TAXPAYERS

The information below is current as of the November 28, 2017 presentation but is not final.

Building Aid

Goal: Minimize tax impact of new project by maximizing state building aid
Building aid is received from NYS
Building aid based on a number of factors:
   District’s full valuation of property compared to State average
   District’s aid ratio is 88.4%
   Aid is based on cost allowance and % of project used for education (Classrooms get full aid, “Field House” gets little or no aid)
% aid-able estimated at 57.1%
Meet with State education Department to increase aid-ability


Debt Service

Goal: Minimize tax impact of new project by utilizing reserves, bond anticipation notes and timing of borrowing
Utilize $10 million of capital reserve to decrease bonds issued
Timing of borrowing is key
Length of borrowing to coincide with receipt of state aid:
   15 years for renovations
   20 years for additions
   30 years for new construction
Favorable interest rate environment:
   Current BAN rate – 1.50%
   Current bond rates – 2.25% 20 years and 2.87% 30 years


Tax Impact

$22.75 per month Average Increase


(Similar to the cost of a couple of movie tickets)
On the Average Home Assessed at $250,000
(Based on current assessed value in 2017-2018)