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HomeMy Public PortalAboutFC Subcommittee packet 01.06.2021MEETING NOTICE TOWN OF BREWSTER FINCOM - Subcommittee Location: Remote Participation Only Date: 1/6/2021 Time: 4:00 PM Pursuant to Governor Baker’s March 12, 2020 Order Suspending Certain Provisions of the Open Meeting Law and his March 15 and March 23, 2020 Orders imposing strict limits on the number of people that may gather in one place, this meeting will be conducted via remote participation to the greatest extent possible. Specific information and the general guidelines for remote participation by members of the public and/or parties with a right and/or requirement to attend this meeting may be found on the Town’s website at www.brewster-ma.gov. For this meeting, members of the public who wish to listen to the audio broadcast may do so via the Town of Brewster website at http://livestream.brewster-ma.gov or on Channel 18. No in-person attendance of members of the public will be permitted, but every effort will be made to ensure the public can adequately access the proceedings in real time via technological means. The Town has established specific email addresses for each board and committee that will be meeting remotely so that residents can send their comments in writing either before or during the meeting. In the event we are unable to live broadcast these meetings, despite best efforts, we will post on the Town website an audio recording, transcript, or other comprehensive record of proceedings as soon as possible after the meeting at http://tv.brewster-ma.gov. To submit public comment or questions prior to or during the meeting please email to fincommeeting@brewster-ma.gov AGENDA 1.Call to Order 2.Public Comment 3.Discuss & Review NRHS Building Project . 4.Topics the Chair did not Reasonably Anticipate 5.Future Meetings – 6.Adjournment Date Posted: 12/30/2020 Date Revised: Frank Bridges Signed: _________________________________ Date & Time Received by Town Clerk’s Office Source FY18 DESE EOYR18 Total In-District XP 29,551,080$ Only considered In-District expenses because Out-of-District expenses not affected by Choice/Tuition students DESE EOYR18/Line 630 Choice Reimbursement 1,744,600$ DESE EOYR18/Line 630 Choice SPED Reimbursement 331,611$ DESE EOYR18/Line 40 Tuition from Other Dist (Reg Day)1,515,227$ DESE EOYR18/Line 40 Tuition from Other Dist (SPED)244,210$ Member Town's In-District XPs 25,715,432$ a Does not offset expenses with revenue from other aid/grants because assume would be the same without Choice/Tuition students Member Towns' Enrollment 10/1/17 (FY18)NRHS 603 NRMS 419 1,022 b 25,162$ c = a/b Member Towns' Taxpayers In-District expense/Member Towns' pupil in NRMS/NRHS (reflects burden of subsidies for Choice/Tuition) 20,133$ d DESE reported In-District expense/pupil 5,029$ e = c-d Subsidy burden/Member Town pupil 5,139,506$ f = b*e Total Annual Subsidy burden for Member Towns due to Choice/Tuition 315,960$ g Approximate Annual Subsidy burden due to Tuition - Truro/P-Town 4,823,546$ h = f-g Approximate Annual Subsidy burden due to Choice *Assumes NRSD can educate its 1,022 pupils at same $20,133 In-District expense/pupil *Median expense/pupil for MA Top 25/50 high schools is about $16,500 (Total expense/pupil, not just In-District), so seems probable Choice Tuition NRMS 89 35 *Tuition assumption based on 10/1/2018 enrollment data - only Truro 7th & 8th grades tuition into NRMS NRHS 236 85 325 120 Total Subsidy Choice Subsidy 20 year term, level payments, 2% interest rate 84,038,290$ $78,871,891 25 year term, level payments, 2.25% interest rate 97,457,279$ $91,465,925 30 year term, level payments, 2.5% interest rate 107,571,364$ $100,958,229 Assuming a smaller school would then be built for $125 million with $0 MSBA assistance, how large of a bond would the district need (supported by new taxes) as compared the current NRSD project bonding/tax ask of $90+ million. Net cost of new, smaller school 125,000,000$ Total Subsidy Choice Subsidy 20 year term, level payments, 2% interest rate 40,961,710$ 46,128,109$ 25 year term, level payments, 2.25% interest rate 27,542,721$ 33,534,075$ 30 year term, level payments, 2.5% interest rate 17,428,636$ 24,041,771$ Freed-up bonding capacity for Brewster, Orleans, Eastham, Wellfleet that could be used to support other town priorities without raising taxes beyond current NRSD project (Brewster is about 1/2) Current NRSD bonding/tax ask 90,000,000$ Total Subsidy Choice Subsidy 20 year term, level payments, 2% interest rate 49,038,290$ 43,871,891$ 25 year term, level payments, 2.25% interest rate 62,457,279$ 56,465,925$ 30 year term, level payments, 2.5% interest rate 72,571,364$ 65,958,229$ Bottom line - by eliminating the Choice subsidy, even assuming no MSBA support, Brewster taxpayers would have more than $20-$30 million of bonding flexibility to support, for example, a Brewster Ladies Library renovation, a Community Center, or Cape Cod Sea Camps project without raising taxes beyond what the NRSD is currently asking the taxpayers to support 1,759,437$ 2,076,211$ Total Choice Reimbursement Total Tuition from Truro/P-Town How large of a school bond could be raised using the savings from the elimination of the above subsidies (without raising taxes on the district at all)?