regard to borrowing for the Bond Anticipation Notes (BANs) or short-term borrowing. Approval of Minutes A motion made by Ms. Mirliani to approve the September 25, 2024, meeting minutes as written was seconded by Mr. Cole. Vote: 4-0-4. The September 25, 2024 minutes were approved as written. Approval of the October 15, 2024 minutes were postponed to a future meeting to allow members additional time to review them. Adjournment A motion made by Ms. Thomas to adjourn the meeting at approximately 6:44 p.m. was seconded by Ms. Menconi. Vote: 8-0-0. Minutes reviewed by: Ms. Menconi Respectfully submitted, Err €. Whar, f Emilio E. Mauro, Jr. Chair, Canton Finance Committee FINCOM 20241118 Minutes.docx Page 2 of 3 12/17/24
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Finance Committee Meeting Documents November 18, 2024 Please note: Some meeting documents may be found on the Town’s website under the Posted Minutes section (Laser Fiche). Agenda — November 18, 2024. William H. Galvin Middle School Project Funding Recommendation, Updated November 14, 2024 (9 pages). FINCOM 20241118 Minutes.docx Page 3 of 3 12/17/24
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WILLIAM H. GALVIN MIDDLE SCHOOL PROJECT FUNDING RECOMMENDATION Town of Canton For Discussion Purposes Only Updated November 14, 2024
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WILLIAM H. GALVIN MIDDLE SCHOOL PROJECT FUNDING RECOMMENDATION Table of Contents 1 TOTAL PROJECT COST 2 DURING CONSTRUCTION FINANCING 3 PERMANENT FINANCING & TAX PAYER IMPACT 4 UPDATED N.C.R.S. PENSION ASSESSMENT SAVINGS 5 SINGLE FAMILY VALUE RANGES SHOWING COMBINED EXCLUDED & INCLUDED DEBT TAX PAYER IMPACT 6 DEBT LIMIT 7 ANNUAL BOND PAYMENT, FUNDING COMPONENTS, & TAX PAYER IMPACTS
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WILLIAM H. GALVIN MIDDLE SCHOOL PROJECT TOTAL PROJECT COST ESTIMATE Option #9: New Construction and 5 to 8 Grade Configuration 800 Seat Auditorium, Turf Fields w/Lighting, and Partial Geothermal (Public Spaces) Town of Canton TOTAL PROJECT COST MSBA PROJECT REIMBURSEMENT TOWN SHARE COMPONENTS TOTAL PROJECT COST RATE MSBA SHARE TOWN SHARE) HOW FUNDED FEASIBILITY STUDY 1,500,000 52.880% 793,200 706,800 FREE CASH CONSTRUCTION COST 240,264,835 30.618% 73,564,476 | 166,700,359 30 YEAR BOND TOTAL PROJECT COST 241,764,835 30.756% 74,357,676 167,407,159 TOTAL PROJECT COST ESTIMATE for GMS NEW CONSTRUCTION and 5 to 8 GRADE CONFIGURATION, INCLUDING AN 800 SEAT AUDITORIUM, TURF FIELDS with LIGHTING, and PARTIAL GEOTHERMAL (for Public Spaces) IS $241.76MM INCLUDING $11.7MM of CONTINGENCY. $1.5MM in FEASABILITY COSTS HAVE BEEN PREVIOUSLY FUNDED FROM FREE CASH - 52.88% REIMBURSEMENT RATE. $240.26MM in CONSTRUCTION COST with a 30.618% REIMBURSEMENT RATE to be PERMANENTLY FUNDED with a 30 YEAR BOND at PROJECT COMPLETION in FISCAL 2030 Galvin MS Funding Requirement Estimates V.14.xIsx TOTAL PROJECT COST 11/15/2024 PAGE 1
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TIME FRAME 1/25 - 6/25 7/25 - 6/26 7/26 - 6/27 7/27 - 6/28 7/28 - 6/29 TOTAL WILLIAM H. GALVIN MIDDLE SCHOOL PROJECT DURING CONSTRUCTION: TIMING of CONSTRUCTION COST and FINANCING ESTIMATES Town of Canton DURING CONSTRUCTION - CONSTRUCTION COSTS ESTIMATED | MSBAINITIAL| MSBA INITIAL NET TOWN CUMULATIVE | REIMBURSE- | REIMBURSE- | NETTOWN | CUMULATIVE CONSTRUCTION PHASE EST'D FUNDING FUNDING MENT %* FUNDING Detailed Design & Bidding Specs) 8,490,244 8,490,244 | 29.534% __ 5,982,708. Complete Design, Bidding Specs 35,467,084 43,957,328 | 29.534% 10,474,961 | 24,992,123) 30,974,831 & Construction enabling work _ 1st Year Construction 71,108,612 115,065,940 | 29.534% 21,001,443 | 50,107,169) 81,082,000 2nd Year Construction _ 71,303,778 186,369,718 | _29.534% 21,059,084 | 50,244,694 | 131,326,695 Building Demo & Closeout 53,895,117 240,264,835 | 29.534% 15,917,555 | 37,977,562 | 169,304,257 240,264,835 | 70,960,578 | 169,304,257 * Reimbursement Rate of 29.534'% is net of est'd MSBA holdback of $2.6MM. PROJECT TIMELINE 4 1/2 YEARS: ~1 YEAR DESIGN & BID SPEC DEVELOPMENT, “2 1/2 YEARS CONSTRUCTION, “1 YEAR DEMO & CLOSEOUT MSBA REIMBURSEMENT RATE (29.53%) DURING the PROJECT WILL BE LOWER THAN the STATED RATE (30.18%) TIME FRAME 1/25 - 6/25 7/25 - 6/26 _ 7/26 - 6/27 7/27 - 6/28 7/28 - 6/29 TOTAL FINANCING DURING CONSTRUCTION WILL BE VIA SHORT-TERM BORROWINGS of 6 MONTH & 1 YEAR B.A.N.s, GROWING to the TOTAL TOWN COMMITMENT B.A.N. ESTIMATED INTEREST (CARRYING) COSTS ARE ~$13.65IMM OVER the CONSTRUCTION PROJECT TIMELINE DURING CONSTRUCTION - FUNDING of FINANCING COSTS Cumulative Capital Stabilization Funding | MSBA Feasibility Unused Levy Combined Interest Remaining Fiscal Year Plus Interest Reimbursement +! Capacity Funding Payments Cash Funding FY 23 1,025,877 5 = 1,025,877 = 1,025,877 FY 24 ; 1,092,879 ~ “ 2,118,756 = 2,118,756 FY 25 1,140,000 793,200 = 4,051,956 - 4,051,956 FY 26 1,141,818 31,728 E 5,225,502 119,654 5,105,848 FY 27 1,204,234 - - 6,429,736 1,161,556 5,148,526 FY 28 1,180,198 = 1,910,484 9,520,418 2,837,870 5,401,338 “FY 29 1,162,040 ih 1,967,798 | 12,650,257 4,163,570 4,367,607 FY 30 1,000,000 2 - 13,650,257 5,367,607 8,947,047 824,928 _ 3,878,282 = 13,650,257 DURING CONSTRUCTION - FINANCING COSTS DUE to a $2.6MM HOLDBACK NET TOWN ESTIMATED CUMULATIVE INTEREST ESTIMATED CONSTRUCTION PHASE FUNDING TYPE of FINANCING RATE INTEREST COST ISSUEDATE PAYOFF DATE Detailed Design & Bidding Specs 5,982,708 _ BAN 6 Months 4.00% 119,654 1/2025 7 / 2025 Complete Design, Bidding Specs 30,974,831 BAN 1 Year 3.75% 1,161,556 7/2025 7/2026 & Construction enabling work 7 _ Ast Year Construction __ 81,082,000 BAN 1 Year 3.50% 2,837,870 7/2026 7/2027 2nd Year Construction 131,326,695 BAN 1 Year 3.17% 4,163,570 | 7/2027. 7/2028 Building Demo & Closeout 169,304,257 BAN 1 Year 3.17% 5,367,607 7/2028 7/2029 13,650,257 ASSUMED INTEREST COST FUNDING SOURCES ARE CAPITAL STABLIZATION $8, MSBA FEASIBILITY REIMBURSEMENT ($793\), Galvin MS Funding Requirement Estimates V.14.xIsx INTEREST EARNINGS ON THESE AMOUNTS (~$979K), AND UNUSED TAX LEVY CAPACITY WITHIN THE LEVY LIMIT (S DURING CONSTRUCTION FINANCING 3.9MIM) 11/15/2024 PAGE 2
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WILLIAM H. GALVIN MIDDLE SCHOOL PROJECT PERMANENT FINANCING 11/15/2024 Town of Canton KEY VARIABLES PROJECT COST MSBA SHARE % MSBA SHARE $ TOWN SHARE $ 240,264,835 30.618% 73,564,476 166,700,359 BOND AMOUNT TERM IN YEARS* INTEREST RATE* FY ISSUED 166,700,359 30 4.00% 2030 4$25.84 Million = Impact of 1% Change in the Interest Rate *$33.34 Million = Increased Interest Cost if Bond Over 40 Years EXCLUDED DEBT ESTIMATED IMPACT on AVERAGE RESIDENTIAL TAX BILL (ARTB) TOTAL EXCLUDED OTHER FUNDING |DEBT SERVICE (P&I) EXCLUDED DEBT ESTIMATED IMPACT (S's Millions) REQUIRED on AVERAGE RESIDENTIAL TAX BILL* SCENARIO NOTES 1st YEAR: 2030 3rd YEAR: 2032" LAST YEAR: 2059 30 YEAR Avg. ($40) ($43) ($87) ($74) Impact of Existing Excluded Debt Payoffs $886 $849 $350 $608 If NO Other Funding Sources Besides Excluded Debt $732 $686 ($11) $365 If Use UNUSED Levy Capacity $732 $365 ($11) $198 If Use Unused Levy Capacity & Pension Assessment Savings * All amounts are net of existing excluded debt payoffs. “ Pension Assessment Savings will start in FY 2032 and will be begin being applied to debt service in that year. IMPACT of EXCLUDED DEBT PAYOFFS on the "ARTB" IS a $40 REDUX FROM TODAY & WILL BE AN $87 REDUX in the LAST YEAR of the BOND (2059). IF NO OTHER FUNDING SOURCES BESIDES EXCLUDED DEBT, GMS EXCLUDED DEBT IMPACT on the ARTB IS $886 IN YR 1, & $608 ON AVG. OVER 30 YEARS. IF UNUSED LEVY CAPACITY IS USED, GMS EXCLUDED DEBT IMPACT on the ARTB IS $732 IN YR 1, & $365 ON AVG. OVER 30 YEARS. IF UNUSED LEVY CAPACITY & PENSION ASSESSMENT SAVINGS IS USED, GMS EXCLUDED DEBT IMPACT on the ARTB IS $365 IN YR 3, & $198 ON AVG. OVER 30 YEARS. TOWN'S PENSION LIABILITY IS SCHEDULED to be MOSTLY FUNDED BY FYE 2031. APPROXIMATELY $7!VM IN SAVINGS IS EXPECTED STARTING IN FY 2032. THIS RESULT IS ACHIEVED BY USING ~44%, OR an AVERAGE of ~$3.1MM, of THIS SAVINGS for the 1ST 10 YEARS and TAPERING DOWN USE of this SAVINGS to 0% IN 25 YEARS. Galvin MS Funding Requirement Estimates V.14.xlsx PAGE 3
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ACTUAL & ESTIMATED FISCAL PENSION YEAR ASSESSMENT 5,245,794 5,635,051 6,031,916 6,445,520 6,929,184 7,303,647 7,565,945 7,832,228 8,107,884 8,393,240 8,688,640 933,717 945,800 957,081 967,460 981,972 996,702 1,011,652 1,026,827 1,042,230 1,057,863 OMANDAKRWDY =AIJO A = [o) 11/15/2024 ESTIMATED N.C.R.S. PENSION ASSESSMENT SAVINGS ANNUAL ANNUAL % INCREASE $ INCREASE (DECREASE) (DECREASE) PROPOSED PROPOSED VS. ESTIMATED ANNUAL ANNUAL ASSESSMENT $ INCREASE % INCREASE $ INCREASE AS Of 11/4/24 (DECREASE) (DECREASE) (DECREASE) 449,547 389,257 396,865 413,604 483,664 374,463 262,298 266,283 8,221,746 389,518 655,801 275,655 9,185,091 1,077,207 963,345 285,357 9,575,831 1,182,591 390,740 295,400 9,773,241 1,084,601 197,410 (7,754,923) 10,188,943 9,255,226 415,702 12,083 10,622,266 9,676,466 433,323 11,280 2,980,538 2,023,457 . (7,641,728) 10,380 3,087,163 2,119,703 106,625 14,512 3,197,348 2,215,376 110,185 14,730 1,149,552 152,850 - (2,047,796) 14,951 15,175 15,402 15,633 Increased Assessments Until Savings Year = 22,665,608 Total Increased Assessments Over 10 Years = 29,176,993 N.C.R.S. PENSION ASSESSMENT CONTINUES to GROW THRU 2029 2032 to ~$8.-7MM ~$10.6MM. UNFUNDED PENSION LIABILITY ON-FRAGK-&-SCHEDULED TO BE FULLY FUNDED BY FYE 2029 2035. PENSION ASSESSMENT SAVINGS EXPECTED TO BE AT LEAST $7/MM IN FY 2638 2032 FY 2030 WILL BE THE 1ST YEAR of the GMS PERMANENT FINANCING DEBT SERVICE. A PORTION OF THESE SAVINGS IS RECOMMENDED TO BE USED TO FUND GMS DEBT SERVICE STARTING IN FY 2032 Galvin MS Funding Requirement Estimates V.14.xlsx PENSION ASSESSMENT SAVINGS
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11/15/2024 ESTIMATED GMS EXCLUDED & INCLUDED DEBT IMPACT ON SINGLE FAMILY & CONDOMINIUM PROPERTY VALUE RANGES* IF UNUSED LEVY CAPACITY & PENSION ASSESSMENT SAVINGS ARE FUNDING SOURCES SINGLE FAMILY ist YEAR GMS | 2nd YEARGMS | 3rd YEAR GMS | 4th YEARGMS | 5th YEAR GMS PROPERTY EXCL/INCL DEBT| EXCL/INCL DEBT] EXCL/INCL DEBT] EXCL/INCL DEBT] EXCL/INCL DEBT ASSESSED IMPACT ON AVG.| IMPACT ON AVG.| IMPACT ON AVG.| IMPACT ON AVG.} IMPACT ON AVG. VALUE RANGE |AVG.VALUE| TAX BILL TAX BILL TAX BILL TAX BILL TAX BILL $150K - $250K $214,465 $250K - $350K $292,006 $350K - $450K $413,595 15.7% $450K - $550K $500,786 17.3% 33.0% $550K -$650K _ $600,901 $734 $718 $437 | __ $422, $407 15.4% 48.4% $650K -$750K _ $697,510 $852 $834 $507 $490 $473 994 13.8% 62.1% 750K -$e50K __$798.275| __so7s___| s0sa | s5e1___| _ssen___| $541 | 651_—-11.8% ~_—*73.8% 85 $850K - $950K $899,433 52 81.1% $950K - $1,050K $999,350 375 86.3% $1,050K -$1,150K $1,095,695 318 90.7% $1,150K -$1,250K $1,197,090 186 93.3% $1,250K - $4,250K $1,515,302 486 100.0% * Single Family & Condo properties represent 90% of all residential classes of property. 7229 100.0% ASSESSED VALUES and TAX RATE ARE BASED on FY 2024. PROPERTY TAXES ARE CURRENTLY BASED ON A 60.5% RESIDENTIAL / 39.5% COMMERCIALTAX SPLIT. ASSESSED VALUES, TAX RATE and TAX SPLIT WILL VARY EVERY YEAR. AVERAGE ASSESSED VALUE of ALL RESIDENTIAL PROPERTIES IS CURRENTLY $725.7K ASSUMING A MIX of EXCLUDED DEBT, UNUSED LEVY CAPACITY, and A PORTION of EST'D PENSION ASSESMENT SAVINGS, ONLY 40%, or $108MM, of the TOTAL GMS DEBT SERVICE ($270MM) IS EST'D to be FUNDED FROM EXCLUDED DEBT. Ast YEAR TAX - 2030 2nd YEAR TAX - 2031 3rd YEAR TAX - 2032 4th YEAR TAX - 2033 5th YEAR TAX - 2034 —$750K-$850K ——$850K-$950K —=$950K-$1,050K ——$1,050K - $1,150K——$1,150K - $1,250K ——$1,250K - $4,250 ——$150K - $250K =$250K-$350K —=——$350K-$450K $450K-$550K ——$550K-$650K ——$650K-$750K Galvin MS Funding Requirement Estimates V.14.xlsx SINGLE FAM & CONDO VALUE -Yr1-5 PAGES
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A) B) Cc) D) E) F) G) H) DEBT LIMIT CALCULATION CANTON'S TOTAL TAXABLE PROPERTY VALUATION DEBT LIMIT - 5% of PROPERTY VALUATION (A x 5%) Total Outstanding Debt Total Debt Authorized But Not Yet Issued GROSS DEBT AMOUNT of OUTSTANDING DEBT WHICH IS OUTSIDE the DEBT LIMIT AMOUNT of AUTHORIZED BUT NOT YET ISSUED WHICH IS OUTSIDE the DEBT LIMIT OUTSTANDING DEBT OUTSIDE the DEBT LIMIT PLUS AUTHORIZED BUT NOT YET ISSUED DEBT OUTSIDE the LIMIT (D + E) NET DEBT SUBJECT to the DEBT LIMIT (C - F) REMAINING BORROWING CAPACITY UNDER the DEBT LIMIT (B - G) DECEMBER 2024 GALVIN MIDDLE SCHOOL - AUTHORIZATION IS OUTSIDE the LIMIT 7,608,654,220 380,432,711 59,748,533 9,255,139 69,003,672 34,325,058 3,215,000 37,540,058 31,463,614 348,969,098 241,764,835 MASSACHUSETTS MUNICIPALITIES’ DEBT IS LIMITED TO 5% of ASSESSED TAXABLE PROPERTY VALUE. CANTON'S DEBT LIMIT IS CURRENTLY $380.41, VERSUS GROSS DEBT OF $69MM. GROSS DEBT INCLUDES OUTSIDE the LIMIT DEBT OUTSTANDING ($34.3MM) & AUTHORIZED & UNISSUED ($3.2/MM). WATER & SEWER DEBT IS OUTSIDE the LIMIT and TOTALS $37.5MM. CANTON DEBT SUBJECT to the DEBT LIMIT IS $31.5MM. CURRENT BORROWING CAPACITY UNDER the DEBT LIMIT IS $349IMM and IS UNAFFECTED BY the GALVIN AUTHORIZATION Galvin MS Funding Requirement Estimates V.14.xIsx DEBT LIMIT 11/15/2024 PAGE 6
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TAX IMPACT of $166.7 MILLION DEBT EXCLUSION PROJECT Tmpact On Impact On Avg] RESIDENTIAL TAX BILL] RESIDENTIAL TAX BILL] RESIDENTIAL TAX BILL 7 Hore FY 2024 Values Borowed [temin years] _Inierost Rate [ernen rossieie runowa sources] NEW COLUMN [| FY 2024 Levy Spit] NEW COLUMN] s Tos.s05.500 J 1814 750.600, 725508 | EXISTING EXCLUDED DEBT PAY DOWN IMPACT IMPACT ON AVG, Ties 700388 30 200% "ANNUAL Pension | FUNDED FROM] Resident Share] COa7 777 267,_[Resident Shard IMPACT ON IMPACT ON | INPACT ONAVG,| Existing (FV24) Residential FISCAL] BONDS | PRINCIPAL | BOND. DEBT _| Unused Levy | Assessment | EXCLUDED | Unused Levy [ Residential Commercial] Unused Levy | RESIDENTIAL COMMERCIAL] RESIDENTIAL | Excluded Debt Levy Tax Residential Residential | NET OF EXCLUDED YEAR| YEAR | OUTSTANDING] PAYMENT | INTEREST | SERVICE | Capacit ‘Savings, DEBT Capacit Le Lev Capacity | TAXRATE TAXRATE | TAXBILL | TaxPaldDown Reduction TaxRate___TaxBill DEBT PAY DOWN. 1_| a3 $766,700,355 | 35.5667 | 35668014 | S1ZI286 | $2,026.87 SOIT «— $1,225,775 Fe TeTADT | SHON «80.21 318 2a we $50, EeS | SST RE | (SOG) S732 Z| 20st | “$767, 143,680 | $6,556,679 | $6,445,747 | $12,002,406 | $2,087,637 $0914 7e9_ $1,262,549 $5,996.208 | $391B502 $0.22 $1.03 32.16 ‘S751 $553,665 | $334,842 | ($006) ‘$708 3_| 2032 | $185.567.002 | $5,586,673 | 6.223.480 | $11,760,159 | $2,150,266 $5,393,016 $1,300,425 $3,261,556 | $2,131,460 $0.22 $0.56 S117 ‘$408 $573,195 | $246,853 | ($0.06) $365 ‘4_[ 2033 | “$160,030,323 | $6,556,679 | $6,001,219 | $11,557,802 | _$2.214.774 "$5,106,240 $1,330,438 $3,088,121 | $2073 119 $0.23 $053 ST ‘$387 $592,725 | $358,464 | ($0.06) $342 3] 2034 35,556,679 | $5,778 946 | $11,395,624 | $2,281,217, $4.817.530 $1,979,621 $2,913,517 | $1.908013 $0.24 $0.50 $1.05 $355 '3605,995 | $367,095 | ($0.06), $319 | 2035 | $98,916,968 | $6,556,679 | $5,556,679 | $11,118,357 | $2.349.654 $456,828 © $1,42,010 $2,797,707 | $1,789.19 $0.25 30.47 30.99 $343. $621,190 | $375.679| ($006) $296 7_| 2036 | ~$133.360.287 | $5,556,679 | $5,334,411 | $10,891,080] $2420.14. $3,851,708 $4,619,240 $1,463,640 __$2.793506| $1.8256¢4 $0.25 30.48 S107 $250 '$635,723 | $284,469 | (S007), $302 8_| 2037 | s127.003.600 | $5,556,679 | $5,112,144 | $10,668,823 | $2.492748 $3,851,708 $4,324,369 «$1,507,549 $2,615,266 | $7,709,103. $0.26 30.45 30.34 $328 '3650,763 | $393,577 | (8007), ‘$278 9 | 2036 | $122,246.930 | $5,556,679 | $4.880,877 | $10,446,556 | $2,567,530 $3,081,365 $4,797,660 $1,852,776 $2,901,500 | $1,895,160 $0.27 $0.50 $1.04 $353 $846,182 | $511,749 | ($008), $238 70 [2038 [ $776,690.25 [$5,556,679 | $4,667,670 | $10,224,200 | $2,644,555 $3,084,365 "$4 408,367 $1,590,359 $2,720,496 | S17ITET2 $0.28 30.47 30.58 S341 "$856,368 | $517,909 | ($0.09) ‘$276 T7_[ 2000 | Siti.tasors | Sosoeore | $4405,s49 | $10,002,022 | $2,725608 $2,896,483 $4,301,608 $1,647,340 $2,640,005] $1,731,740 S028 30.40 S095 Sas2 "sa67,208 | $524,507 | (50.09), ‘266 2 | 2041 | “$105,576.94 [$5,556,679 | $4203,076 | $5,779,754 $2.805610 $2,896,483 $4077.56 $1,696,760 _ $2,465,054 | $1.511.598 $029 30.43 30.89 3308 151,149,168 | $694,987 | ($0.12) ‘$222 13 | 2042 | $100,020.215 [$5,556,678 | $4,000,808 | $0,557,487 | $2,889,778 $2,806,483 $3,771,228 $1,747,653 $2,280,140 | $1,400487 $0.20 $0.39 $0.82 $286. '$1,153,68 [$697,527 | ($0.12) $198 74 | 2083 | $94,469,597 | $6,556,679 [$3,778,541 | $9,395,220 | $2,976.471_ $2,896,483 $3,462,286 $1,800,082 $2,083,888 | $1,368,377 $0.31 $0.26 $0.75 $282 ‘$1,153,366 | $687,527 | ($0.12) ‘$175 15 | 2004 | sae,906,858 [$5,556,679 | $3,556,274 | sa.riz.053 | $2,085,765 $2,806,483 $3,750,700 $1,854,005 _ $7,905,464 | $1,245,240 $0.32 $038 $0.89 $230 ‘$4,153,368 | $697,527 | ($0.12) S161 76 | 2045 [$83,350,180 | $5.556.679 | $3,024,007 | $0,800,686) $3,157,738 $2,773,228 $2.559.719 $1,909,718 __$1,760961| $1,169758. $0.33 3037 3064 3228 $1.153.968 | se97.527 | (80.12) ‘S137 "17 | 2046 [$77,793,501 | $5,556679 | $3,111,740] $8,668,410 | $3,252,471 $2,711,601 $2,704,347 $1,967,010 $1,635,519 | $1,058.828 $0.34 3028 $0.59 $205 ‘$4,153,368 [$697,507 | ($0.12) ‘S17 18 | 20a7_| $72,296,622 | $5,556.79 | s2.e00.473 | $0.446.te2 | $2,950045 $2,619,160 $2,476,947 $2,026,020 $1,497,993 | $976,956 $0.35. $0.26 $0.54 $188 $1,153,368 |_ses7,527 | (50.12) ‘$100 18 _|20a_| $66,680,144 | $5,556,679 | $2,667,208 | $a.223.884 | $2,450.55 $2,468,002 $2,308,246 $2,086,801 $7,395,967 | $012.279 $0.96 ‘$0.24 $0.50 3175 $1,153,068 | _seu7.s27 | (80.12) $87 20-[20%9_| 361,122,465 [$5,556,579 | $2444 909 | $6.007.617 | _$3.554.062 _$2.277,123 $2,170,425 $2,149,405 Si sT2617 | _S657.809__$0.37 $023 $0.47 3164 $1,153,368 | $697,527 | (50.12) S77 Zi | 2080 | ss6,s05 705 | S5.555670| $2,272671| $7,170,550] Sa 60684 $2,040,108 $2,000,550 $2,210,007 Size1e1s | SeI7.o4s $038 ‘3022 3045 Stor S1,195.068 | $697,527 | (50.12) 368 22_| 2051 | $50,070,108 | $5,556,679 | $2,000,404 | $7,557,083] $3,770,505 $1,818,005 $1,968,573. $2,280,303 $7,190,542 | $778,031 $0.39 $021 $0.43 Stas 3.153.368 | $697,527 | (0.12) $62 23_| 2052 | $44,453,429 | $6,556,679 $1,77e.197 | $7,234.86 | $2,885620 $1,583,020 $1,868,175 $2,948,712 __$1,120.824| $798,951 $0.41 $0.20 $0.47 S142 $,153.368 | $697,527 | (80.12) $54 24 | 2053 [$26,806,750 | $5.556679 | $1,595.870| $7.112.549| $4,000,120 $1,349,633 $1,762,782 $2,419,174 $1,066,085 | So96.6e7 $0.42 30.18 50.38 S134 $1,153,368 | $697,527 | (80.12) $45 25 | 2084 [$23,340,072 | $5,555.67 $1,333,603 | $6,600,262 $4,120,132 $1,115,454 —s1,654,605 $2,491,749 $1,000 716 | se53978 $0.49 $0.17 $0.38 $125 '$4,153,368 | $657,527 | ($0.12), $38 26 | 2055 [$77,763,303] $5.556679 | St.111,96| se68074| $4,243,736, $2,424,278. $2,566,501 $1,406,140 | $958,138 $0.44 $0.25 3053 St8a $1.153.368 | 697.527 | (0.12) $96 27] 2085 [$22,205,715 | $5,555,679 ‘$889,068 | $6.445,747 | $4,377,008, $2074699_ © $2,643,496 _$1,254724[ $819975. $0.46 30.22 5045 S157 $i.153.968 | $697,507 | (80.12) $70 26 | 2057 [$16,670,036 | $5,556,679, "$666,807 | $6,223.40 | $4,502,180 ‘$1,721,300. $2,722,801 $1,040,998 [$680,303 $0.47 50.18 ‘$0.37 $130 $1,153,368 | $697,527 | (60.72) $43 29_| 2088 [$17,193,357 | $5,556,679 3444504 [ 96001278) $4,637,245, $1,368,968 $2,804,485 Sa24e92 | $539.075. © $0.48 3014 $0.30 $103 $1,153,368 | $697,527 | (80.12) S16 30] 2059 [$5,556,679 | $5,556 679 ‘$272.267 | $5,778906 | $4,776,363 $1,002,583 $2,888,620 $606,336 | $306,247 $0.50 $0.10 $0.22 S76 $1,153,368 | $697,527 | ($0.12) is) $766,700,368 | $103,364223 [5270056562 | $06,427,361 | $66,057,503 | STOTSEDSD8 S50 16,775 965,055,556 | 4261434 $1007 sis Tas Ext Beaaerie | treeeart | (e305) | _ea215) EE ‘ofAnnual Debt Service | 100% 30% 2 Wn 60.4778% 11% ‘Average Cost Per $1,000 / Year to Taxpayer 30.37, 3078 S272 $0.10) (SECO 338 Galvin Ms Funding Requirement Estimates V.14.xisx Opt. 9 $240.25MIM GMS PROJECT CORRECTED. TMPAGT ON AVG. OF USING EXCESS LEVY CAPACITY $154 $158 $163 st68 $173 $178 $183 ses si94 $200 3208 $713 218 $225 $232 $239 $248 $254 281 $269 S77 $288 $234 $303 $312 $321 $331 $341 $351 $362 EE] $243 THCORREGT TMPACT ON AVG. OF USING EXCESS LEVY CAPACITY $254 $261 $259 S777 $286 $234 $203 $312 $322 $331 ‘seat $351 $362 $373 $384 $386 $407 $420 $432 $445 3459 $472 $486 $507 $516 $592 $547 $554 $581 $588 TeaTe $403 CORRECTED ‘COMBINED INPACT ‘OF EXCLUDED DEBT USING EXCESS LEVY CAPACITY 086 $86: 352% $510 $492 S474 $495 3467 $494 3476, ‘S473 $434 S417 $400 $384 $376 $364 $354 $349 $345, ‘S347 $347 $348, $349 $350 3418 $401 $384 $367 $350 EE saat uuyns/2024 THCORRECT ‘COMBINED IMPACT (OF EXCLUDED DEBT BUSING EXCESS Levy ¢ seo $600 PAGET.
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l 1 ET 44.02% OTHER POSSIBLE FUNDING SOURCE POSSIBLE FUNDING SOURCES TAX IMPACT of $166.7 MILLION DEBT EXCLUSION PROJECT [———SFY2024Values—S—S—S~=~S@Y __| NEW COLUMN | FY 2024 Levy Split NEW COLUMN] 5,793,95,560 | 1,814,758,660 DED DEBT PA’ 11/18/2024 CORRECTED CORRECTED COMBINED IMPACT IMPACT ON AVG. IMPACT ON AVG. ANNUAL Pension _| FUNDED FROM] Resident Share| Resident Share| IMPACT ON IMPACT ON | IMPACTON AV RESIDENTIAL TAX BILL] RESIDENTIAL TAX BILL] OF EXCLUDED DEBT [FISCAL DEBT Residential” Commercial RESIDENTIAL NET OF EXCLUDED OF USING EXCESS & USING EXCESS YEAR) YEAR _ SERVICE Capa Savings DEBT Capacity Levy Levy Capa TAXRATE __ TAX RATE TAX BILL DEBT PAY DOWN LEVY CAPACITY LEVY CAPACITY 2030 | $12,224,693] $2,026,832 $10,197,861 $1,225,775 $6,167,401 | $4,030,460 $0.21 | 2031 | $12,002,426] $2,087,637 fs $9,914,789 $1,262,549 $5,996,206 | $3,918,582 $0.22 2032 | $11,780,159] $2,150,266 $4,236,877 $5,393,016 $1,300,425 $3,261,556 $0.22 I | $2,244,774 $4,236,877 $5,106,240 $1,339,438 $0.23 $2,281,217 $4,236,877 $4,817,530 $1,379,621 904, $0.24 $2,349,654 $4,236,877 $4,526,826 =» $1,421,010 $1,789,119 $0.25 | $10,891,090] $2,420,144 $3,851,706 $4,619,240 $1,463,640 $2,793,596 | $1,825,644 $0.25 2037 | $10,668,823 kr $3,851,706 $4,324,369 $1,507,549 $2,615,266 | $1,709,103 $0.26 | 2038 $10,446,556 $3,081,365 $4,797,660 $1,552,776 $2,901,500 | $1,896,160 40 | 2039 | $10,224,289] $2,644,556 $3,081,365 $4,498,367 $1,599,359 $2,720,496 | $1,777,872 41 | 2040 | $10,002,022 $2,896,483 $4,381,646 $1,647,340 $2,649,905 | $1,731,740 12 2041 | $9,779,754 $2,896,483 $4,077,662 $1,696,760 $2,466,064 | $1,611,598 $0.29 13 | 2042 | $9,557,487] $2,889,778 $2,896,483. $3,771,226 $1,747,663 $2,280,740 | $1,490,487 $0.30 14 | 2043 | $9,335,220] $2,976,471 $2,896,483, $3,462,266 $1,800,092 $2,093.88 E > S901 | 15 | ($9,112,953 | $3,065,765 $2,896,483, $3,150,704 $1,854,095 $1,905,464 | $1,245,240 $0.32 16 | 2045 | $8,890,686] $3,157,738 $2,773,229 $2,959,719 $1,909,718 $1,789,961 | $1,169,758 $0.33 17 2046 | $8,668,419 $3,252,471 $2,711,601 $2,704,347 $1,967,010 $1,635,519 $1,068,828 $0.34 18 | 2047 | $8,446,152 $3,350,045 $2,619,160 $2,476,947 $2,026,020 $1,497,993 $978,954 $0.35 19 | 2048 | $8,223,884] $3,450,546 $2,465,092 $2,308,246 $2,086,801 $1,395,967 | $912,279 ~ 20 | 2049 | $8,001,617 $3,554,062 $2,277,129 $2,170,426 _ $2,149,405 $1,312,617 | _ $857,809 21 | 2050 | $7,779,350] $3,660,684 $2,049,108 $2,069,558 $2,213,887 $1,251,615 | $817,943, $0.38 “22 | 2051 | $7,557,083] $3,770,505 $1,818,005 $1,968,573 $2,280,303 $1,190,542 | __ $778,031 $0.39 | 2052 | $7,334,816 $3,883,620 $1,583,020 $1,868,175 $2,348,712 $1,129,824 738,351 $0.41 24 | 2053 $7,112,549 $4,000,129 $1,349,638 $1,762,782 $2,419,174 $1,066, 085 $696,697 $0.42 25 | 2054 | $6,890,282} $4,120,132 $1,115,454 «$1,654,695 $2,491,749 $1,000,716 | _ $653,978 $0.43 i 2055 | $6,668,014] $4,243,736 [$2,424,278 $2,566,501 $1,466,140 | $958,138 $0.44 27 | 2056 $6,445,747 | $4,371,048 $2,074,699 $2,643,496 $1,254,724 | $819,975 $0.46 28 | 2057 $6,223,480] $4,502,180 __ $1,721,300 $2,722,801 $1,040,998 | _ $680,303 $0.47 29 | 2058 | $6,001,213 $4,637,245 __ $1,363,968 «$2,804,485 $824,892 | $539,075 $0.48 30 2059 $5,778,946 $4,776,363 $1,002,583 $2,888,620 DB $606,336 | $396,247 $0.50 T I Za 1$270,054,582 | $96,427,381 | $66,057,503 | $107,569,698 $58,316,773 $65,055,356 | $42,514,341 $10.07 $11.23 $23.43 $8,148 (82,215) | 36% 24% 40% 60.4774% [ _ | | _ _ _ ee | | T ~__ Average Cost Per $1,000 / Year to Taxpayer| _ $0.37 $0.78 $272 ($73.84) $198 $243 | | | | | | | | 60.4774% 3 Galvin MS Funding Requirement Estimates V.14 ENLARGED.xIsx Opt. 9 $240.26MM GMS PROJECT PAGE 7