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.

CURRENT PROPOSED

ROOF

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

CURRENT PROPOSED

CHESTNUT PARKING

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.

CURRENT PROPOSED

PLAYGROUND

Somerdale School District Bond Referendum Projected Costs

Facts & Figures

• 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

Anticipated Project Costs

Percent of Total Bond Projects $3,774,600

Roof

$2,149,520

68.07% New Parking Lot

$833,380

26.39% Playground Improvments

$174,700

5.53%

$3,157,600 100.00%

Roof: $2,149,520; 68% New Parking Lot: $833,380; 26% Playground Improvments: $174,700; 6%

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
• utstanding 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