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Appropriation of $1 Million from Elementary School Debt Stabilization Fund for Fiscal Year 2011

Mr. Howell proposes that the Town appropriate $1,000,000 from the Elementary School Debt Stabilization Fund, established at the 2008 Annual Town Meeting. This amount will be directed by the Town Manager to cover a portion of the 2011 debt service on bonds for the Alcott, Thoreau, and Willard elementary schools. The fund aims to mitigate the future tax impact of debt incurred for these three new educational facilities, with a planned phased reduction in FY 2011-2015 to lessen taxpayer burden.

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Appropriation of $1 Million from Elementary School Debt Stabilization Fund for Fiscal Year 2011

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  1. Article 10 Appropriation from Elementary School Debt Stabilization Fund • Mr. Howell moves: that the Town vote to appropriate the sum of $1,000,000 from the Elementary School Debt Stabilization Fund established by vote under Article 10 of the 2008 Annual Town Meeting, to be expended under the direction of the Town Manager for a portion of the debt service due during fiscal year 2011 on the bonds issued for the Alcott, Thoreau and Willard elementary school buildings.

  2. Article 10Elementary School Debt Stabilization Fund • This fund was established at the 2008 Annual Town Meeting with a transfer of $2,500,000 million from Free Cash effective July 1, 2008. • Market value as of March 31: $2,733,489

  3. Article 10Elementary School Debt Stabilization Fund • Purpose is to help lessen the future tax impact of debt issued for the 3 new elementary schools – Alcott (2004) Thoreau (2006) Willard (2009)

  4. Article 10Elementary School Debt Stabilization Fund • FY11 Debt Service: ALCOTT - $ 779,408 THOREAU - $ 1,540,065 WILLARD - $ 2,323,693 $ 4,643,166 Less $1,000,000proposed transfer $ 3,643,166

  5. Article 10Elementary School Debt Stabilization Fund • PLANNED USE, FY11-15 Tax reduction impact FY11 $1,000,000 1.48% FY12 $ 750,000 1.05% FY13 $ 500,000 0.68% FY14 $ 300,000 0.40% FY15 $ 200,000 0.26%

  6. Article 10 Appropriation from Elementary School Debt Stabilization Fund • Mr. Howell moves: that the Town vote to appropriate the sum of $1,000,000 from the Elementary School Debt Stabilization Fund established by vote under Article 10 of the 2008 Annual Town Meeting, to be expended under the direction of the Town Manager for a portion of the debt service due during fiscal year 2011 on the bonds issued for the Alcott, Thoreau and Willard elementary school buildings.

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