Ga Garde rden n Cit City y Public Public Scho Schools ols - PowerPoint PPT Presentation

Ga Garde rden n Cit City y Public Public Scho Schools ols 2009 2009 Sc School hool In Investmen estment t Bond Bond

Reaching out to all voters  What: $36.5 million referendum  When: Tuesday, October 27  Where: Garden City High School  Why: All nine district buildings are in need of significant repair, modernization and/or restoration; Homestead, Garden City Middle School and Garden City High School require additional instructional space Garden City Public Schools 2009 School Investment Bond 2

What will the bond accomplish? The projects proposed in the bond are based  on a comprehensive needs analysis Improvements will enable the district to meet  basic safety and code requirements Improvements will help maintain Garden City’s  tradition of excellence Improvements will provide access for all  students and community members Improved facilities are a resource for the entire  community Garden City Public Schools 2009 School Investment Bond 3

What are the bond’s educational benefits?  Reclaim and repurpose learning space and make optimal use of instructional time  Protect Garden City’s tradition of educational excellence by modernizing existing space and expanding facilities at Homestead, the Middle school and the High School  Provide appropriate learning environments for students with special needs receiving support services  Create opportunities for 21 st century learning  Maintain small class sizes, middle school teaming and continuum of services in special education Garden City Public Schools 2009 School Investment Bond 4

How were projects identified? • In the past four years, the District conducted two comprehensive analyses of its facilities, as well as two demographic studies • In the 2007-08 school year, the Board of Education established the ad hoc Committee on Facilities “to review the facilities needs…and make recommendations to the Board regarding the condition of the physical plant and improvements required to address the district’s educational programs and demographic trends.” Garden City Public Schools 2009 School Investment Bond 5

How were projects identified?  After extensive discussion and review, the Facilities Committee recommended a conservative list of projects that addresses only the most pressing needs  Several major energy-related projects will be addressed through an Energy Performance Contract (EPC) at no additional cost to the taxpayers Garden City Public Schools 2009 School Investment Bond 6

Facilities Committee  Susan Lee  James Carney  Patrick Mehr  Peter Clarke  Dave Perrotta  John DeMaro  Jean Ricotta  Evelyn Fasano  Al Chase, Chair  Tina Halvatzis  Frank Ruggiero  Angela Heineman--Board of Education liaison  BBS Architects & Engineers — District architect Garden City Public Schools 2009 School Investment Bond 7

What problems will the bond address?  Masonry Water  Windows damage  Grading  High School roof  Interior and exterior door deterioration  Lack of accessibility for people with disabilities  Stairways and landings  Middle School locker rooms (will be relocated to first floor)  Middle School: hallway traffic congestion and parking and pick-up/drop-off for students Garden City Public Schools 2009 School Investment Bond 8

What problems will the bond address?  Deficient/outdated spaces for educational programs and community events  High School music programs  Undersized rooms for support services for students in special programs  Middle School north gym  Homestead music/art/physical education  Warren King Field bleachers Garden City Public Schools 2009 School Investment Bond 9

What problems will the bond address?  Heating and ventilation  Equipment well beyond useful service life--Results in increased maintenance, low efficiency and higher utility bills  Reduced temperature control and air quality  Low reliability — parts may be unavailable Garden City Public Schools 2009 School Investment Bond 10

Why do we need a bond?  School districts have limited means through which to address major capital projects  The scope of the projects is too vast to be addressed through the annual district budget  Action is needed to prevent further deterioration and higher costs in the future Garden City Public Schools 2009 School Investment Bond 11

Why do we need a bond?  A bond reduces the threat of tax spikes required to pay for extensive renovation/repair projects in a single year  A bond spreads the cost of long-lasting capital improvements over a number of years, rather than placing the funding burden solely on current taxpayers  The district can benefit from the current difficult economic climate because interest rates are low and many contractors are seeking work Garden City Public Schools 2009 School Investment Bond 12

Why do we need a bond?  It is not unusual for school districts to bond every 10-15 years  Manhasset: 1995--$21.5 million; 2007--$19 million  Seaford: 1993--$10.8 million; 2007--$21.6 million  Bay Shore — 1995--$18.2 million; 2002--$83.7 million  Northport-East Northport: 2000--$30.5 million; 2007--$3.4 million  Plainview-Old Bethpage: 1999 — $24.3 million; 2007--$2.6 million  Rockville Centre: 1997--$12.1 million; 2003--$2.3 million; 2004--$15.2 million  Rockville Centre now considering another $35+ million bond  Garden City has floated only 2 bonds for improvements to its school buildings in the last 50 years: one in the 60s and one in 1998. Long Beach, with a similar bonding history, passed a $95 million bond last spring to address long- delayed needs Garden City Public Schools 2009 School Investment Bond 13

What will the bond cost taxpayers?  The project total is $36.5 million  The district will need to borrow a maximum of $35.2 million  $1.3 million in existing capital funds will be used to fund some of the project total  Anticipated to be additionally offset by $1.35 million in EXCEL aid from New York State  Borrowing is expected to occur in 3 phases between 2010 and 2012 Garden City Public Schools 2009 School Investment Bond 14

What will the bond cost taxpayers?  The District’s bond rating is excellent: AA+  At its peak, the School Investment Bond will cost approximately 71¢/day or $261/year for the average homeowner  The interest rate is conservatively estimated at 4.5%; actual borrowing costs may be less  After 6/30/15, property tax attributable to all debt service begins to decline  Bond funds can only be used for capital projects Garden City Public Schools 2009 School Investment Bond 15

Bond Issuance of $33.85 Million, Issued in Three Series Total Property Existing Estimated Total Actual & Tax Debt Debt New Debt Estimated Attributa Combined Change Service as a F.Y. Service Service Debt Service ble to DS Change from Percentage Ending Average New Debt Average Average Debt from Base Previous of Avg. Tax June 30 Home Service Home Hiome Service* Year* Year* Bill 2010 388.94 0 - 388.94 388.94 0 4.4% 2011 389.59 506,481 52.20 441.79 441.79 52.85 52.85 5.0% 2012 371.19 1,395,636 143.83 515.02 515.02 126.08 73.23 5.8% 2013 371.86 2,293,888 236.40 608.26 608.26 219.32 93.24 6.8% 2014 373.36 2,689,007 277.12 650.48 650.48 261.54 42.22 7.2% 2015 372.85 2,690,622 277.29 650.14 650.14 261.20 (0.34) 7.2% 2016 242.34 2,689,698 277.20 519.54 519.54 130.60 (130.60) 5.8% 2017 242.89 2,686,149 276.83 519.72 519.72 130.78 0.18 5.8% 2018 243.03 2,691,403 277.37 520.40 520.40 131.46 0.68 5.9% 2019 77.67 2,693,611 277.60 355.27 355.27 (33.67) (165.13) 4.1% 2020 77.75 2,692,773 277.51 355.26 355.26 (33.68) (0.01) 4.1% 2021 77.72 2,688,887 277.11 354.83 354.83 (34.11) (0.43) 4.1% 2022 46.66 2,681,956 276.40 323.06 323.06 (65.88) (31.77) 3.7% 2023 46.76 2,683,233 276.53 323.29 323.29 (65.65) 0.23 3.7% 2024 46.80 2,680,956 276.29 323.09 323.09 (65.85) (0.20) 3.7% 2025 46.76 2,686,467 276.86 323.62 323.62 (65.32) 0.53 3.7% 2026 46.65 2,687,830 277.00 323.65 323.65 (65.29) 0.03 3.7% 2027 2,685,219 276.73 276.73 276.73 (112.21) (46.92) 3.2% 2028 - 2,689,799 277.21 277.21 277.21 (111.73) 0.48 3.2% 2029 - 2,689,724 277.20 277.20 277.20 (111.74) (0.01) 3.2% 2030 - 2,696,508 277.90 277.90 277.90 (111.04) 0.70 3.2% 2031 - 1,797,717 185.27 185.27 185.27 (203.67) (92.63) 2.2% 2032 - 900,603 92.82 92.82 92.82 (296.12) (92.45) 1.1% 2033 - 0 - - * Based on average home, with an assessment of $2,300. As of May 2009. These figures are net of EXCEL funding of $1,350,000.