Somerdale Board of Education BOND REFERENDUM Mr. Mark Pease, - PowerPoint PPT Presentation

Somerdale Board of Education BOND REFERENDUM Mr. Mark Pease, Superintendent Ms. Melissa Engelhardt, Business Administrator Mr. James Walsh, Somerdale BOE President Mr. Colm Fidgeon, Bond Chairperson

Desired Bond Projects The Roof Parking Lot Playground

Desired Bond Projects The Roof • Various roof sections have differing ages and much of the roof is out of warranty. Increase in roof repair costs are inevitable. • New roof will provide peace of mind, prevent costly repairs, and promote feasibility of future solar project yielding energy savings which in turn, will allow for more funds to be expended in the classroom.

ROOF CURRENT PROPOSED

Desired Bond Projects Parking Lot • Currently there are only enough spaces available for the District’s employees; parents and visitors must either park illegally or along the side streets surrounding the school. • An additional lot will ease congestion at drop off and pick up times, alleviate dangerous parking and potential accidents, and allow for greater participation at school events.

CURRENT PARKING FULL LOTS & CROWDED STREETS

CHESTNUT PARKING CURRENT PROPOSED

Desired Bond Projects Playground/Recreation • Playground areas at Somerdale Park School are inadequate in size and are underequipped for full utilization. • Improvements will allow for separation of primary and middle school students thereby reducing playground accidents. It will also enhance physical education curriculum and increase availability for community use.

PLAYGROUND CURRENT PROPOSED

Somerdale School District Bond Referendum Projected Costs Facts & Figures

Anticipated Project Costs • The District will be asking for a new roof covering the entire school building and the addition of a new parking lot along Chestnut Avenue. – Roof Cost: $2,149,520 – Additional Parking Lot Cost: $833,380 – Playground/Recreation Improvements Cost: $174,700 – Total Estimated Cost: $3,157,600

Percent of Total Bond Projects $3,774,600 New Parking Lot: Playground Improvments: $2,149,520 Roof 68.07% $833,380; 26% $833,380 New Parking Lot 26.39% $174,700; 6% $174,700 Playground Improvments 5.53% $3,157,600 100.00% Roof: $2,149,520; 68%

What is the tax impact?

Estimated Tax Impact The estimated tax impact is based upon the following assumptions: • Current town valuation (or NVT) of $325,739,600 • Current Average Home Value of $136,828 • Bond amortization of 20 years • Projected Interest Rate of 4% • Estimated 32% of Debt Service Aid for eligible projects

Estimated Tax Impact • Average Estimated Tax Impact of the Above Projects: • $68.15/year or $5.68 a month • However, please consider this:

Estimated Tax Impact • Somerdale School District’s final payment for the current outstanding bond is May 2019. Starting a new bond payment the following year will effectively diminish the new bond’s impact on the taxpayer. Let’s explain: • Tax Impact of the current bond in year 2019 is $72.46/year. • Tax Impact of the new bond in year 2020 is $68.15/year. • This means from one year to the next, the taxpayer will not feel an increase in tax from the new bond. In fact, a slight decrease will occur with the expiration of the old bond to the cost of the new bond.

Estimated Tax Impact • On a final note, keep in mind that in general, a town’s valuation increases each year. • As a town’s value grows, the tax impact on each taxpayer decreases. • This is due to the fact that the dollar amount to be raised will be spread across more taxpayers effectively easing the per taxpayer burden.

Somerdale School District Creating an academic environment where students can: • Learn • Grow • Develop • Be safe • Be successful