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Home My Public Portal AboutFY_2007_Capital_Improvement_Program 000 0000 00000 0000 Capital Improvement • • • FY2007-201 1 r 7 I . r ti� } 1 + +y� f CE cat To download this presentation, visit our website: www.ci.watertown.ma.us • • • • • • • • • • • • 0000 Capital Improvement Program Narrative (page 1 of 5) • . • • • The submitted Fiscal Year 2007 Capital Improvement Program (CIP) is included within the Submitted Fiscal Year 2007 Budget. The Fiscal Year 2007 General Fund CIP totals $55,288, 100, of which $24,322,700 is the bonding requirement. The funding source of $5,382,000 of the CIP has not been determined. The Fiscal Year 2007 Water and Sewer Enterprise Funds CIP totals $4,899,500, of which $420,000 is the bonding requirement. The CIP includes all known capital needs, regardless of the source of funding. In February 1999, the Watertown Facilities Assessment Study was presented to the Honorable Town Council. The study assessed the condition of twenty-one buildings and provided recommendations for repairs, modernization and expansion. The Study has been utilized in the development of CIPs, as well as serving as a guide to allocate monies for ongoing maintenance. 2 • • • • • • • • • • • • 0000 Capital Improvement Program Narrative (page 2 of 5) • . • • • • During Fiscal Year 2007, the Town should consider obtaining another Facilities Assessment Study that would serve as a guide in the development of future CIP's. Furthermore, as a follow-up to the Honorable Town Council's vote to establish a Committee on Budget and Fiscal Oversight, discussions will be held with the Committee prior to the development of the Fiscal Year 2008 Capital Improvement Program, which will be forwarded by January 2007 to the Honorable Town Council for their review and consideration. On June 28, 2005, the Honorable Town Council authorized a Loan Order and Transfer of Funds totaling $848,500 to fund renovations to Playground surfaces, Public Works equipment, and an Election Tabulation System. 3 000 0000 00000 Capital Improvement Program Narrative (page 3 of 5) . • • • • Do * * In May or June 2006, a Proposed Loan Order totaling $1 ,385,000 will be • brought forward for various capital equipment items contained in the Fiscal Year 2006 CIP. The acquisition of the proposed items is consistent with one of the Honorable Town Council's priorities of not deferring maintenance and/or recognition of costs of capital equipment, facilities and infrastructure to future years. The items that will be included in the Proposed Loan Order are as follows: Police and Fire Department Equipment $9551000 • Public Works Equipment $320,000 • Skating Arena Ice Resurfacer $1105000 NESWC Stabilization Fund The original North East Solid Waste Committee Agreement (NESWC) expired in September 2005 and the Town has executed a Post 2005 Agreement through Fiscal Year 2010. As a result of both of these actions and the foresight the Town had in funding the significant costs of the NESWC Agreement, transfers of $500,000 annually from a NESWC Stabilization Fund began in Fiscal Year 2006 and will continue through Fiscal Year 2010 to support capital project funding. 4 000 0000 • • • • 0 Capital Improvement Program Narrative (page 4 of 5) ; ; ; ; O Do * * Police Station The Honorable Town Council has voted to relocate the Police Station to the former Browne School location. The building of a new state of the art Police Station is the Town's next signature Capital Project and the proposed funding will begin in Fiscal Year 2007. School Capital Projects Since 1995, the Honorable Town Council has appropriated $45,845,000 in Loan Order authorizations for the renovating, expanding and equipping of all the schools. In an effort to protect that investment, the Fiscal Year 2007 Capital Improvement Program includes proposed funding of $535,700 in improvements as follows: • Replacement of High School Gymnasium Stands $144,000 • High School Improvements $ 68,700 • Middle School $150,000 • Hosmer School $ 78,400 • Lowell School $ 61 ,200 • Cunniff, Phillips & Various $ 33400 Furthermore, discussions will be held regarding integrating additional improvements in Fiscal Year 2008 and forward and, at the same time, looking to identify a future funding source. 5 • • • • • • • • • • • • • • • • D • • • • Capital Improvement Program Narrative (page 5 of 5) D : : : Street and Sidewalk Improvements The 1999 Watertown Household Survey indicated street and sidewalk maintenance as the number one priority. Within the Fiscal Year 2007 CIP, $24,371 ,600 is designated for street and sidewalk improvements. The Proposed Fiscal Year 2007 General Fund Budget includes $562,937 to augment projected Chapter 90 monies of $157,600. Beginning in Fiscal Year 1999 and including Fiscal Year 2007, the Honorable Town Council has approved $4,684,967 for the street and sidewalk improvements appropriation, an average of $520,551 for each of the nine fiscal years. Town Capital Projects The Town Capital Projects line item of $100,000 is for recreational playground improvements. Lastly, in addition to all of the above mentioned Capital Projects and items, I respectfully recommend discussion be held with the Honorable Town Council on the following items: • Structured Parking in Watertown Square • Additional Parking Needs • Reuse of Town Buildings • Records Storage • Victory Field Complex 6 • • • • • • • • • • • • FY2007-2011 CIP Funding Sources Summary ; ; ; ; • (In thousands) 0000 DESCRIPTION TOTALS FY'07 FY '08 FY '09 FY'10 FY'11 BONDS EQUIPMENT 2,320.4 428.4 776.0 586.0 45.0 485.0 REMODELING 22,012.3 3,017.8 14,894.5 3,700.0 200.0 200.0 BOND TOTAL 24,332.7 3,446.2 15,670.5 4,286.0 245.0 685.0 OTHER CHAPTER 90 FUNDS 976.1 157.5 165.4 173.6 182.3 297.2 LEASE REVENUE 25.0 25.0 STREET BONDS 10,566.6 10,566.6 SIDEWALK BONDS 2,423.2 2,423.2 TAX REVENUE 11,582.5 790.4 800.9 887.1 888.1 8,216.0 TO BE DETERMINED 5,382.0 2,129.0 1,638.0 500.0 535.0 580.0 OTHER TOTAL 30,955.4 3,101.9 2,604.2 1,560.7 1,605.5 22,083.0 7 TOTAL 55,288.1 6,548.1 18,274.7 5,846.7 1,850.5 22,768.0 • • • • • • • • • • • • • • • • • • • • • FY2007-2011 CIP Departmental Summary : : : : (In thousands) • • DEPARTMENT TOTALS FY'07 FY'08 FY'09 FY'10 FY'11 ADMINISTRATION 734.3 734.3 COMMUNITY DEVELOPMENT 4,000.0 4,000.0 DATA PROCESSING 1,032.0 79.0 238.0 200.0 235.0 280.0 FIRE 1,487.0 54.5 297.5 518.0 66.0 551.0 LIBRARY 2,000.0 2,000.0 POLICE 15,377.2 1,568.9 10,221.3 3,529.0 29.0 29.0 PUBLIC WORKS 2,705.5 610.5 1,161.5 405.5 286.5 241.5 RECREATION 1,700.0 100.0 1,300.0 100.0 100.0 100.0 SCHOOL 1,735.7 535.7 300.0 300.0 300.0 300.0 SENIOR CENTER 119.8 119.8 SKATING ARENA 25.0 25.0 STREETS&SIDEWALKS 24,371.6 720.4 756.4 794.2 834.0 21,266.5 8 TOTAL 55,288.1 6,548.1 18,274.7 5,846.7 1,850.5 22,768.0 000 0000 • • • • 0 0000 • • • • • FY2007 Bond by Department (page 1 of 4) BOND AMOUNT Bondable DEPARTMENT DESCRIPTION (thousands) Years ADMINISTRATION Interior Painting, Marble & Panel BUILDING Restoration 100.1 10 Collections Office Counter Reconfiguration 122.5 20 Security System 19.5 5 Emergency Generator 90.0 10 Building Repairs — Flooring 337.2 20 Apparatus Floor Replacement — FIRE Station #2 22.5 10 POLICE Building Project 1 ,500.0 20 Vehicle Locating System 39.9 5 PUBLIC WORKS Property/Building 9 Underground Duct for Fire Alarm 200.0 20 . . . . . . . . . . . . . . . . . . . . . FY2007 Bond by Department (page 2 of 4) BOND AMOUNT Bondable DEPARTMENT DESCRIPTION (thousands) Years PUBLIC WORKS Property and Building Truck 48.0 5 Cemetery One Ton Truck 51 .0 5 Highway Asphalt Hot Box 80.0 5 Front End Loader 150.0 5 Parks Truck 40.0 5 SCHOOL High School Safety Improvements 68.7 15 Gymnasium Stand Replacement 144.0 15 10 . . . . . . . . . . . . 0000 FY2007 Bond by Department (page 3 of 4) eoeeo BOND AMOUNT Bondable DEPARTMENT DESCRIPTION (thousands) Years SCHOOL Middle School Safety Improvements 15.0 15 ADA Sign Package 75.0 15 Replacement Floor Tiles 60.0 15 Phillips School Safety Improvements 4.2 15 Lowell School Safety Improvements 61 .2 15 Cunniff School Safety improvements 4.2 15 Hosmer School Safety Improvements 78.4 15 11 000 0000 FY2007 Bond by Department (page 4 of 4) : : : : • • • • • • • • • • BOND AMOUNT Bondable DEPARTMENT DESCRIPTION (thousands) Years SENIOR CENTER Painting and HVAC 109.8 10 SKATING ARENA Compressor Rebuild 25.0 10 FY2007 BOND TOTAL 3,446.2 12 000 0000 • • • • 0 0000 • • • • • FY2008 Bond by Department (page 1 of 3) BOND AMOUNT Bondable DEPARTMENT DESCRIPTION (thousands) Years COMMUNITY Watertown Square Structured DEVELOPMENT Parking 4,000.0 20 FIRE Main Station Renovations 94.5 10 Ambulance Replacement 175.0 10 POLICE Building Project 10,000.0 20 Mobile Data System 181 .0 10 PUBLIC WORKS Central Motors Service Truck 55.0 5 13 . . . . . . . . . . . . . . . . . . . . . FY2008 Bond by Department (page 2 of 3) BOND AMOUNT Bondable DEPARTMENT DESCRIPTION (thousands) Years PUBLIC WORKS Property/Building Underground Duct for Fire Alarm 200.0 20 Highway Dump Truck 131 .0 5 Street Sweeper 135.0 5 Parks Storage Building at Victory Field 300.0 15 Lighting at Victory Field 200.0 15 14 000 0000 • • • • 0 0000 • • • • • FY2008 Bond by Department (page 3 of 3) BOND AMOUNT Bondable DEPARTMENT DESCRIPTION (thousands) Years PUBLIC WORKS Parks (continued) Swap Loader 65.0 5 Tractor Loader 34.0 5 RECREATION Cunniff School Field 100.0 10 FY08 BOND TOTAL 15,670.5 15 000 0000 00000 FY2007-2011 CIP Funding Source 0000 - • • • • • To Be Determined " " AMOUNT DEPARTMENT DESCRIPTION (thousands) ADMINISTRATION Facility Assessment Study 50.0 LIBRARY Renovations 2,000.0 DATA PROCESSING GIS & Improvements 1 ,032.0 RECREATION Victory Athletic Field Artificial Turf 1 ,100.0 SCHOOL Various School Improvements 1 ,200.0 TOTAL 5,382.0 16 • • • • • • • • • • • • Debt Activity Detail : June 30, 2006 Balances 0000 • • • • • Bond Issue Balances • • • • FY 1998 Bond Issue $4,815,000 (School Override) FY1999 Bond Issue School Override $7,860,000 Refunding FY88 Bond Issue $325,000 Other $1 , 120,000 Subtotal FY1999 Bond Issue $9,305,000 FY2001 Bond Issue $3,450,000 FY2004 Bond Issue $2,680,000 FY2004 Bond Issue $5,263,000 (see $3,000,000 funded by Enterprise) $1 ,530,000 FY2005 Bond Issue $15, 110,000 TOTAL $36,890,000 17 • • • • • • • • • • • • Debt Activity Detail : 00000 " " Budgeted FY2007 Bond Payments : : : : Bond Issue FY1998 Bond Issue $405,000 (School Override) FY1999 Bond Issue School Override $655,000 Refunding FY88 Bond Issue $165,000 Other $95,000 Subtotal FY1999 Bond Issue $915,000 FY2001 Bond Issue $340,000 FY2004 Bond Issue $710,000 FY2004 Bond Issue $5,263,000 (see $3,000,000 funded by Enterprise) $360,000 FY2005 Bond Issue $855,000 TOTAL PERMANENT DEBT $3,585,000 18 • • • • • • • • • • • • • • • • • • • • • Projected Debt Principal Totals : June 30, 2007 : : : : Description Amount M Total Permanent Debt $333 305,000 Authorized BAN Debt Financial Management $7803000 Playground, Voting System , Equipment $848, 500 Library $6433 000 Authorized Bond Debt Library $7003 000 TOTAL $36,2763500 Planned debt is not included in this projection. J 19 • • • • • • • • • • • • • • • • • • • • • FY2006-2010 CIP Debt and Interest 9 : : : Description FY2006 FY2007 FY2008 FY2009 FY2010 Perm . Debt & Int. $5, 182,149 $5,041 ,972 $4,385,833 $4, 119, 112 $3,699,698 Police Station Project $37,500 $617,500 $1 ,405,625 $1 ,645,625 Planned Debt & Int. - Town $120,829 $450,750 $1 ,625,222 $1 ,523,885 $1 ,533,675 Planned Debt & Int. - School $190,241 $84,718 $61 ,500 $59,625 Cost of Cert. Bonds $36,000 $36,000 $36,000 $36,000 $36,000 rOTAL $5,338,978 $5,756,463 $6,749,273 $7, 146, 122 $6,974,623 20 • • • • • • • • • • • • • • • • • • • • • FY2007-2011 Permanent Debt (page 1 of 2) : : : : PERMANENT DEBT FY '07 FY '08 FY '09 FY `10 FY '11 FY98 Bond (School) Prin (8,055,000) 405,000 405,000 405,000 400,000 400,000 L/T Int 233,195 214,059 194,720 175,200 155,400 Subtotal 638,195 619,059 599,720 575,200 555,400 FY99 Bond Prin (16,725,000) 750,000 750,000 750,000 750,000 750,000 L/T Int 378,570 347,820 317,070 286,133 254,633 Subtotal 1,128,570 1,097,820 1,067,070 1,036,133 1,004,633 FY99 Refunding Prin (1,840,000) 165,000 160,000 L/T Int 9,943 3,280 Subtotal 174,943 163,280 0 0 0 FY00 Bond (Nov 00) Prin (6,938,000) 340,000 340,000 340,000 340,000 340,000 L/T Int 162,515 146,025 129,535 112,790 96,045 Subtotal 502,515 486,025 469,535 452,790 436,045 21 • • • • • • • • • • • • • • • • • • • • • FY2007-2011 Permanent Debt (page 2 of 2) : : : : PERMANENT DEBT FY '07 FY '08 FY '09 FY '10 FYI 1 FY04 Bond (Nov 03) Prin (4,103,000) 710,000 175,000 175,000 175,000 175,000 L/T Int 83,913 71,525 66,275 61,025 54,900 Subtotal 793,913 246,525 241,275 236,025 229,900 FY04 Bond (Mar 04) Prin (2,263,000) see W&S 360,000 360,000 360,000 50,000 50,000 L/T Int see W&S 38,080 30,880 22,780 15,400 14,088 Subtotal 398,080 390,880 382,780 65,400 64,088 FY05 Bond (Nov 04) Prin (15,965,000) 855,000 855,000 855,000 855,000 800,000 L/T Int 550,757 527,244 503,732 479,150 453,326 Subtotal 1,405,757 1,382,244 1,358,732 1,334,150 1,253,326 SUB TOTAL PERMANENT DEBT Prin 3,585,000 3,045,000 2,885,000 2,570,000 2,515,000 L/T Int 1,456,973 1,340,833 1,234,112 1,129,698 1,028,392 Total Permanent 5,041,973 4,385,833 4,119,112 3,699,698 3,543,392 22 FY2007-2011 Authorized Bond and BAN Debt • • • 1 of 2 0000 (page ) • • • • • • • • • • AUTHORIZED BOND AND BAN DEBT FY'07 FY'08 FY'09 FY '10 FY'11 • • FY 05 BAN (May/June 05) Prin (780,000) Fin Mgmt 160,000 155,000 155,000 155,000 155,000 L/T Int (5%) 15,500 27,125 19,375 11,625 3,875 S/T Int (4.5%) 24,473 Subtotal 199,973 182,125 174,375 166,625 158,875 FY 06 BAN (May/June 06) Prin ($643,000) Library L/T Int (5%) S/T Int (3.5%) 7,555 28,935 28,935 Subtotal 7,555 28,935 28,935 23 FY2007-2011 Authorized Bond and BAN Debt • • • 2 of 2 00000 (page ) 0000 • • • • • • • • • AUTHORIZED BOND AND BAN DEBT FY'07 FY'08 FY'09 FY `10 FY'11 FY 05 BAN (May/June 05) Prin (848,500) Playground, voting system, equip. 88,500 85,000 85,000 85,000 85,000 L/T Int (5%) 19,000 35,875 31,625 27,375 23,125 S/T Int (4.5%) 26,622 Subtotal 134,122 120,875 116,625 112,375 108,125 FY 05 BAN (May/June 05) Prin ($5,656,500) School MSBA L/T Int (5%) S/T Int (3.5%) 177,473 Subtotal 177,473 24 • • • • • • • • • • • • • • • • FY2007 - 2011 Planned Debt (page 1 of 5) 00000 • • • • PLANNED BOND DEBT FY '07 FY '08 FY '09 FY 10 FY I1 FY 06 Bond (May 06) Prin (700,000) Library 40,000 40,000 40,000 40,000 L/T Int (5%) 16,625 32,250 30,250 28,250 26,250 S/T Int (4.50%) 21,963 Subtotal 38,588 72,250 70,250 68,250 66,250 FY 06 Bond (Jul 06) Prin (1,385,000) See schedule 225,000 195,000 190,000 185,000 L/T Int (5%) 34,625 63,625 53,125 43,500 34,125 S/T Int (4.50%) Subtotal 34,625 288,625 248,125 233,500 219,125 25 • • • • • • • FY2007 - 2011 Planned Debt (page 2 of 5) 00000 • • • • • • • • • PLANNED BOND DEBT FY '07 FY '08 FY '09 FY '10 FYI 1 FY 07 Bond (Jul 06) Prin (1,500,000) Police Bldg 300,000 300,000 300,000 300,000 L/T Int (5%) 37,500 67,500 52,500 37,500 22,500 S/T Int (4.50%) Subtotal 37,500 367,500 352,500 337,500 322,500 FY 07 Bond (May 07) Prin (1,946,200) See schedule 256,200 200,000 195,000 180,000 L/T Int (5%) 48,655 90,905 79,500 69,750 60,250 S/T Int (4.50%) Subtotal 48,655 347,105 279,500 264,750 240,250 FY 08 Bond (May 08) Prin (10,000,000) Police Bldg 500,000 500,000 500,000 L/T Int (5%) 250,000 487,500 462,500 437,500 S/T Int (4.50%) Subtotal 250,000 987,500 962,500 937,500 26 • • • • • • • FY2007 - 2011 Planned Debt (page 3 of 5) 00000 • • • • • • • • • PLANNED BOND DEBT FY '07 FY '08 FY '09 FY '10 FYI 1 FY 08 Bond (May 08) Prin (5,670,500) See schedule 391,500 404,000 404,000 404,000 L/T Int (5%) 278,525 263,575 243,375 223,175 S/T Int (4.50%) Subtotal 670,025 667,525 647,325 627,175 FY 09 Bond (May 09) Prin (3,500,000) Police Bldg 175,000 175,000 L/T Int (5%) 65,625 170,625 161,875 S/T Int (4.50%) Subtotal 65,625 345,625 336,875 FY 09 Bond (May 09) Prin (786,000) See schedule 60,000 74,000 L/T Int (5%) 34,300 35,925 S/T Int (4.50%) Subtotal 94,300 109,925 27 • • • FY2007 - 2011 Planned Debt (page 4 of 5 0000) • • • • • • • • • • PLANNED BOND DEBT FY '07 FY '08 FY '09 FY '10 FY I1 • • • • FY 10 Bond (May 10) • • Prin (245,000) 24,000 L/T Int (5%) 6,125 11,425 S/T Int (4.50%) Subtotal 6,125 35,425 FY 11 Bond (May 11) Prin (685,000) L/T Int (5%) 16,625 S/T Int (4.50%) Subtotal 16,625 28 • • • FY2007 - 2011 Planned Debt (page 5 of 5 0000) • • • • • • • • • • TOTAL PLANNED GF DEBT FY '07 FY '08 FY '09 FY '10 FY '11 • • • • Principal 248,500 1,452,700 1,879,000 2,104,000 2,122,000 Long Term Interest 171,905 845,805 1,083,075 1,134,925 1,056,650 Short Term Interest 258,086 28,935 28,935 0 0 TOTAL 678,491 2,327,440 2,991,010 3,238,925 3,178,650 Total Permanent & Planned I 5,720,464 I 6,713,273 I 7,110,122 I 6,938,623 I 6,722,042 29 • • • • • • • • • • • • • • • • • • • • • FY2006-2010 CIP Debt and Interest : : : : Description FY2006 FY2007 FY2008 FY2009 FY2010 Perm. Debt & Int. $5,182,149 $5,041 ,972 $4,385,833 $4,119,112 $3,699,698 Police Station Project $37,500 $617,500 $1 ,405,625 $1 ,645,625 Planned Debt & Int. - Tow n $120,829 $450,750 $1 ,625,222 $1 ,523,885 $1 ,533,675 Planned Debt & Int. - School $190,241 $84,718 $61 ,500 $59,625 Cost of Cert. Bonds $36,000 $36,000 $36,000 $36,000 $36,000 TOTAL $5,338,978 $5,756,463 $6,749,273 $7,146,122 $6,974,623 30 0 * 0 0000 00000 0000 00000 0000 Thank You i 7 y1 �' K- 4 f s