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Home My Public Portal About11.30.22 FinCom PacketTown of Brewster Finance Committee 2198 Main St., Brewster, MA 02631 fincommeeting@brewster-ma.gov (508) 896-3701 MEETING AGENDA Brewster Town Hall 2198 Main Street November 30, 2022 at 6:00 PM Pursuant to Chapter 107 of the Acts of 2022, this meeting will be conducted in person and via remote means, in accordance with applicable law. This means that members of the public body may access this meeting in person, or via virtual means. In person attendance will be at the meeting location listed above, and it is possible that any or all members of the public body may attend remotely. No in-person attendance of members of the public will be permitted, and public participation in any public hearing conducted during this meeting shall be by remote means only. Members of the public who wish to access the meeting may do so in the following manner: Phone: Call (929) 436-2866 or (301) 715-8592. Webinar ID: 862 2956 9696 Passcode: 565167 To request to speak: Press *9 and wait to be recognized. Zoom Webinar: https://us02web.zoom.us/j/86229569696?pwd=MUhJNGpoU3VocTZ0cTU0VGpYcWdVQT09 Passcode: 565167 To request to speak: Tap Zoom “Raise Hand”, then wait to be recognized. When required by law or allowed by the Chair, persons wishing to provide public comment or otherwise participate in the meeting, may do so by accessing the meeting remotely, as noted above. Additionally, the meeting will be broadcast live, in real time, via Live broadcast (Brewster Government TV Channel 18), Livestream (livestream.brewster-ma.gov), or Video recording (tv.brewster-ma.gov). Finance Committee Harvey (Pete) Dahl Chair Frank Bridges Vice Chair William Meehan Clerk Andrew Evans William Henchy Alex Hopper Honey Pivirotto Robert Tobias Robert Young Town Administrator Peter Lombardi Finance Director Mimi Bernardo 1.Call to Order 2.Declaration of a Quorum 3.Meeting Participation Statement 4.Recording Statement 5.Public Announcements and Comment: Members of the public may address the Finance Committee on matters not on the meeting’s agenda for a maximum 3-5 minutes at the Chair’s discretion. Under the Open Meeting Law, the Finance Committee is unable to reply but may add items presented to a future agenda. 6.Town Administrator/Finance Director Report 7.Town Debt – Analysis and Discussion 8.Nauset Regional High School Project – Discussion, Strategy and Vote 9.Liaison Reports and Assignments 10.Approval of Minutes 11.Request for agenda items for future meetings 12.Matters Not Reasonably Anticipated by the Chair 13.Next Finance Committee Meeting 14.Adjournment Date Posted:Date Revised:Received by Town Clerk: 10/3/22 1.With enrollment severely down, and the future likely to bring further declines, will the building, as designed, be flexible enough to bring 8th or even 7th grade students into it? 2.What will be your policy regarding filling the school with School Choice students that pay just $5k – especially in light of Supt. Clenchy’s position* that she discussed at our March 23, 2022 meeting (at 1:10-1:14 in the video) where she said that viewing School Choice as a revenue stream gets districts into trouble? Will you open 100+ seats either at once or over time? 3.The budget presented to taxpayers and the MSBA called for $3MM for the purchase of 16 modular units. Instead, you bought 21 more for a total of 37. What was the total amount spent? What budget line item was used to purchase the excess and what budget line item did you cut to be able to afford it under the taxpayer-approved budget? 4.Note: About $1.1MM in MSBA reimbursement was specifically for Potentially Eligible Owner’s or Construction Contingency. If they used Contingency budget, and this wasn’t Eligible (I doubt it was), then they gave up this MSBA money too. From Schematic submission to MSBA: Contingencies (Design and Pricing) $8,047,931; Construction Contingency $5.2MM with $2.1MM Potentially Eligible; Owner’s Contingency $450k all Potentially eligible. 5.Will you commit to requiring Ptown and Truro to pay their proportional share of the debt related to the new NRHS when their Tuition Agreements are renegotiated? In other words, that this will be a non-negotiable condition of new Tuition Agreements? 6.The bids came in while materials prices were extremely high. Supply chain issues are fading, interest rates are far higher and a recession is likely – each of which will significantly reduce materials demand – can you negotiate any kind of clawback with the GC or subs? *Direct quote from Supt. Clenchy at the Brewster FinComm March 23, 2022 meeting (at 1:10- 1:14 in the video): “Whenever a Superintendent starts to look at School Choice as a revenue stream, I think it only leads to trouble. Because you may, you can’t, look at it at from that perspective from my own personal philosophy and I’ve seen it where it’s gotten districts into trouble. So I’m very conscientious of that. With that said though, I do think that there are opportunities if you’re methodical and thoughtful and strategic going back to Pete’s word about strategy, if you’re strategic in how you do it. But I think if you ever move that balance too far just because you think you’re doing it for a stream of revenue, you’re in trouble. So I think that there’s room for School Choice in Nauset Public Schools but I think we want to be cautious and strategic with how we approach it.” Chart 1 Chart 2 944 921 877 854 800 905 905 905 905 905 750 800 850 900 950 1,000 10/1/18 10/1/19 10/1/20 10/1/21 10/1/22P (pop.) NRHS Enrollment Has Plummeted: -142/15% Current NRHS New NRHS Source: NRSD Official Enrollment Data 624 616 596 618 587 228 219 198 156 136 92 86 83 80 77 01002003004005006007008009001,000 10/1/18 10/1/19 10/1/20 10/1/21 10/1/22P (pop.) Source of Drop is Broad District Choice Ptown/Truro New NRHS Note: District -37/6%; Choice -92/40%; Ptown/Truro -15/16%; New NRHS steady at 905 students; Source: NRSD Official Enrollment Data 944 921 877 854 800 Chart 3 Chart 4 917 909 859 867 818 750 770 790 810 830 850 870 890 910 930 10/1/18 10/1/19 10/1/20 10/1/21 10/1/22P (pop.) K-5 Feeder/Pipeline in Freefall: -99/11% District Elementary Source: NRSD Official Enrollment Data 721 653 474 377 309 200 300 400 500 600 700 800 2020 2025 2030 2035 2040 (pop.) And It's Not Over: Brewster Elementary Enrollment Expected to Tumble Brewster Population Ages 0-9 Source: Habeeb Elementary Schools Master Plan 12/31/2021;UMDI DOT Vintage From the Nauset Regional School Committee NRHS Building Project FACT SHEET - November 2022 What is happening now? Save the Date: January 10, 2023 On January 10, 2023, the Nauset Regional School District (NRSD) will hold a district- wide vote asking the residents of the four member towns (Brewster, Eastham, Orleans, and Wellfleet) to approve $38.1 million in additional funding to cover the total increased cost to fund the Nauset Regional High School (NRHS) Building Project, which was initially approved by the voters on March 30, 2021 in a District-wide vote. How did we get here? Plans for addressing the deficiencies in the 50-year-old High School building began in earnest in 2014. Eight years later the School District has: ●An approved design ●Project funding of $131,825,665 (approved by voters on March 30, 2021) ●Approximately $36 million in grant funding approved from the Massachusetts School Building Authority (MSBA) as the State’s contribution to the project ●A funding shortfall of $38.1 million (based on the October 19, 2022 General Contractor bids, which determine the cost of completing the project as originally designed) NRHS Project Timeline ●2012-13: A study of NRSD facilities by Habeeb & Associates Architect identifies significant building deficiencies at the High School. ●2014: Based on the findings of the study and realizing the extent of deficiencies at the High School, the NRSD decides to apply to the MSBA Building Program to attempt to receive State funding to help reduce the cost to the taxpayers of Wellfleet, Eastham, Orleans, and Brewster. ●2015: NRSD applies to participate in the MSBA School Building funding program. (Application denied) ●2016: NRSD applies to participate in the MSBA School Building funding program. (Application approved) ●Spring 2017: Town Meetings in all four District towns approved $1.3 million to fund a Feasibility Study, the first step in the MSBA building process. (Study completed in 2018) ●November 2017: Nauset Regional School Committee (NRSC) votes to maintain current school configuration (NRHS Grades 9-12; NRMS Grades 6-8) and to maintain the current high school program of studies. ●2018-2019: ●School Building Committee formed (17 members) ●Owner’s Project Manager and Architect selected ●The NRHS Educational Vision, which is the foundation document that informs the design process, developed by the administration and teaching staff at the High School (completed/submitted to MSBA July 2019) ●Forums held in each member town to get community input of priorities for new high school ●13 design options were developed and reviewed ●Preferred design selected and presented in forums held in each District member town ●Feb 9, 2020: MSBA approves Nauset’s preferred Schematic Design option. ●Feb 30, 2020: MSBA approves approximately $36 million Maximum Facilities Grant for the NRHS project. ●Spring 2020: Planned vote at Town Meetings to approve NRHS project costs delayed due to COVID. ●Mar 30, 2021: District-wide vote approves $131,825,665 to fund the NRHS building project (70%+ approval). ●Summer 2021: 37 mobile units purchased (16 units in original budget plus additional units to allow the housing of more students during construction phases, creating less disruption and significantly reducing overall project duration). ●2021-2022: Three separate Value-Engineering processes (at 30%-60%-90% design) conducted to reduce project costs by $4-5 million to keep the project on budget without compromising the educational program. ●Oct 19, 2022: Two bids received from the five approved General Contractors: Brait Builders $134.4 million; second bidder at $159.8 million. Next Steps: Why Additional Funds? Why Now? •Two General Contractor bids were received on October 19, 2022. Both exceeded the original budget which was set in December 2019 as part of the MSBA submission process. The low bid was approximately $15 million less than the other bid. •The bids were originally valid for 30 days, as is standard, but Brait Builders (the low-bid general contractor) extended the timeframe to 90 days (until January 17, 2023) to give the District the opportunity to obtain the additional funding. •Brait Builders is the same quality contractor that recently constructed the Cape Cod Tech facility in Harwich, MA. •Additional funding for the project must be approved by District voters before the current bid expires on January 17, 2023. This additional funding authorization is required to enable the School District to sign the contract to build the high school as proposed and ensure the MSBA grant contribution of approximately $36 million. Consequences of the Additional Funding Vote If Approved: •The project will continue as scheduled with a slight initial delay. •Brait Builders will begin on-site work by the end of January. •Phase I, starting in February, will involve moving the gym and cafeteria to temporary locations. •Students will begin moving into the mobile classrooms in early 2023. •The building project is expected to meet its current estimated completion date. If Not Approved: •All work on the NRHS Building Project will cease. •The approximate $36 million in MSBA grant funds will be lost. •The NRSD has a Bond Anticipation Note of approximately $28 million. Of this amount, approximately $21 million dollars has been spent on project costs and the remainder is encumbered in full. This amount will need to be bonded and assessed to the four communities. •The aging High School building, as well as the mobile classrooms, will continue to require money for repairs & maintenance until another permanent solution is found, repeating much of the current work that has been 7 years in the making. SEPTIC MULTI #8 MULTI #7 Multi #12 MULTI #8 Water Dept Multi #12 Multi #13 Multi #10 Multi #11 Multi #12 Multi #12 Multi #13 Multi #14 Sea Camps 11/18/2022 Loan # 2 BBJ Land Acq Golf Irrigation Well Access BBJ Land Acq Building RB Ebenezer TOB Bates Land Water Pump Route 6A Eddy School Fire Station Fire Station OUTSTANDING OUTSTANDING GRAND TOTAL Phase 1 Water(Slough)Road Phase 2 RB South Pond Road Freemans Land Water Mains Roof Roads Tri-Town FY TOTALS ACTUAL PRINCIPAL INTEREST OUTSTANDING RB Barons & KingsGrant & Jolly Whaler RB Captain Fitts Repairs RD Bett-Allen/Prell Renovation RB Moss RB Leona PAID END OF FY END OF FY END OF FY RB Tower Hill $24,367,007.63 FY02 $10,614,809.96 $34,981,817.59 Library Parking 2024 P $5,000.00 $45,000.00 $35,000.00 $25,000.00 $80,000.00 $120,000.00 $15,000.00 $135,000.00 $35,000.00 $180,000.00 $45,000.00 $145,000.00 $520,000.00 $375,000.00 $400,000.00 $2,160,000.00 I $4,050.00 $3,710.00 $2,500.00 $14,400.00 $24,960.00 $2,300.00 $26,662.50 $11,182.50 $57,050.00 $13,100.00 $46,762.50 $182,560.00 $161,812.50 $581,622.50 $1,132,672.50 $3,292,672.50 $35,095,000.00 FY24 $11,256,086.25 $46,351,086.25 2025 P $5,000.00 $45,000.00 $35,000.00 $25,000.00 $80,000.00 $120,000.00 $15,000.00 $135,000.00 $35,000.00 $170,000.00 $40,000.00 $145,000.00 $520,000.00 $370,000.00 $420,000.00 $2,160,000.00 I $2,025.00 $2,231.25 $1,500.00 $10,800.00 $20,040.00 $1,700.00 $21,262.50 $9,782.50 $51,650.00 $11,300.00 $40,962.50 $156,560.00 $151,500.00 $561,122.50 $1,042,436.25 $3,202,436.25 $32,935,000.00 FY25 $10,213,650.00 $43,148,650.00 2026 P $35,000.00 $25,000.00 $80,000.00 $120,000.00 $15,000.00 $135,000.00 $35,000.00 $170,000.00 $40,000.00 $145,000.00 $520,000.00 $365,000.00 $440,000.00 $2,125,000.00 I $743.75 $500.00 $7,200.00 $15,120.00 $1,100.00 $15,862.50 $8,312.50 $46,550.00 $9,700.00 $35,162.50 $130,560.00 $133,000.00 $539,622.50 $943,433.75 $3,068,433.75 $30,810,000.00 FY26 $9,270,216.25 $40,080,216.25 2027 P $80,000.00 $120,000.00 $10,000.00 $130,000.00 $30,000.00 $165,000.00 $40,000.00 $145,000.00 $520,000.00 $365,000.00 $465,000.00 $2,070,000.00 I $3,600.00 $10,200.00 $800.00 $13,162.50 $6,825.00 $41,450.00 $8,900.00 $32,262.50 $117,560.00 $114,750.00 $516,997.50 $866,507.50 $2,936,507.50 $28,740,000.00 FY27 $8,403,708.75 $37,143,708.75 2028 P $120,000.00 $10,000.00 $130,000.00 $30,000.00 $165,000.00 $40,000.00 $145,000.00 $520,000.00 $365,000.00 $485,000.00 $2,010,000.00 I $5,160.00 $600.00 $10,562.50 $5,512.50 $36,500.00 $8,100.00 $29,362.50 $104,560.00 $103,800.00 $493,247.50 $797,405.00 $2,807,405.00 $26,730,000.00 FY28 $7,606,303.75 $34,336,303.75 2029 P $10,000.00 $130,000.00 $30,000.00 $165,000.00 $40,000.00 $145,000.00 $520,000.00 $305,000.00 $510,000.00 $1,855,000.00 I $400.00 $7,962.50 $4,162.50 $31,550.00 $7,300.00 $26,462.50 $92,860.00 $92,850.00 $468,372.50 $731,920.00 $2,586,920.00 $24,875,000.00 FY29 $6,874,383.75 $31,749,383.75 2030 P $10,000.00 $130,000.00 $30,000.00 $160,000.00 $40,000.00 $145,000.00 $520,000.00 $305,000.00 $535,000.00 $1,875,000.00 I $200.00 $5,362.50 $2,812.50 $26,600.00 $6,500.00 $23,562.50 $81,160.00 $83,700.00 $442,247.50 $672,145.00 $2,547,145.00 $23,000,000.00 FY30 $6,202,238.75 $29,202,238.75 2031 P $130,000.00 $30,000.00 $160,000.00 $40,000.00 $145,000.00 $520,000.00 $305,000.00 $565,000.00 $1,895,000.00 I $2,762.50 $1,425.00 $21,600.00 $5,700.00 $20,662.50 $68,940.00 $74,550.00 $423,222.50 $618,862.50 $2,513,862.50 $21,105,000.00 FY31 $5,583,376.25 $26,688,376.25 2032 P $160,000.00 $40,000.00 $145,000.00 $375,000.00 $305,000.00 $575,000.00 $1,600,000.00 I $16,400.00 $4,850.00 $17,581.25 $56,200.00 $65,400.00 $411,822.50 $572,253.75 $2,172,253.75 $19,505,000.00 FY32 $5,011,122.50 $24,516,122.50 2033 P $160,000.00 $40,000.00 $145,000.00 $325,000.00 $300,000.00 $585,000.00 $1,555,000.00 I $11,200.00 $3,950.00 $14,318.75 $46,637.50 $56,250.00 $399,930.00 $532,286.25 $2,087,286.25 $17,950,000.00 FY33 $4,478,836.25 $22,428,836.25 2034 P $160,000.00 $40,000.00 $145,000.00 $325,000.00 $300,000.00 $600,000.00 $1,570,000.00 I $5,600.00 $3,000.00 $10,875.00 $38,025.00 $47,250.00 $387,187.50 $491,937.50 $2,061,937.50 $16,380,000.00 FY34 $3,986,898.75 $20,366,898.75 2035 P $40,000.00 $145,000.00 $325,000.00 $300,000.00 $610,000.00 $1,420,000.00 I $2,000.00 $7,250.00 $29,250.00 $38,250.00 $373,572.50 $450,322.50 $1,870,322.50 $14,960,000.00 FY35 $3,536,576.25 $18,496,576.25 2036 P $40,000.00 $145,000.00 $325,000.00 $300,000.00 $625,000.00 $1,435,000.00 I $1,000.00 $3,625.00 $19,500.00 $28,875.00 $359,057.50 $412,057.50 $1,847,057.50 $13,525,000.00 FY36 $3,124,518.75 $16,649,518.75 2037 P $325,000.00 $300,000.00 $640,000.00 $1,265,000.00 $9,750.00 $19,500.00 $343,557.50 $372,807.50 $1,637,807.50 $12,260,000.00 FY37 $2,751,711.25 $15,011,711.25 2038 P $300,000.00 $655,000.00 $955,000.00 I $9,750.00 $327,206.25 $336,956.25 $1,291,956.25 $11,305,000.00 FY38 $2,414,755.00 $13,719,755.00 2039 P $675,000.00 $675,000.00 I $310,080.00 $310,080.00 $985,080.00 $10,630,000.00 FY39 $2,104,675.00 $12,734,675.00 2040 P $690,000.00 $690,000.00 I $292,162.50 $292,162.50 $982,162.50 $9,940,000.00 FY40 $1,812,512.50 $11,752,512.50 2041 P $710,000.00 $710,000.00 I $273,435.00 $273,435.00 $983,435.00 $9,230,000.00 FY41 $1,539,077.50 $10,769,077.50 2042 P $725,000.00 $725,000.00 I $253,881.25 $253,881.25 $978,881.25 $8,505,000.00 FY42 $1,285,196.25 $9,790,196.25 2043 P $745,000.00 $745,000.00 I $233,482.50 $233,482.50 $978,482.50 $7,760,000.00 FY43 $1,051,713.75 $8,811,713.75 2044 P $770,000.00 $770,000.00 I $212,272.50 $212,272.50 $982,272.50 $6,990,000.00 FY44 $839,441.25 $7,829,441.25 2045 P $790,000.00 $790,000.00 I $190,235.00 $190,235.00 $980,235.00 $6,200,000.00 FY45 $649,206.25 $6,849,206.25 2046 P $810,000.00 $810,000.00 I $167,435.00 $167,435.00 $977,435.00 $5,390,000.00 FY46 $481,771.25 $5,871,771.25 2047 P $835,000.00 $835,000.00 I $143,993.75 $143,993.75 $978,993.75 $4,555,000.00 FY47 $337,777.50 $4,892,777.50 2048 P $860,000.00 $860,000.00 I $119,625.00 $119,625.00 $979,625.00 $3,695,000.00 FY48 $218,152.50 $3,913,152.50 2049 P $885,000.00 $885,000.00 I $94,322.50 $94,322.50 $979,322.50 $2,810,000.00 FY49 $123,830.00 $2,933,830.00 2050 P $910,000.00 $910,000.00 I $68,295.00 $68,295.00 $978,295.00 $1,900,000.00 FY50 $55,535.00 $1,955,535.00 2051 P $935,000.00 $935,000.00 I $41,542.50 $41,542.50 $976,542.50 $965,000.00 FY51 $13,992.50 $978,992.50 2052 P $965,000.00 $965,000.00 I $13,992.50 $13,992.50 $978,992.50 $0.00 FY52 $0.00 $0.00 P $185,254.00 $875,000.00 $2,972,000.00 $274,945.00 $1,625,000.00 $2,475,000.00 $227,074.00 $2,000,000.00 $675,000.00 $3,489,113.00 $840,168.00 $2,908,104.00 $9,349,000.00 $6,740,000.00 $19,810,000.00 $80,904,545.63 vertical totals Pncpl I $0.00 $382,653.22 $798,730.00 $52,197.80 $756,852.50 $1,072,380.00 $44,482.96 $441,437.50 $278,880.00 $1,106,923.39 $227,506.72 $798,911.66 $2,734,102.06 $2,196,650.00 $9,935,443.19 $31,082,073.99 vertical totals Int $80,904,545.63 Horizontal totals Pncpl $31,082,073.99 Horizontal totals Int FISCAL 2024 Nauset Regional School District $3,506,060 General Obligation Bonds Financial Advisor: CC5 Fiscal Fiscal Payment Debt Year Debt Year Rate Principal Interest Month/Year Service Service 2.000% 41,841.85 8/1/2016 41,841.85 2017 181,060 41,841.85 2/1/2017 222,901.85 264,743.70 V 2.000% 40,031.25 8/1/2017 40,031.25 2018 175,000 40,031.25 2/1/2018 215,031.25 255,062.50 ...-. 3.000% 38,281.25 8/1/2018 38,281.25 2019 175,000 38,281.25 2/1/2019 213,281.25 251,562.50 2.000% 35,656.25 8/1/2019 35,656.25 2020 175,000 35,656.25 2/1/2020 210,656.25 246,312.50 2.000% 33,906.25 8/1/2020 33,906.25 2021 175,000 33,906.25 2/1/2021 208,906.25 242,812.50 2.000% 32,156.25 8/1/2021 32,156.25 2022 175,000 32,156.25 2/1/2022 207,156.25 239,312.50 2.000% 30,406.25 8/1/2022 30,406.25 2023 175,000 30,406.25 2/1/2023 205,406.25 235,812.50 2.000% 28,656.25 8/1/2023 28,656.25 2024 175,000 28,656.25 2/1/2024 203,656.25 232,312.50 2.000% 26,906.25 8/1/2024 26,906.25 2025 175,000 26,906.25 2/1/2025 201,906.25 228,812.50 2.000% 25,156.25 8/1/2025 25,156.25 2026 175,000 25,156.25 2/1/2026 200,156.25 225,312.50 2.000% 23,406.25 8/1/2026 23,406.25 2027 175,000 23,406.25 2/1/2027 198,406.25 221,812.50 2.000% 21,656.25 8/1/2027 21,656.25 2028 175,000 21,656.25 2/1/2028 196,656.25 218,312.50 2.250% 19,906.25 8/1/2028 19,906.25 2029 175,000 19,906.25 2/1/2029 194,906.25 214,812.50 2.500% 17,937.50 8/1/2029 17,937.50 2030 175,000 17,937.50 2/1/2030 192,937.50 210,875.00 3.000% 15,750.00 8/1/2030 15,750.00 2031 175,000 15,750.00 2/1/2031 190,750.00 206,500.00 3.000% 13,125.00 8/1/2031 13,125.00 2032 175,000 13,125.00 2/1/2032 188,125.00 201,250.00 3.000% 10,500.00 8/1/2032 10,500.00 2033 175,000 10,500.00 2/1/2033 185,500.00 196,000.00 3.000% 7,875.00 8/1/2033 7,875.00 2034 175,000 7,875.00 2/1/2034 182,875.00 190,750,00 3.000% 5,250.00 8/1/2034 5,250.00 2035 175,000 5,250.00 2/1/2035 180,250.00 185,500.00 3.000% 2,625.00 8/1/2035 - 2,625.00 175,000 2,625.00 2/1/2036 177,625.00 180,250.00 $3,506,060.00 $942,058.70 $4,448,118.70 $4,448,118.70 Prepared by: James O. Eldredge, CC5 Financial Advisors and Government Banking Nauset Regional School District $3,506,060 General Obligation Bonds $2,709,484 High School green program Financial Advisor: CC5 Fiscal Fiscal Payment Debt Year Debt Year Rate Principal Interest Month/Year Service Service 2.000% 32,326.09 8/1/2016 32,326.09 2017 144,484 32,326.09 2/1/2017 176,810.09 209,136.18 2.000% 30,881.25 8/1/2017 30,881.25 2018 135,000 30,881.25 2/1/2018 165,881.25 196,762.50 3.000% 29,531.25 8/1/2018 29,531.25 2019 135,000 29,531.25 2/1/2019 164,531.25 194,062.50 2.000% 27,506.25 8/1/2019 27,506.25 2020 135,000 27,506.25 2/1/2020 162,506.25 190,012.50 2.000% 26,156.25 8/1/2020 26,156.25 2021 135,000 26,156.25 2/1/2021 161,156.25 187,312.50 2.000% 24,806.25 8/1/2021 24,806.25 2022 135,000 24,806.25 2/1/2022 159,806.25 184,612.50 2.000% 23,456.25 8/1/2022 23,456.25 2023 135,000 23,456.25 2/1/2023 158,456.25 181,912.50 2.000% 22,106.25 8/1/2023 22,106.25 2024 135,000 22,106.25 2/1/2024 157,106.25 179,212.50 2.000% 20,756.25 8/1/2024 20,756.25 2025 135,000 20,756.25 2/1/2025 155,756.25 176,512.50 2.000% 19,406.25 8/1/2025 19,406.25 2026 135,000 19,406.25 2/1/2026 154,406.25 173,812.50 2.000% 18,056.25 8/1/2026 18,056.25 2027 135,000 18,056.25 2/1/2027 153,056.25 171,112.50 2.000% 16,706.25 8/1/2027 16,706.25 2028 135,000 16,706.25 2/1/2028 151,706.25 168,412.50 2.250% 15,356.25 8/1/2028 15,356.25 2029 135,000 15,356.25 2/1/2029 150,356.25 165,712.50 2.500% 13,837.50 8/1/2029 13,837.50 2030 135,000 13,837.50 2/1/2030 148,837.50 162,675.00 3.000% 12,150.00 8/1/2030 12,150.00 2031 135,000 12,150.00 2/1/2031 147,150.00 159,300.00 3.000% 10,125.00 8/1/2031 10,125.00 2032 135,000 10,125.00 2/1/2032 145,125.00 155,250.00 3.000% 8,100.00 8/1/2032 8,100.00 2033 135,000 8,100,00 2/1/2033 143,100.00 151,200.00 3.000% 6,075.00 8/1/2033 6,075.00 2034 135,000 6,075.00 2/1/2034 141,075.00 147,150.00 3.000% 4,050.00 8/1/2034 4,050.00 2035 135,000 4,050.00 2/1/2035 139,050.00 143,100.00 3.000% 2,025.00 8/1/2035 2,025.00 135,000 2,025.00 2/1/2036 137,025.00 139,050.00 $2,709,484.00 $726,827.18 $3,436,311.18 $3,436,311.18 Prepared by: James O. Eldredge, CC5 Financial Advisors and Government Banking Nauset Regional School District $3,506,060 General Obligation Bonds $796,576 Middle School Roof Financial Advisor: CC5 Fiscal Fiscal Payment Debt Year Debt Year Rate Principal Interest Month/Year Service Service 2.000% 9,515.76 8/1/2016 9,515.76 2017 36,576 9,515.76 2/1/2017 46,091.76 55,607.52 / 2.000% 9,150.00 8/1/2017 9,150.00 2018 40,000 9,150.00 2/1/2018 49,150.00 58,300.00 / 3.000% 8,750.00 8/1/2018 8,750.00 2019 40,000 8,750.00 2/1/2019 48,750.00 57,500.00 2.000% 8,150.00 8/1/2019 8,150.00 2020 40,000 8,150.00 2/1/2020 48,150.00 56,300.00 2.000% 7,750.00 8/1/2020 7,750.00 2021 40,000 7,750.00 2/1/2021 47,750.00 55,500.00 2.000% 7,350.00 8/1/2021 7,350.00 2022 40,000 7,350.00 2/1/2022 47,350.00 54,700.00 2.000% 6,950.00 8/1/2022 6,950.00 2023 40,000 6,950.00 2/1/2023 46,950.00 53,900.00 2.000% 6,550.00 8/1/2023 6,550.00 2024 40,000 6,550.00 2/1/2024 46,550.00 53,100.00 2.000% 6,150.00 8/1/2024 6,150.00 2025 40,000 6,150.00 2/1/2025 46,150.00 52,300.00 2.000% 5,750.00 8/1/2025 5,750.00 2026 40,000 5,750.00 2/1/2026 45,750.00 51,500.00 2.000% 5,350.00 8/1/2026 5,350.00 2027 40,000 5,350.00 2/1/2027 45,350.00 50,700.00 2.000% 4,950.00 8/1/2027 4,950.00 2028 40,000 4,950.00 2/1/2028 44,950.00 49,900.00 2.250% 4,550.00 8/1/2028 4,550.00 2029 40,000 4,550.00 2/1/2029 44,550.00 49,100.00 2.500% 4,100.00 8/1/2029 4,100.00 2030 40,000 4,100.00 2/1/2030 44,100.00 48,200.00 3.000% 3,600.00 8/1/2030 3,600.00 2031 40,000 3,600.00 2/1/2031 43,600.00 47,200.00 3.000% 3,000.00 8/1/2031 3,000.00 2032 40,000 3,000.00 2/1/2032 43,000.00 46,000.00 3.000% 2,400.00 8/1/2032 2,400.00 2033 40,000 2,400.00 2/1/2033 42,400.00 44,800.00 3.000% 1,800.00 8/1/2033 1,800.00 2034 40,000 1,800.00 2/1/2034 41,800.00 43,600.00 3.000% 1,200.00 8/1/2034 1,200.00 2035 40,000 1,200.00 2/1/2035 41,200.00 42,400.00 3.000% 600.00 8/1/2035 600.00 40,000 600.00 2/1/2036 40,600.00 41,200.00 $796,576.00 $215,231.52 $1,011,807.52 $1,011,807.52 Prepared by: James 0. Eldredge, CC5 Financial Advisors and Government Banking POTENTIAL TAX IMPACT OF NAUSET HIGH SCHOOL PROJECT ON BREWSTER RESIDENTS & ELECTION LOGISTICS Peter Lombardi, Town Administrator Town of Brewster, Massachusetts March 5, 2021 Nauset High School Debt •Baseline assumptions: o $95.1M total cost impact to the four member towns – based on $131.8M total project cost and $36.7M Massachusetts School Building Authority reimbursement o 25 year level principal term (actual term to be voted on by Nauset Regional School Committee) – term could be 20, 25, or 30 years and could be either level debt or level principal o 2.46% interest rate (4.25% assumption last year at this time) – still conservative since current municipal bond rates for similar projects are less than 2% o Brewster’s FY22 Nauset Regional Assessment of 48.17% – updated annually based on prior year student enrollment o Median FY21 Brewster home value of $461,500 03/05/21 2 Nauset High School Debt •Tax impacts for median Brewster homeowner: o $353/year in Year 1 o $268/year in Year 10 o $202/year in Year 25 o $6544 total assessment (25 years) •Shorter term would reduce total interest payments and debt service, but it would increase the annual tax rate impacts – longer term would have the opposite effect •Level debt would reduce initial annual tax impacts and normalize annual tax rate impacts but it would increase total interest payments and debt service 03/05/21 3 Election Logistics •Nauset Regional School Committee called District Election to be held in all 4 towns on the proposed high school project on Tuesday March 30 – no Town Meeting votes will be held •All 4 towns elected to have their own simultaneous Special Election to fund the project (if approved) via a debt exclusion or temporary increase to property tax rates in each town •Residents may vote by mail for both elections – all registered voters received postcard application for mail-in ballots (available on Town website too) •Ballots being sent to voters who signed up starting today – please follow instructions (see website) 03/05/21 4 Election Logistics •Voters will cast 2 ballots on/by March 30 •Regional District Election vote (yellow) is for the proposed project •Town Special Election vote (pink) would authorize the Town to exclude Brewster’s annual assessment (~$2-3M/year) from the tax levy if the project is approved •Both votes require a simple majority for approval (debt exclusions for Town projects require 2/3 vote) •District vote tally includes total votes cast by registered voters in all 4 member towns - Brewster’s % totals don’t impact whether project is approved •Town Special Election vote (debt exclusion) tally includes only votes cast by registered voters in Brewster 03/05/21 5 Debt Exclusion & Impact on Town Finances •Importance of funding project via a debt exclusion •Brewster’s FY22 operating budget projects modest levy capacity (~$20k) •If project is approved and Brewster debt is not excluded, Town would have to cut expenses in other areas by $2-3M to cover assessment •If project is approved and debt exclusion is not, Town has option to hold another debt exclusion vote before debt is issued and assessment imposed •Brewster’s FY22 Operating Budget includes ~$1.5M in excluded debt – incremental annual decreases in FY22+ but no major reductions until FY29+ 03/05/21 6 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18:Est. Debt Service Proration Town of Barnstable 176 30.88 % Town of Brewster 36 6.32 Total Project Costs:Barnstable (split tax rate)0.87905276 Town of Chatham 8 1.40 Maximum MSBA Reimbursement: Brewster Town of Dennis 68 11.93 District's Local Share of Project Costs:Chatham Town of Eastham 22 3.86 Dennis Town of Harwich 67 11.75 Projected Bonds dated: 11/15/18 Eastham Town of Mashpee 45 7.89 Actual Interest Rate on $7M BAN dated Feb. 2 2.25% Harwich Town of Orleans 9 1.58 Actual TIC on $75M Bonds dated Nov. 2018: 3.32% Mashpee Town of Provincetown 11 1.93 Bonds payable November 15th Orleans Town of Truro 6 1.05 Provincetown (split tax rate)0.839887652 Town of Wellfleet 12 2.11 Truro (split tax rate)0.942652251 Town of Yarmouth 110 19.30 Wellfleet TOTAL ENROLLMENT: 570 100.00 %Yarmouth Fiscal Year Equals Net Total Debt Service Barnstable Debt Service Proration Barnstable Est. Tax Rate Impact per $1,000 Brewster Debt Service Proration Brewster Est. Tax Rate Impact per $1,000 Chatham Debt Service Proration Chatham Est. Tax Rate Impact per $1,000 Dennis Debt Service Proration Dennis Est. Tax Rate Impact per $1,000 Eastham Debt Service Proration Eastham Est. Tax Rate Impact per $1,000 Harwich Debt Service Proration Harwich Est. Tax Rate Impact per $1,000 Mashpee Debt Service Proration Mashpee Est. Tax Rate Impact per $1,000 Orleans Debt Service Proration Orleans Est. Tax Rate Impact per $1,000 Provincetown Debt Service Proration Provincetown Est. Tax Rate Impact per $1,000 Truro Debt Service Proration Truro Est. Tax Rate Impact per $1,000 Wellfleet Debt Service Proration Wellfleet Est. Tax Rate Impact per $1,000 Yarmouth Debt Service Proration Yarmouth Est. Tax Rate Impact per $1,000 2019 115,063 35,528 0.00 7,267 0.00 1,615 0.00 13,727 0.00 4,441 0.00 13,525 0.00 9,084 0.00 1,817 0.00 2,221 0.001 1,211 0.001 2,422 0.00 22,205 0.00 2020 7,617,300 2,352,008 0.19 481,093 0.13 106,909 0.02 908,731 0.14 294,001 0.10 895,367 0.17 601,366 0.12 120,273 0.03 147,001 0.053 80,182 0.038 160,364 0.07 1,470,005 0.26 2021 6,260,700 1,933,128 0.16 395,413 0.10 87,869 0.01 746,891 0.11 241,641 0.09 735,907 0.14 494,266 0.10 98,853 0.02 120,821 0.044 65,902 0.031 131,804 0.06 1,208,205 0.21 2022 6,255,575 1,931,546 0.16 395,089 0.10 87,798 0.01 746,279 0.11 241,443 0.08 735,304 0.14 493,861 0.10 98,772 0.02 120,722 0.044 65,848 0.031 131,696 0.06 1,207,216 0.21 2023 6,081,325 1,877,742 0.15 384,084 0.10 85,352 0.01 725,491 0.11 234,718 0.08 714,822 0.13 480,105 0.09 96,021 0.02 117,359 0.043 64,014 0.030 128,028 0.05 1,173,589 0.21 2024 5,907,075 1,823,939 0.15 373,078 0.10 82,906 0.01 704,704 0.11 227,992 0.08 694,340 0.13 466,348 0.09 93,270 0.02 113,996 0.041 62,180 0.029 124,359 0.05 1,139,962 0.20 2025 5,732,825 1,770,135 0.14 362,073 0.09 80,461 0.01 683,916 0.10 221,267 0.08 673,858 0.13 452,591 0.09 90,518 0.02 110,633 0.040 60,346 0.028 120,691 0.05 1,106,335 0.19 2026 5,558,575 1,716,332 0.14 351,068 0.09 78,015 0.01 663,128 0.10 214,541 0.08 653,376 0.12 438,835 0.09 87,767 0.02 107,271 0.039 58,511 0.028 117,023 0.05 1,072,707 0.19 2027 5,384,325 1,662,528 0.13 340,063 0.09 75,569 0.01 642,341 0.10 207,816 0.07 632,894 0.12 425,078 0.08 85,016 0.02 103,908 0.038 56,677 0.027 113,354 0.05 1,039,080 0.18 2028 5,210,075 1,608,725 0.13 329,057 0.09 73,124 0.01 621,553 0.09 201,091 0.07 612,412 0.12 411,322 0.08 82,264 0.02 100,545 0.037 54,843 0.026 109,686 0.05 1,005,453 0.18 2029 5,035,825 1,554,921 0.13 318,052 0.08 70,678 0.01 600,765 0.09 194,365 0.07 591,930 0.11 397,565 0.08 79,513 0.02 97,183 0.035 53,009 0.025 106,017 0.05 971,826 0.17 2030 4,861,575 1,501,118 0.12 307,047 0.08 68,233 0.01 579,977 0.09 187,640 0.07 571,448 0.11 383,809 0.07 76,762 0.02 93,820 0.034 51,174 0.024 102,349 0.04 938,199 0.17 2031 4,687,325 1,447,314 0.12 296,042 0.08 65,787 0.01 559,190 0.08 180,914 0.06 550,966 0.10 370,052 0.07 74,010 0.02 90,457 0.033 49,340 0.023 98,681 0.04 904,571 0.16 2032 4,530,500 1,398,891 0.11 286,137 0.07 63,586 0.01 540,481 0.08 174,861 0.06 532,532 0.10 357,671 0.07 71,534 0.02 87,431 0.032 47,689 0.022 95,379 0.04 874,307 0.15 2033 4,391,100 1,355,848 0.11 277,333 0.07 61,629 0.01 523,851 0.08 169,481 0.06 516,147 0.10 346,666 0.07 69,333 0.02 84,741 0.031 46,222 0.022 92,444 0.04 847,405 0.15 2034 4,251,700 1,312,806 0.11 268,528 0.07 59,673 0.01 507,220 0.08 164,101 0.06 499,761 0.09 335,661 0.07 67,132 0.02 82,050 0.030 44,755 0.021 89,509 0.04 820,504 0.14 2035 4,112,300 1,269,763 0.10 259,724 0.07 57,716 0.01 490,590 0.07 158,720 0.06 483,376 0.09 324,655 0.06 64,931 0.02 79,360 0.029 43,287 0.020 86,575 0.04 793,602 0.14 2036 3,972,900 1,226,720 0.10 250,920 0.07 55,760 0.01 473,960 0.07 153,340 0.05 466,990 0.09 313,650 0.06 62,730 0.02 76,670 0.028 41,820 0.020 83,640 0.04 766,700 0.13 2037 3,833,500 1,183,677 0.10 242,116 0.06 53,804 0.01 457,330 0.07 147,960 0.05 450,604 0.08 302,645 0.06 60,529 0.02 73,980 0.027 40,353 0.019 80,705 0.03 739,798 0.13 2038 3,694,100 1,140,634 0.09 233,312 0.06 51,847 0.01 440,700 0.07 142,579 0.05 434,219 0.08 291,639 0.06 58,328 0.01 71,290 0.026 38,885 0.018 77,771 0.03 712,896 0.13 2039 3,554,700 1,097,592 0.09 224,507 0.06 49,891 0.01 424,069 0.06 137,199 0.05 417,833 0.08 280,634 0.05 56,127 0.01 68,599 0.025 37,418 0.018 74,836 0.03 685,995 0.12 Total 101,048,363 31,200,898 6,382,002 1,418,223 12,054,892 3,900,112 11,877,615 7,977,502 1,595,500 1,950,056 1,063,667 2,127,334 19,500,561 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. =$300 * 0.13 = $ 39.00 127,062,881$ 46,292,274$ $300,000 / $1,000 Est. Home Value Impact 10,842,412,790 2,307,932,148 5,313,780,820 5,124,623,750 3,963,296,600 5,685,097,220 2,354,931,900 Eastham Yarmouth Wellfleet Truro Provincetown Mashpee Fiscal 2018 Valuations Orleans $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 11/15/19 (FY20) Cape Cod Regional Technical High School 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 Dennis Member Municipality Proration of Debt Service and Est. Residential Tax Rate Impact per $1,000 of Assessed Value Chatham Brewster Barnstable 80,770,607$ Harwich 2,001,555,166 1 of 14 Year Principal Coupon Interest Total P+I 6/30/2019 7,000,000 2.25% 115,063 115,063 **BAN Interest Only 6/30/2020 2,935,000 5.00% 4,682,300 7,617,300 6/30/2021 3,320,000 5.00% 2,940,700 6,260,700 6/30/2022 3,485,000 5.00% 2,770,575 6,255,575 6/30/2023 3,485,000 5.00% 2,596,325 6,081,325 6/30/2024 3,485,000 5.00% 2,422,075 5,907,075 6/30/2025 3,485,000 5.00% 2,247,825 5,732,825 6/30/2026 3,485,000 5.00% 2,073,575 5,558,575 6/30/2027 3,485,000 5.00% 1,899,325 5,384,325 6/30/2028 3,485,000 5.00% 1,725,075 5,210,075 6/30/2029 3,485,000 5.00% 1,550,825 5,035,825 6/30/2030 3,485,000 5.00% 1,376,575 4,861,575 6/30/2031 3,485,000 5.00% 1,202,325 4,687,325 6/30/2032 3,485,000 4.00% 1,045,500 4,530,500 6/30/2033 3,485,000 4.00% 906,100 4,391,100 6/30/2034 3,485,000 4.00% 766,700 4,251,700 6/30/2035 3,485,000 4.00% 627,300 4,112,300 6/30/2036 3,485,000 4.00% 487,900 3,972,900 6/30/2037 3,485,000 4.00% 348,500 3,833,500 6/30/2038 3,485,000 4.00% 209,100 3,694,100 6/30/2039 3,485,000 4.00% 69,700 3,554,700 Total 68,985,000 32,063,363 101,048,363 **Only BAN interest reflected in total debt service; BANs dated 2/18 due 11/18. V. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P& Est. MSBA Reimbursement EST. LEVEL DEBT SERVICE SCHEDULE Estimated Total Project Cost $127,062,881 2 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DU MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Barnstable Debt Service Proration Barnstable Est. Tax Rate Impact per $1,000 2019 115,063 35,528 0.00 2020 7,617,300 2,352,008 0.19 2021 6,260,700 1,933,128 0.16 2022 6,255,575 1,931,546 0.16 2023 6,081,325 1,877,742 0.15 2024 5,907,075 1,823,939 0.15 2025 5,732,825 1,770,135 0.14 2026 5,558,575 1,716,332 0.14 2027 5,384,325 1,662,528 0.13 2028 5,210,075 1,608,725 0.13 2029 5,035,825 1,554,921 0.13 2030 4,861,575 1,501,118 0.12 2031 4,687,325 1,447,314 0.12 2032 4,530,500 1,398,891 0.11 2033 4,391,100 1,355,848 0.11 2034 4,251,700 1,312,806 0.11 2035 4,112,300 1,269,763 0.10 2036 3,972,900 1,226,720 0.10 2037 3,833,500 1,183,677 0.10 2038 3,694,100 1,140,634 0.09 2039 3,554,700 1,097,592 0.09 Total 101,048,363 31,200,898 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Barnstable Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School B. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRS 3 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Brewster Debt Service Proration Brewster Est. Tax Rate Impact per $1,000 2019 115,063 7,267 0.00 2020 7,617,300 481,093 0.13 2021 6,260,700 395,413 0.10 2022 6,255,575 395,089 0.10 2023 6,081,325 384,084 0.10 2024 5,907,075 373,078 0.10 2025 5,732,825 362,073 0.09 2026 5,558,575 351,068 0.09 2027 5,384,325 340,063 0.09 2028 5,210,075 329,057 0.09 2029 5,035,825 318,052 0.08 2030 4,861,575 307,047 0.08 2031 4,687,325 296,042 0.08 2032 4,530,500 286,137 0.07 2033 4,391,100 277,333 0.07 2034 4,251,700 268,528 0.07 2035 4,112,300 259,724 0.07 2036 3,972,900 250,920 0.07 2037 3,833,500 242,116 0.06 2038 3,694,100 233,312 0.06 2039 3,554,700 224,507 0.06 Total 101,048,363 6,382,002 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Brewster Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School B. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 4 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Chatham Debt Service Proration Chatham Est. Tax Rate Impact per $1,000 2019 115,063 1,615 0.00 2020 7,617,300 106,909 0.02 2021 6,260,700 87,869 0.01 2022 6,255,575 87,798 0.01 2023 6,081,325 85,352 0.01 2024 5,907,075 82,906 0.01 2025 5,732,825 80,461 0.01 2026 5,558,575 78,015 0.01 2027 5,384,325 75,569 0.01 2028 5,210,075 73,124 0.01 2029 5,035,825 70,678 0.01 2030 4,861,575 68,233 0.01 2031 4,687,325 65,787 0.01 2032 4,530,500 63,586 0.01 2033 4,391,100 61,629 0.01 2034 4,251,700 59,673 0.01 2035 4,112,300 57,716 0.01 2036 3,972,900 55,760 0.01 2037 3,833,500 53,804 0.01 2038 3,694,100 51,847 0.01 2039 3,554,700 49,891 0.01 Total 101,048,363 1,418,223 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Chatham Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School B. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 5 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Dennis Debt Service Proration Dennis Est. Tax Rate Impact per $1,000 2019 115,063 13,727 0.00 2020 7,617,300 908,731 0.14 2021 6,260,700 746,891 0.11 2022 6,255,575 746,279 0.11 2023 6,081,325 725,491 0.11 2024 5,907,075 704,704 0.11 2025 5,732,825 683,916 0.10 2026 5,558,575 663,128 0.10 2027 5,384,325 642,341 0.10 2028 5,210,075 621,553 0.09 2029 5,035,825 600,765 0.09 2030 4,861,575 579,977 0.09 2031 4,687,325 559,190 0.08 2032 4,530,500 540,481 0.08 2033 4,391,100 523,851 0.08 2034 4,251,700 507,220 0.08 2035 4,112,300 490,590 0.07 2036 3,972,900 473,960 0.07 2037 3,833,500 457,330 0.07 2038 3,694,100 440,700 0.07 2039 3,554,700 424,069 0.06 Total 101,048,363 12,054,892 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Dennis Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School EB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 6 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Eastham Debt Service Proration Eastham Est. Tax Rate Impact per $1,000 2019 115,063 4,441 0.00 2020 7,617,300 294,001 0.10 2021 6,260,700 241,641 0.09 2022 6,255,575 241,443 0.08 2023 6,081,325 234,718 0.08 2024 5,907,075 227,992 0.08 2025 5,732,825 221,267 0.08 2026 5,558,575 214,541 0.08 2027 5,384,325 207,816 0.07 2028 5,210,075 201,091 0.07 2029 5,035,825 194,365 0.07 2030 4,861,575 187,640 0.07 2031 4,687,325 180,914 0.06 2032 4,530,500 174,861 0.06 2033 4,391,100 169,481 0.06 2034 4,251,700 164,101 0.06 2035 4,112,300 158,720 0.06 2036 3,972,900 153,340 0.05 2037 3,833,500 147,960 0.05 2038 3,694,100 142,579 0.05 2039 3,554,700 137,199 0.05 Total 101,048,363 3,900,112 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Eastham Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School B. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 7 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 11 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Harwich Debt Service Proration Harwich Est. Tax Rate Impact per $1,000 2019 115,063 13,525 0.00 2020 7,617,300 895,367 0.17 2021 6,260,700 735,907 0.14 2022 6,255,575 735,304 0.14 2023 6,081,325 714,822 0.13 2024 5,907,075 694,340 0.13 2025 5,732,825 673,858 0.13 2026 5,558,575 653,376 0.12 2027 5,384,325 632,894 0.12 2028 5,210,075 612,412 0.12 2029 5,035,825 591,930 0.11 2030 4,861,575 571,448 0.11 2031 4,687,325 550,966 0.10 2032 4,530,500 532,532 0.10 2033 4,391,100 516,147 0.10 2034 4,251,700 499,761 0.09 2035 4,112,300 483,376 0.09 2036 3,972,900 466,990 0.09 2037 3,833,500 450,604 0.08 2038 3,694,100 434,219 0.08 2039 3,554,700 417,833 0.08 Total 101,048,363 11,877,615 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Harwich Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School EB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 8 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Mashpee Debt Service Proration Mashpee Est. Tax Rate Impact per $1,000 2019 115,063 9,084 0.00 2020 7,617,300 601,366 0.12 2021 6,260,700 494,266 0.10 2022 6,255,575 493,861 0.10 2023 6,081,325 480,105 0.09 2024 5,907,075 466,348 0.09 2025 5,732,825 452,591 0.09 2026 5,558,575 438,835 0.09 2027 5,384,325 425,078 0.08 2028 5,210,075 411,322 0.08 2029 5,035,825 397,565 0.08 2030 4,861,575 383,809 0.07 2031 4,687,325 370,052 0.07 2032 4,530,500 357,671 0.07 2033 4,391,100 346,666 0.07 2034 4,251,700 335,661 0.07 2035 4,112,300 324,655 0.06 2036 3,972,900 313,650 0.06 2037 3,833,500 302,645 0.06 2038 3,694,100 291,639 0.06 2039 3,554,700 280,634 0.05 Total 101,048,363 7,977,502 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Mashpee Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School EB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 9 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Orleans Debt Service Proration Orleans Est. Tax Rate Impact per $1,000 2019 115,063 1,817 0.00 2020 7,617,300 120,273 0.03 2021 6,260,700 98,853 0.02 2022 6,255,575 98,772 0.02 2023 6,081,325 96,021 0.02 2024 5,907,075 93,270 0.02 2025 5,732,825 90,518 0.02 2026 5,558,575 87,767 0.02 2027 5,384,325 85,016 0.02 2028 5,210,075 82,264 0.02 2029 5,035,825 79,513 0.02 2030 4,861,575 76,762 0.02 2031 4,687,325 74,010 0.02 2032 4,530,500 71,534 0.02 2033 4,391,100 69,333 0.02 2034 4,251,700 67,132 0.02 2035 4,112,300 64,931 0.02 2036 3,972,900 62,730 0.02 2037 3,833,500 60,529 0.02 2038 3,694,100 58,328 0.01 2039 3,554,700 56,127 0.01 Total 101,048,363 1,595,500 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Orleans Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School B. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 10 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 11/15/19 (F MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Provincetown Debt Service Proration Provincetown Est. Tax Rate Impact per $1,000 2019 115,063 2,221 0.001 2020 7,617,300 147,001 0.053 2021 6,260,700 120,821 0.044 2022 6,255,575 120,722 0.044 2023 6,081,325 117,359 0.043 2024 5,907,075 113,996 0.041 2025 5,732,825 110,633 0.040 2026 5,558,575 107,271 0.039 2027 5,384,325 103,908 0.038 2028 5,210,075 100,545 0.037 2029 5,035,825 97,183 0.035 2030 4,861,575 93,820 0.034 2031 4,687,325 90,457 0.033 2032 4,530,500 87,431 0.032 2033 4,391,100 84,741 0.031 2034 4,251,700 82,050 0.030 2035 4,112,300 79,360 0.029 2036 3,972,900 76,670 0.028 2037 3,833,500 73,980 0.027 2038 3,694,100 71,290 0.026 2039 3,554,700 68,599 0.025 Total 101,048,363 1,950,056 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Provincetown Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School EB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 11 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Truro Debt Service Proration Truro Est. Tax Rate Impact per $1,000 2019 115,063 1,211 0.001 2020 7,617,300 80,182 0.038 2021 6,260,700 65,902 0.031 2022 6,255,575 65,848 0.031 2023 6,081,325 64,014 0.030 2024 5,907,075 62,180 0.029 2025 5,732,825 60,346 0.028 2026 5,558,575 58,511 0.028 2027 5,384,325 56,677 0.027 2028 5,210,075 54,843 0.026 2029 5,035,825 53,009 0.025 2030 4,861,575 51,174 0.024 2031 4,687,325 49,340 0.023 2032 4,530,500 47,689 0.022 2033 4,391,100 46,222 0.022 2034 4,251,700 44,755 0.021 2035 4,112,300 43,287 0.020 2036 3,972,900 41,820 0.020 2037 3,833,500 40,353 0.019 2038 3,694,100 38,885 0.018 2039 3,554,700 37,418 0.018 Total 101,048,363 1,063,667 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Truro Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School EB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 12 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 11 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Wellfleet Debt Service Proration Wellfleet Est. Tax Rate Impact per $1,000 2019 115,063 2,422 0.00 2020 7,617,300 160,364 0.07 2021 6,260,700 131,804 0.06 2022 6,255,575 131,696 0.06 2023 6,081,325 128,028 0.05 2024 5,907,075 124,359 0.05 2025 5,732,825 120,691 0.05 2026 5,558,575 117,023 0.05 2027 5,384,325 113,354 0.05 2028 5,210,075 109,686 0.05 2029 5,035,825 106,017 0.05 2030 4,861,575 102,349 0.04 2031 4,687,325 98,681 0.04 2032 4,530,500 95,379 0.04 2033 4,391,100 92,444 0.04 2034 4,251,700 89,509 0.04 2035 4,112,300 86,575 0.04 2036 3,972,900 83,640 0.04 2037 3,833,500 80,705 0.03 2038 3,694,100 77,771 0.03 2039 3,554,700 74,836 0.03 Total 101,048,363 2,127,334 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Wellfleet Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School EB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 13 of 14 $7M BANs FEB. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST P&I DUE 1 MEMBER MUNICIPALITY ENROLLMENT AS OF 10/1/18: Town of Barnstable 176 Town of Brewster 36 Barnstable (split tax rate)0.879053 Town of Chatham 8 Brewster Town of Dennis 68 Chatham Town of Eastham 22 Dennis Town of Harwich 67 Eastham Town of Mashpee 45 Harwich Town of Orleans 9 Mashpee Town of Provincetown 11 Orleans Town of Truro 6 Provincetown (split tax rate)0.839888 Town of Wellfleet 12 Truro (split tax rate)0.942652 Town of Yarmouth 110 Wellfleet TOTAL ENROLLMENT: 570 Yarmouth Fiscal Year Equals Net Total Debt Service Yarmouth Debt Service Proration Yarmouth Est. Tax Rate Impact per $1,000 2019 115,063 22,205 0.00 2020 7,617,300 1,470,005 0.26 2021 6,260,700 1,208,205 0.21 2022 6,255,575 1,207,216 0.21 2023 6,081,325 1,173,589 0.21 2024 5,907,075 1,139,962 0.20 2025 5,732,825 1,106,335 0.19 2026 5,558,575 1,072,707 0.19 2027 5,384,325 1,039,080 0.18 2028 5,210,075 1,005,453 0.18 2029 5,035,825 971,826 0.17 2030 4,861,575 938,199 0.17 2031 4,687,325 904,571 0.16 2032 4,530,500 874,307 0.15 2033 4,391,100 847,405 0.15 2034 4,251,700 820,504 0.14 2035 4,112,300 793,602 0.14 2036 3,972,900 766,700 0.13 2037 3,833,500 739,798 0.13 2038 3,694,100 712,896 0.13 2039 3,554,700 685,995 0.12 Total 101,048,363 19,500,561 Assumptions: Barnstable, Provincetown and Truro have split tax rates; Assessed valuation shown reflects residential valuation net of exempt debt. Debt service proration based on FY2018 enrollment figures. Bonds structured on an equal/declining debt service basis for a maximum term of 20 years. Bonds reflect only estimated local share of project costs. Yarmouth Fiscal 2018 Valuations 10,842,412,790 3,819,923,720 6,767,129,050 6,669,724,660 2,841,369,240 5,313,780,820 5,124,623,750 3,963,296,600 2,307,932,148 2,001,555,166 2,354,931,900 5,685,097,220 Cape Cod Regional Technical High School B. 2018 TO NOV. 2018; $75M 20YR BONDS DELIVER NOVEMBER 2018; LONG 1ST COUPON; FIRST 14 of 14 Nauset Regional School District- Financing Scenario- 25 Year Bond 11/28/2022 12/2020 $95M Bond / Int rate 2.34% Avg 2023 2021 TEMP.SHORT Level Debt BOND ANNUAL 47.4074%IMPACT IMPACT Median 48.0400%IMPACT IMPACT Median Projected FISCAL DEBT PRINCIPAL TERM BOND INTEREST DEBT NET RESID.$100,000 Home Value NET RESID.$100,000 Home Value Change YEAR ISSUED OUTSTAND. INTEREST PRINCIPAL 4.500%SERVICE DEBT SVC TAX RATE HOUSE 636,700.00$ DEBT SVC TAX RATE HOUSE 461,500.00$ In Cost 2022 0 $133,100,000 $0 $0 $0 0 $0 2023 $0 $133,100,000 $0 $0 $0 0 $0 $0.00 $0.00 $0.00 $0.00 $0.00 2024 $130,115,000 2,985,000 5,989,500 8,974,500 $4,254,577 $0.73 $73.26 $466.47 $2,379,713.98 $0.56 $55.93 $258.11 $208.35 2025 $126,995,000 3,120,000 5,855,175 8,975,175 $4,254,897 $0.73 $73.27 $466.50 $2,449,991.96 $0.58 $57.58 $265.74 $200.76 2026 $123,735,000 3,260,000 5,714,775 8,974,775 $4,254,707 $0.73 $73.27 $466.48 $2,450,232.16 $0.58 $57.59 $265.76 $200.72 2027 $120,325,000 3,410,000 5,568,075 8,978,075 $4,256,272 $0.73 $73.29 $466.65 $2,449,871.86 $0.58 $57.58 $265.72 $200.93 2028 $116,765,000 3,560,000 5,414,625 8,974,625 $4,254,636 $0.73 $73.26 $466.47 $2,448,790.96 $0.58 $57.55 $265.61 $200.87 2029 $113,045,000 3,720,000 5,254,425 8,974,425 $4,254,542 $0.73 $73.26 $466.46 $2,449,271.36 $0.58 $57.56 $265.66 $200.80 2030 $109,155,000 3,890,000 5,087,025 8,977,025 $4,255,774 $0.73 $73.28 $466.60 $2,448,670.86 $0.58 $57.55 $265.59 $201.00 2031 $105,090,000 4,065,000 4,911,975 8,976,975 $4,255,750 $0.73 $73.28 $466.59 $2,449,271.36 $0.58 $57.56 $265.66 $200.94 2032 $100,840,000 4,250,000 4,729,050 8,979,050 $4,256,734 $0.73 $73.30 $466.70 $2,448,430.66 $0.58 $57.54 $265.57 $201.13 2033 $96,400,000 4,440,000 4,537,800 8,977,800 $4,256,142 $0.73 $73.29 $466.64 $2,448,430.66 $0.58 $57.54 $265.57 $201.07 2034 $91,760,000 4,640,000 4,338,000 8,978,000 $4,256,236 $0.73 $73.29 $466.65 $2,449,319.40 $0.58 $57.57 $265.66 $200.98 2035 $86,915,000 4,845,000 4,129,200 8,974,200 $4,254,435 $0.73 $73.26 $466.45 $2,448,622.82 $0.58 $57.55 $265.59 $200.86 2036 $81,850,000 5,065,000 3,911,175 8,976,175 $4,255,371 $0.73 $73.28 $466.55 $2,448,742.92 $0.58 $57.55 $265.60 $200.95 2037 $76,555,000 5,295,000 3,683,250 8,978,250 $4,256,355 $0.73 $73.29 $466.66 $2,449,319.40 $0.58 $57.57 $265.66 $201.00 2038 $71,025,000 5,530,000 3,444,975 8,974,975 $4,254,802 $0.73 $73.27 $466.49 $2,449,127.24 $0.58 $57.56 $265.64 $200.85 2039 $65,245,000 5,780,000 3,196,125 8,976,125 $4,255,347 $0.73 $73.28 $466.55 $2,450,568.44 $0.58 $57.59 $265.80 $200.75 2040 $59,205,000 6,040,000 2,936,025 8,976,025 $4,255,300 $0.73 $73.28 $466.55 $2,448,790.96 $0.58 $57.55 $265.61 $200.94 2041 $52,895,000 6,310,000 2,664,225 8,974,225 $4,254,447 $0.73 $73.26 $466.45 $2,448,646.84 $0.58 $57.55 $265.59 $200.86 2042 $46,300,000 6,595,000 2,380,275 8,975,275 $4,254,945 $0.73 $73.27 $466.51 $2,450,088.04 $0.58 $57.58 $265.75 $200.76 2043 $39,405,000 6,895,000 2,083,500 8,978,500 $4,256,473 $0.73 $73.30 $466.67 $2,450,664.52 $0.58 $57.60 $265.81 $200.86 2044 $32,200,000 7,205,000 1,773,225 8,978,225 $4,256,343 $0.73 $73.29 $466.66 $2,450,376.28 $0.58 $57.59 $265.78 $200.88 2045 $24,675,000 7,525,000 1,449,000 8,974,000 $4,254,340 $0.73 $73.26 $466.44 $2,449,223.32 $0.58 $57.56 $265.65 $200.79 2046 $16,810,000 7,865,000 1,110,375 8,975,375 $4,254,992 $0.73 $73.27 $466.51 $2,449,607.64 $0.58 $57.57 $265.70 $200.82 2047 $8,590,000 8,220,000 756,450 8,976,450 $4,255,502 $0.73 $73.28 $466.57 $2,449,079.20 $0.58 $57.56 $265.64 $200.93 2048 $0 8,590,000 386,550 8,976,550 $4,255,549 $0.73 $73.28 $466.57 $2,450,040.00 $0.58 $57.58 $265.74 $200.83 2049 $0 0 $0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $133,100,000 91,304,775 $224,404,775 $106,384,469 $1,831.92 $11,663.84 $61,164,892.84 $1,437.53 $6,634.21 $5,029.63 Interest rate subject to change based upon market rate environment Does not include short-term interest Terms of Debt to be Voted by the Nauset Regional School Committee Total FY23 Valuation for 'New Financing Schedule' is $5,807,261,160.00 Total FY21 Valuation for 'Prior Financing Schedule' is $4,254,853,730.00 New Financing Schedule Prior Financing Schedule 11/2022 $133M Bond / Int rate 4.5% Brewster Per 1,000 Brewster Per 1,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 TOTAL General Fund Debt Public Way Exempt Principal 135,000.00 135,000.00 135,000.00 135,000.00 130,000.00 130,000.00 130,000.00 130,000.00 130,000.00 1,730,000.00 3/1/2016 (I)Interest 32,062.50 26,662.50 21,262.50 15,862.50 13,162.50 10,562.50 7,962.50 5,362.50 2,762.50 317,912.50 - School Remodel Principal 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 145,000.00 2,610,000.00 3/1/2016 (I) Exempt Interest 52,562.50 46,762.50 40,962.50 35,162.50 32,262.50 29,362.50 26,462.50 23,562.50 20,662.50 17,581.25 14,318.75 10,875.00 7,250.00 3,625.00 629,662.50 - - Library Parking non ex Principal 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 270,000.00 5/3/2017 (I)Interest 5,860.00 4,860.00 3,860.00 2,860.00 2,360.00 1,860.00 1,410.00 960.00 490.00 57,710.00 - Public Way Exempt Principal 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 700,000.00 5/3/2017 (I)Interest 15,925.00 13,425.00 10,925.00 8,425.00 7,175.00 5,925.00 4,800.00 3,675.00 2,500.00 1,275.00 160,750.00 - Public Way Exempt Principal 110,000.00 105,000.00 105,000.00 105,000.00 105,000.00 105,000.00 105,000.00 105,000.00 105,000.00 1,390,000.00 5/3/2017 (I)Interest 31,015.00 25,515.00 20,265.00 15,015.00 12,390.00 9,765.00 7,402.50 5,040.00 2,572.50 303,640.00 - Fire Station Principal 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 325,000.00 6,175,000.00 5/3/2017 (I) Exempt Interest 150,150.00 133,900.00 117,650.00 101,400.00 93,275.00 85,150.00 77,837.50 70,525.00 62,887.50 54,925.00 46,637.50 38,025.00 29,250.00 19,500.00 9,750.00 1,840,962.50 - Fire Station Principal 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 6,005,000.00 3/15/2018 (I) Exempt Interest 157,500.00 148,500.00 140,250.00 125,250.00 110,250.00 101,250.00 92,250.00 83,250.00 74,250.00 65,250.00 56,250.00 47,250.00 38,250.00 28,875.00 19,500.00 9,750.00 2,047,975.00 - Sewer Non ex Principal 65,000.00 65,000.00 60,000.00 60,000.00 60,000.00 60,000.00 630,000.00 3/15/2018 (I)Interest 13,337.50 11,387.50 9,600.00 6,600.00 3,600.00 1,800.00 125,675.00 - Nauset MS Roof - 2/13/2015 Exempt Assessment 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 25,553.00 384,089.00 - Nauset HS Green Program - 8/15/2012 Exempt Assessment 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 86,240.00 1,296,282.00 - Cape Cod Tech Building Project - 11/1/2018 Exempt Assessment 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 549,461.00 9,750,547.00 - - Nauset HS Building Project -Financing Scenario - (133M 25-year level debt @ 4.5% interest)Exempt Assessment -4,254,577.00 4,254,897.00 4,254,707.00 4,256,272.00 4,254,636.00 4,254,542.00 4,255,774.00 4,255,750.00 4,256,734.00 4,256,142.00 4,256,236.00 4,254,435.00 4,255,371.00 4,256,355.00 4,254,802.00 4,255,347.00 4,255,300.00 4,254,447.00 4,254,945.00 4,256,473.00 4,256,343.00 4,254,340.00 4,254,992.00 4,255,502.00 4,255,549.00 106,384,468.00 - CCSC Acquisition Principal 395,000.00 400,000.00 420,000.00 440,000.00 465,000.00 485,000.00 510,000.00 535,000.00 565,000.00 575,000.00 585,000.00 600,000.00 610,000.00 625,000.00 640,000.00 655,000.00 675,000.00 690,000.00 710,000.00 725,000.00 745,000.00 770,000.00 790,000.00 810,000.00 835,000.00 860,000.00 885,000.00 910,000.00 935,000.00 965,000.00 19,810,000.00 11/10/2021 Exempt Interest 891,899.44 581,622.50 561,122.50 539,622.50 516,997.50 493,247.50 468,372.50 442,247.50 423,222.50 411,822.50 399,930.00 387,187.50 373,572.50 359,057.50 343,557.50 327,206.25 310,080.00 292,162.50 273,435.00 253,881.25 233,482.50 212,272.50 190,235.00 167,435.00 143,993.75 119,625.00 94,322.50 68,295.00 41,542.50 13,992.50 9,935,443.19 - Total GF Principal 1,545,000.00 1,545,000.00 1,560,000.00 1,580,000.00 1,600,000.00 1,620,000.00 1,585,000.00 1,610,000.00 1,640,000.00 1,395,000.00 1,355,000.00 1,370,000.00 1,380,000.00 1,395,000.00 1,265,000.00 955,000.00 675,000.00 690,000.00 710,000.00 725,000.00 745,000.00 770,000.00 790,000.00 810,000.00 835,000.00 860,000.00 885,000.00 910,000.00 935,000.00 965,000.00 39,320,000.00 Interest 1,350,311.94 992,635.00 925,897.50 850,197.50 791,472.50 738,922.50 686,497.50 634,622.50 589,347.50 550,853.75 517,136.25 483,337.50 448,322.50 411,057.50 372,807.50 336,956.25 310,080.00 292,162.50 273,435.00 253,881.25 233,482.50 212,272.50 190,235.00 167,435.00 143,993.75 119,625.00 94,322.50 68,295.00 41,542.50 13,992.50 15,419,730.69 2,895,311.94 2,537,635.00 2,485,897.50 2,430,197.50 2,391,472.50 2,358,922.50 2,271,497.50 2,244,622.50 2,229,347.50 1,945,853.75 1,872,136.25 1,853,337.50 1,828,322.50 1,806,057.50 1,637,807.50 1,291,956.25 985,080.00 982,162.50 983,435.00 978,881.25 978,482.50 982,272.50 980,235.00 977,435.00 978,993.75 979,625.00 979,322.50 978,295.00 976,542.50 978,992.50 54,739,730.69 Total Exempt Principal 1,460,000.00 1,460,000.00 1,480,000.00 1,500,000.00 1,520,000.00 1,540,000.00 1,565,000.00 1,590,000.00 1,620,000.00 1,395,000.00 1,355,000.00 1,370,000.00 1,380,000.00 1,395,000.00 1,265,000.00 955,000.00 675,000.00 690,000.00 710,000.00 725,000.00 745,000.00 770,000.00 790,000.00 810,000.00 835,000.00 860,000.00 885,000.00 910,000.00 935,000.00 965,000.00 38,420,000.00 Interest 1,331,114.44 976,387.50 912,437.50 840,737.50 785,512.50 735,262.50 685,087.50 633,662.50 588,857.50 550,853.75 517,136.25 483,337.50 448,322.50 411,057.50 372,807.50 336,956.25 310,080.00 292,162.50 273,435.00 253,881.25 233,482.50 212,272.50 190,235.00 167,435.00 143,993.75 119,625.00 94,322.50 68,295.00 41,542.50 13,992.50 15,236,345.69 2,791,114.44 2,436,387.50 2,392,437.50 2,340,737.50 2,305,512.50 2,275,262.50 2,250,087.50 2,223,662.50 2,208,857.50 1,945,853.75 1,872,136.25 1,853,337.50 1,828,322.50 1,806,057.50 1,637,807.50 1,291,956.25 985,080.00 982,162.50 983,435.00 978,881.25 978,482.50 982,272.50 980,235.00 977,435.00 978,993.75 979,625.00 979,322.50 978,295.00 976,542.50 978,992.50 53,656,345.69 Total Non Exempt Principal 85,000.00 85,000.00 80,000.00 80,000.00 80,000.00 80,000.00 20,000.00 20,000.00 20,000.00 ---------------------635,000.00 Interest 19,197.50 16,247.50 13,460.00 9,460.00 5,960.00 3,660.00 1,410.00 960.00 490.00 ---------------------94,292.50 104,197.50 101,247.50 93,460.00 89,460.00 85,960.00 83,660.00 21,410.00 20,960.00 20,490.00 ---------------------729,292.50 School Assessment - Exempt 661,254.00 4,915,831.00 4,916,151.00 4,915,961.00 4,917,526.00 4,915,890.00 4,915,796.00 4,917,028.00 4,917,004.00 4,917,988.00 4,917,396.00 4,917,490.00 4,915,689.00 4,916,625.00 4,805,816.00 4,804,263.00 4,804,808.00 4,255,300.00 4,254,447.00 4,254,945.00 4,256,473.00 4,256,343.00 4,254,340.00 4,254,992.00 4,255,502.00 4,255,549.00 ----117,815,386.00 - Current Exempt Debt & Assessment Payments 3,452,368.44 3,097,641.50 3,053,691.50 3,001,991.50 2,966,766.50 2,936,516.50 2,911,341.50 2,884,916.50 2,870,111.50 2,607,107.75 2,533,390.25 2,514,591.50 2,489,576.50 2,467,311.50 2,187,268.50 1,841,417.25 1,534,541.00 982,162.50 983,435.00 978,881.25 978,482.50 982,272.50 980,235.00 977,435.00 978,993.75 979,625.00 979,322.50 978,295.00 976,542.50 978,992.50 171,471,731.69 (w/out Nauset HS Debt)- Total FY23 Valuation: $5,807,260,060 Nauset HS Debt: -4,254,577.00 4,254,897.00 4,254,707.00 4,256,272.00 4,254,636.00 4,254,542.00 4,255,774.00 4,255,750.00 4,256,734.00 4,256,142.00 4,256,236.00 4,254,435.00 4,255,371.00 4,256,355.00 4,254,802.00 4,255,347.00 4,255,300.00 4,254,447.00 4,254,945.00 4,256,473.00 4,256,343.00 4,254,340.00 4,254,992.00 4,255,502.00 4,255,549.00 ---- Tax Rate Portion of Currect Excluded Debt 0.59 0.53 0.53 0.52 0.51 0.51 0.50 0.50 0.49 0.45 0.44 0.43 0.43 0.42 0.38 0.32 0.26 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 Tax Rate Portion of NHS Building -0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 0.73 ---- Total Amount of Tax Rate from Exempt Debt 0.59 1.27 1.26 1.25 1.24 1.24 1.23 1.23 1.23 1.18 1.17 1.17 1.16 1.16 1.11 1.05 1.00 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.90 0.17 0.17 0.17 0.17 Incl. School Debt Median Value Home in FY23 $636,700 -466.47 466.50 466.48 466.65 466.47 466.46 466.60 466.59 466.70 466.64 466.65 466.45 466.55 466.66 466.49 466.55 466.55 466.45 466.51 466.67 466.66 466.44 466.51 466.57 466.57 ----11,663.85 Finance Committee Minutes October 5, 2022 Page 1 of 9 TOWN OF BREWSTER FINANCE COMMITTEE Date: October 5, 2022 Time: 6:00 PM MEETING MINUTES Present: Chair Pete Dahl, Vice Chair Frank Bridges, Clerk Bill Meehan, Bob Young, Andy Evans, Alex Hopper Also present: Peter Lombardi, Town Administrator; Donna Kalinick, Assistant Town Administrator; Mimi Bernardo, Finance Director; Conor Kenny, Project Manager; Colette Williams, Town Clerk; Dave Valcourt & Louise Vivona-Miller, Private Road Betterment petitioners Absent: Honey Pivirotto, Robert Tobias, William Henchy The Chair called the meeting to order at 6:02 pm and announced a quorum. Pursuant to Chapter 107 of the Acts of 2022, this meeting will be conducted in person and via remote means, in accordance with applicable law. This means that members of the public body may access this meeting in person, or via virtual means. In person attendance will be at the meeting location listed above, and it is possible that any or all members of the public body may attend remotely. No in-person attendance of members of the public will be permitted, and public participation in any public hearing conducted during this meeting shall be by remote means only. Additionally, the meeting may be viewed by: Live broadcast (Brewster Government TV Channel 18), Livestream (livestream.brerwster-ma.gov), or Video recording (tv.brewster-ma.gov). 1.Public Announcements and Comment- none 2.Town Administrator/Finance Director Report Peter said the Select Board did talk about the library renovation on Monday. There was a follow up meeting with the folks from the State last month. The other towns in similar positions are going in as a group to actively advocate for state funding to be supplemented from their original amount. They reached out to us to see if we wanted to join them. The Select Board did decide to not move forward and notified the State that they were turning down the $4.5 million original amount for that project. It will be back to the drawing board. There remain capital improvements for the library, and we are in the process for resetting and will be developing an updated list of near-term capital needs over the next couple of months. 3.Update – Nauset Regional HS Building Project – Update from SBC Chair Greg Levasseur Pete said Greg Lavasseur had some work-related issues that he needed to attend to and cannot make it this evening. He went on to talk about the CCTimes article that discussed the filed sub bids coming in $20M over budget. Peter Lombardi said the filed sub bids did come in and were over the cost estimates by $19-$20M. Filed sub bids come first and general contractor bids to follow in the next two weeks. We won’t know the full costs until the General Contractor bids come in. By three weeks we should have a more accurate handle on what the Approved: VOTE: Finance Committee Minutes October 5, 2022 Page 2 of 9 project costs will be. The School Building Committee will be meeting as soon as those bids come in. Pete said there is still a lot of movement, but we will know much more over the next three weeks. 4.Discussion and Vote on Town Meeting Warrant Articles a.Article 12 and 13 - Private Road Engineering Services – Conor Kenny b.Article 16 – Local Election Deadline – Colette Williams c.Article 2 – Capital and Special Projects d.Article 9 – Town Meeting Warrant deadline – re-vote if necessary e.Article 10 – Local Comprehensive Plan (LCP) Article 12 only, the other did not get on the proxy votes for Town Meeting Article 12 – Private Road Engineering Services – Conor Kenny presenting: Conor Kenny said the private road betterment occurs when the town facilitates the repair of a private road in town. The road must have been open for public use for at least 5 years. The project consists of drainage installation and repaving the roadways in the neighborhood. The Planning Board approved the plan on August 10th. This has been placed on the Town Meeting Warrant. If Town Meeting votes to approve the project, further engineering work would have to take place, and the town would put out the contract to bid. The contract would be awarded to the lowest responsible bidder. Once those repairs are completed, the road continues to be a private way. The project consists of the neighborhood in the Vesper Pond Road area – Vesper Pond Road, Mayflower Circle, Cranberry Lane, Deerpath Circle, Jam Lane, and Bayview Road. Frank asked about the private road continuing to be a private road after the betterment. Peter Lombardi said private roads don’t have to conform to the same specifications as a public way. The town is supportive of these improvements, but if they were to have to then bring the road into compliance to be accepted as a public way, it would incur all kinds of additional costs. Frank said if it retains its private way, the town has no obligation to plow it, salt, or sand it, etc. Peter Lombardi said, technically, under the letter of state statute, that is correct. Brewster does have a long history of providing snow removal services on our private ways. Other Cape towns have a more formalized process. We aren’t technically required to, but we do. Dave Valcourt, petitioner for the project – we’ve been at this for over three years now. He is here to answer questions. Back in the summer of 2019, we hired an engineer. Most recently, we revoted in the neighborhood – costs have continued to go up. We very much look forward to having this project brought to Town Meeting in November. Andy asked about the estimated cost of $724,000 – do we have confidence this will be an accurate number in November? Donna Kalinick said that is the estimate from the engineer, it is not a bid-ed number. If it is approved at Town Meeting, we would put it out to bid and have a final number. We have had some real challenges with vertical construction, the pricing around road work has not been as challenging. Once the real number comes in, it would be reallocated among the abutters. Peter Lombardi said the bylaw requires three quotes and then averaging those. Andy asked if the work is not done to the level we had hoped, who owns that next step of going back to the contractors. Donna Kalinick said the contract for the work is between the town and the contractor. Louise Vivona-Miller said, in addition, the engineer has successfully completed most of the road betterments in the town. Alex asked about the length of the tax assessment. Peter Lombardi said it can be up to 15 years, chosen by each resident. Louise Vivona-Miller and Dave Valcourt said the cost is equally shared amongst the 57 abutters. Pete asked about oversight. Donna Kalinick said there is an engineer but the department working with the engineer would be Public Works. Finance Committee Minutes October 5, 2022 Page 3 of 9 Pete asked how long the roads were – Dave Valcourt said 6 streets, 4 catch basins for drainage and 11 leaching pits, loom and seed the shoulder roadways - 12,755 square yards of asphalt. Pete said it would be a good ½ mile or so. Conor Kenny said the abutters can pay in increments or lump sum, and it gets added as an expense on their property tax bill. Bill Meehan MOVED to approve Article 12, Private Road Betterment, as printed in the Warrant. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Article 16 – Local Election Deadlines – Colette Williams presenting Colette Williams said she is hoping the town will adopt MGL Ch. 41 Sec. 110A at Town Meeting. With the acceptance of Ch. 90 in the Acts of 2022 moved the voting registration deadline to 10 days. This would allow us to move it back to the previous Friday from 8:30-5. This would only affect local elections. The state elections are set by the state. Pete said this allows the town offices to not be opened on a Saturday. This is not just a Brewster request. This would incur additional costs. Peter Lombardi said there are many other Town Clerks taking a similar approach to the most recent passage of the state legislation. Pete said this is just common sense but wants to make two points. Saturdays could be a day where people who work could come to register. He also states that he is one of the early voters on a Saturday when we were open and while we were there, no one else showed up. Colette Williams said for the entire 6 days we were open, we had 103 people. She said in the new Chapter 90 Acts of 2022, any citizen would be registered to vote – auto voter registration, mail in registration, and can go online or come into the Town Clerk’s office to register to vote. Peter Lombardi said this doesn’t eliminate early voting on Saturdays, this just moves the deadline for voter registration back one day. Pete asked if we reach out to Nauset Seniors to run a registration campaign at the high school? Colette Williams answered that the League of Women voters usually does. Bill Meehan MOVED to approve Article 16, Local Election Deadlines, to authorize the Town Clerk’s Office to remain closed on all Saturdays. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Article 2 – Capital and Special Projects Expenditures Subsection 1 Select Board – Peter Lombardi said we talked about the Certified Free Cash at a little over $4.6 million. We look to appropriate around $2 million to support capital. Most requests are brought forward in the Special Town Meeting in the fall. We are transitioning our Capital Plan to the open.gov platform in the next month or so after completing the Town Meeting Warrant process. a.Drummer Boy Park phase one construction of master plan – improvements focus on parking, stormwater, and walkways. Estimating a total cost of $750,000 for this work. We are seeking $255,000 From free cash with the balance just under $500,000 hoping to be covered through the town’s ARPA funds. Pete asked if this had anything to do with the boardwalk project. Peter Lombardi said this is all involving pedestrian access – it does envision a walkway, but these improvements were not meant to be Finance Committee Minutes October 5, 2022 Page 4 of 9 made solely to support the potential elevated boardwalk. They are not contingent projects. They are viewed independently. Pete said he is supportive of the boardwalk project. Peter Lombardi said when and if that project moves forward, the idea behind doing this work first is to ensure there is adequate infrastructure in terms of parking and drainage at Drummer Boy to support those future uses. b.Sea Camps Comprehensive Planning – reappropriated funds for this work for both properties. Estimating a total of $350,000 - we’ve applied for $75,000 in state grant funding and $50,000 in private grants. We are asking for the full amount, if we receive grant funds, we will return these funds at the conclusion of the project. Bill Meehan asked if the comprehensive planning process is reflective of the bids we received for professional services. Peter Lombardi answered that we are talking to that firm to see if they can come in at a better number without changing the scope and reaching out to other firms. We don’t have the final number yet. c.Updated Water Quality Report for our ponds. This is a recommendation that was included in our integrated water resource management plan. It has been over 10 years that we have looked at our pond water quality. This work is intended to provide some data and analysis to inform our future water quality work around our ponds for $50,000. The funding source is our new Water Quality Stabilization Fund created last year and funded initially with $112,000 with a portion of our short-term rental revenues. d.Interim uses of the Sea Camps Properties, free cash request of $50,000. The long-term planning process will take time, but in the interim we are doing our best to provide our residents opportunities to get on the properties to use and enjoy. We don’t have funding available to support this kind of programming – one time at relatively limited costs. Both properties have been looking at interim uses. This would cover any one of the different scenarios. e.Lastly, we received an appropriation of $75,000 last May for our continued water resource planning and implementation. We are seeking another $35,000 to focus our efforts and putting together a water resources task force to come up with near- and long-term plans. There are costs associated with the technical supported needed for that work. Bill Meehan MOVED to approve Article 2, Section 1, Select Board, for the subtotal of $565,000 to be funded from Free Cash with the exception of subsection C, $50,000, to be funded from Water Quality Stabilization. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 2 Department of Public Works (DPW) a – $250,000 in Free Cash for parking for each of the properties – probably 50 parking spaces. In August the planning committee voted to endorse looking to open the pool to residents by next summer as their number one priority. There are currently only 5 parking spaces close to the pool. We don’t know yet what that parking will look like, but we know we will need funding to design and construct them. b - Second is the standing article for the DPW for drainage and road maintenance costs to supplement our annual state appropriation of $315,000. In the five-year plan we are looking to increase this by $25,000 annually. The request this year is for $225,000 from free cash and the pavement management Finance Committee Minutes October 5, 2022 Page 5 of 9 plan updated last year – based on the current condition of our public roads, we should be investing $750,000 to maintain their status. So, this amount combined with he $315,000 from the state gets us closer to that amount. c - $200,000 request for a new loader and back-hoe d - $60,000 request to purchase a new pick-up truck which includes a plow package Bill said to honor the Bay Parcel Planning Committee and have the pool open for use; we must have parking. Pete said the courts near the beach were in poor repair. It’s hard to imagine that property at some point without tennis and pickle ball courts. Bill Meehan MOVED to approve Article 2, subsection 2, DPW for $735,000 from Free Cash. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 3 Police Department a.$115,000 for vehicle replacement – 2 vehicles to transition to hybrid cruisers. It’s a pretty significant transition, but happy to be moving in that direction. b.Next is $50,000 from free cash for security fencing and signage around the police station. This was already on the capital plan before the new dog park was built but is needed a little more now with the traffic at the dog park. If you go to the new fire station, what we are planning for the police station is similar – basic fencing and signage and security around those vehicles. c.Lastly, a little over $42,000 from free cash for upgraded electronic finger printing and booking software. Bill Meehan MOVED to approve Article 2, subsection 3, Police Department, several projects totaling $207,500 to be funded from Free Cash. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 4 Fire Department a.Staffing and department organizational study for $35,000 – this is a combination of free cash and ambulance funds - $10,000 from free cash and $25,000 from the ambulance fund. The Chief gave a presentation to the Select Board for this request, it is intended to understand the community needs and the department needs and what the needs will be going forward. b.The second is assistance to firefighter grant, there is a very small 5% local required match to that funding. Every few years we must refresh that balance for the requirement. $20,000 from ambulance funds for that. Finance Committee Minutes October 5, 2022 Page 6 of 9 Bill Meehan MOVED to approve Article 2, subsection 4, Fire Department, the sum of $55,000 - $45,000 from the ambulance fund and $10,000 from free cash as printed in the Warrant. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 5 Natural Resources a.Pains Creek Culvert - there are some deficiencies in that design that when we have storms, and surge, there is a fair amount of washout around the culvert. This project is intended to reinforce the area around the culvert to avoid that issue. We secured funding through the USDA for design 100% and 75% of construction costs. They don’t cover permitting – that is 100% on the town and 25% max on construction. This is the same process we used to update the Crosby culvert. These funds are specific to permitting of this project. b.Stony Brook Mill Retaining Wall funded from the same source, to make improvements at the mill site to improve the retaining wall and the fish way. We are working through the final design on both areas. The town must cover 100% of the permitting costs. Town Meeting approved $125,000 of CPC funds for the construction, about 25% match for the retaining wall. c.Walkers Pond Water Quality Improvements. This funding is $32,000 from water quality stabilization for design and permitting, not for the actual treatment. That will follow. Bill Meehan MOVED to approve Article 2, subsection 5, Natural Resources $111,000 from Free Cash, with the exception of $32,000 from Water Quality Stabilization Fund. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 6 Facilities a.Town Hall Window Replacement b.Town Hall and Library Elevator Upgrades c.Crosby Mansion Function Room HVAC Bill Meehan MOVED to approve Article 2, subsection 6 Facilities, the sum of $185,000 for several projects all funded from Free Cash. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 7 Library a.Library elevator replacement Bill Meehan MOVED to approve Article 2, subsection 7 Library, the sum of $300,000 from Free Cash for replacement of the library elevator. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes Finance Committee Minutes October 5, 2022 Page 7 of 9 The Committee voted: 6-yes 0-no Subsection 8 Information Technology a.Technology upgrades/replacement Bill Meehan said that he wonders if this is a large enough amount for technology. Peter Lombardi said it is a fair point, but he will remind everyone, the IT operating budget has increased significantly over the past two years specifically for all the upgrades made, moving to the cloud, etc. - while the capital appropriations have remained consistent, operating expenses have gone up. Bill Meehan MOVED to approve Article 2, subsection 8 Information Technology, the sum of $35,000 - $10,000 from Overlay, $25,000 from Free Cash. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 9 Assessors a.Valuation Services - Standing Article for $80,000 from Overlay to cover our contractual obligations with our service providers that does many of our site inspections to fund that contract. Bill Meehan MOVED to approve Article 2, subsection 9 Assessors, the sum of $80,000 to be funded by Overlay. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 10 Water Department a.Water Department design, engineering, and construction oversite to paint the exterior of the two water tanks. b.Land Acquisition for Water Protection - commission agreed to providing $250,000 from water retained earnings, but when acquisition cost went up, they increased their commitment to add another $100,000 over 3 years’ time to help cover those costs. Bill Meehan MOVED to approve Article 2, subsection 10 Water Department, the total sum of $145,000 to be funded from water retained earnings. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Subsection 11 Golf Department Bill said the golf operation emerged from its own sinkhole having paid off a very significant debt. During the last several years of that indebtedness, capital needs were pushed aside and there is a backlog of real capital need now. He supports all of it and understands all of it. He assured the committee that it is all necessary. Frank said he noticed that at the course the driving range is in horrendous condition and has been that way for quite Finance Committee Minutes October 5, 2022 Page 8 of 9 some time. The equipment there was not working all summer and thinks something should be in here for that specifically. Peter Lombardi said that in the next year those exact things will be focused on. Bill Meehan MOVED to approve Article 2, subsection 11 Golf Department, the total sum of $730,000 to be funded from Golf Reserves. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Article 9 – Town Meeting Warrant Deadline – re-vote if necessary Pete said we voted on this and there are some language changes which don’t change the intent of the original language – only giving the Select Board the leeway to closing it up to 15 days prior on a special town meeting in certain circumstances. Peter Lombardi said the bylaw, in its current form, didn’t explicitly say that the 75-day deadline applied to citizen’s petition articles. It does now. He wanted to bring more clarity to this with updated language from town counsel. 75 day for Annual Town Meeting and 45 day for Special Town meeting deadlines applies just to citizen’s petitions. Bill Meehan MOVED to rescind our original vote of 6-3-0. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no Bob was confused by the new language. Peter Lombardi said he would ask Town Counsel, but feels the intent is that it is closed just to citizen’s petitions. Bill said he reads it as that if there is a citizen’s petition article which has specific gravity to the town, the Select Board could shorten that deadline to their discretion. But that absent that, the deadline is 45 days prior. Alex agreed. Bob said that is not what comes through in this language. Pete agreed that there was confusion. Peter Lombardi said he would get clarification from Town Counsel for the next meeting. Article 10 – Local Comprehensive Plan (LCP) - defer 5.Liaison Reports and Assignments- defer 6. Approval of Minutes – Aug 24, 2022 Bill Meehan MOVED to approve the Minutes from August 24, 2022 as presented. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 6-yes 0-no 7. Request for agenda items for future meetings – please email Pete 8. Matters Not Reasonably Anticipated by the Chair- none 9. Next Finance Committee Meeting – 10/12/22 Finance Committee Minutes October 5, 2022 Page 9 of 9 10. Adjournment Bill Meehan MOVED to adjourn the meeting at 8:17PM. Frank Bridges second. Roll Call Vote: Bill Meehan – yes, Frank Bridges – yes, Bob Young – yes, Alex Hopper – yes, Andy Evans – yes, Chair Pete Dahl– yes. The Committee voted: 6-yes 0-no Respectfully submitted, Beth Devine Packet of supporting materials on website for public review. Finance Committee Minutes October 12, 2022 Page 1 of 5 TOWN OF BREWSTER FINANCE COMMITTEE Date: October 12, 2022 Time: 6:00 PM MEETING MINUTES Present: Chair Pete Dahl, Vice Chair Frank Bridges, Bob Young, Robert Tobias, Andy Evans, Honey Pivirotto, Alex Hopper Also present: Peter Lombardi, Town Administrator; Mimi Bernardo, Finance Director; Faythe Ellis, Community Preservation; Elizabeth Taylor, Open Space Committee Absent: William Henchy, Bill Meehan The Chair called the meeting to order at 6:02 pm and announced a quorum. Pursuant to Chapter 107 of the Acts of 2022, this meeting will be conducted in person and via remote means, in accordance with applicable law. This means that members of the public body may access this meeting in person, or via virtual means. In person attendance will be at the meeting location listed above, and it is possible that any or all members of the public body may attend remotely. No in-person attendance of members of the public will be permitted, and public participation in any public hearing conducted during this meeting shall be by remote means only. Additionally, the meeting may be viewed by: Live broadcast (Brewster Government TV Channel 18), Livestream (livestream.brerwster-ma.gov), or Video recording (tv.brewster-ma.gov). 1.Public Announcements and Comment- none 2.Town Administrator/Finance Director Report - none 3.Discussion and Vote on Town Meeting Warrant Articles a.Article 11 (Millstone Road Temp Easements) – P. Lombardi b.Article 13 & 14 (Bay Property Pool) – P. Lombardi c.Article 3 (CPC) – Faythe Ellis - defer d.Article 4 (Holly Ave Conservation Restriction) – Elizabeth Taylor e.Article 5 (CPC bylaw) – Faythe Ellis f.Article 9 – Town Meeting Warrant deadline – re-vote if necessary g.Article 10 – Local Comprehensive Plan - defer Article 11 – Millstone Road Temp Easements – P. Lombardi Peter Lombardi presented the Article to the Committee. Funding will come from the Road Bond where we have funding for this specific process. Pete asked if this was to give the town authority to enter into these easements. Peter Lombardi said that is correct. Robert Tobias MOVED to approve Article 11 as stated in the Warrant. Bob Young second. Approved: VOTE: Finance Committee Minutes October 12, 2022 Page 2 of 5 Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no Article 13 & 14 – Bay Property Pool – P. Lombardi Frank Bridges MOVED to approve Article 13 as displayed in the Warrant. Bob Young second. Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no Peter Lombardi said the Bay Property Planning Committee expressed their support for and interest in the town doing everything they can to open the pool for next summer. In order to do that we need to set up the revolving fund. This will track both expenses and revenues separately from the general fund which is standard for towns managing municipal pools. Pete asked if this is limited where we may have to increase the revolving fund in the future or should it be expanded now. Peter Lombardi said it is typically its own revolving fund. The plan going forward would be to charge some form of fee but wouldn’t have those revenues in this fiscal year. The plan would be in the future to cover all the expenses from the fees themselves. This fund is just for the first year to get it up and running. Article 14 – funding the revolving fund – P. Lombardi Peter Lombardi said after meeting with the YMCA, we feel, even with the startup costs, we need to just buy the basics to have the pool operational. We feel confident $150,000 from Free Cash will cover those first-year costs. Frank Bridges MOVED to approve Article 14 to appropriate $150,000 to the newly created revolving fund for the Bay Property pool with $150,000 from Free Cash. Bob Young second. Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no Article 3 – CPC – Faythe Ellis Appropriate $332,200 for relocation and restoration of Brewster Schoolhouse #3 Faythe Ellis said we only had the final vote on this article a couple of hours ago and the numbers are different. She said, I can tell you what the new numbers are based on our meeting, or I can come back to you once everything is finalized and you can vote later the final article. Pete said if she has the final number, we can vote on that number. Funding sources transfer $357,200 from Historic Preservation fund which makes the amount in right hand column $357,200, subtotal the same and grand total the same. Faythe Ellis said the Brewster Conservation Trust got a land donation and this building is on it. They have arranged with the Brewster Historical Society that they can have this building and move it, and restore it as a schoolhouse, to Windmill Village. They are going to take it apart and move it to Drummer Boy Park. There is a second floor, and they are hoping to put a display about the cranberry industry there. In the summary, there are some additional blanks – the funding request includes and additional $10,000 set aside for CPC expenses for historical consulting services. The total project cost is $347,200; the CPC request is $357,200; the CPC vote was 8-0-0. Finance Committee Minutes October 12, 2022 Page 3 of 5 Frank Bridges MOVED to approve Article 3, CPA funding for the purpose of relocating and restoration of Brewster Schoolhouse #3, the amount of $357,200 as written in the Warrant, funding source from Historic Preservation Fund balance. Andy Evans second. Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no Article 4 – Holly Ave Conservation Restriction – Elizabeth Taylor Elizabeth Taylor presented Article 4 to the Committee. This has been approved by the CPC. Pete said, for clarification, this is a conservation easement – putting it in for perpetuity, but it is still owned by the landowner. Elizabeth Taylor said it is still owned by Brewster Conservation Trust (BCT.) We have paid for conservation restrictions 2-3 times before. Robert asked if BCT (a private land conservation entity) is buying the land, what is the funding for exactly? Elizabeth Taylor answered the $250,000 is for the conservation restriction and, $14,000 for administration expenses. It will be paid to the Compact as they have already bought the land, the price of the land was $360,000. We’re being asked to pay $250,000 toward the conservation restriction and BCT will pay the rest toward acquiring the land. Robert recommends changing the wording to help ease confusion at Town Meeting. Frank Bridges MOVED to approve Article 4, Conservation Restriction on 0 Holly Avenue as written in the Warrant. Andy Evans second. Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no Article 5 – CPC bylaw – Faythe Ellis Faythe Ellis said we had a discussion today, there was some alternative wording that was put in front of the Select Board. It is significantly different. The CPC was asked to make a recommendation to the Select Board about their feelings about this alternative language. Faythe Ellis said she would prefer to discuss this article once the discussion they had this afternoon is reflected in the article itself. The CPC also made a recommendation today to change the summary a little bit. She would prefer to come and discuss the completed article. Pete invited Faythe Ellis to come next week. He said we will put this off until the next meeting. Article 9 - Town Meeting Warrant Deadline Peter Lombardi said there was new language inserted to clarify the 75-day deadline for town meeting and the new 45-day deadline for special town meeting apply to new citizen petition articles and new language from town counsel. Peter confirmed with town counsel that the language was included to avoid an interpretation of the amended bylaw that would require the Select Board to wait 45 days to hold a special town meeting. It still gives them flexibility to call a special town meeting with a quick turnaround, as they have authority under state law. And the 45-day deadline on citizens petitions doesn’t confer on them an obligation to wait 45 days to call a special town meeting. Frank Bridges MOVED to approve Article 9, Special Town Meeting warrant deadline, as written in the warrant. Alex Hopper second. Finance Committee Minutes October 12, 2022 Page 4 of 5 Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no Frank hates the way this is drafted. Peter Lombardi said basically, if there is a special special town meeting, they won’t be bound by waiting for 45 days to hold the meeting after they call it in order to accommodate citizens’ petition. We are looking to deal with an issue that is a very narrow topic, specific reason for calling that meeting. Frank said, effectively, it would be impossible for a citizen to attach a special petition to the meeting. Peter Lombardi said that has been the past practice for many years but has never been written down- that is what we are trying to do here. 4.Liaison Reports and Assignments- defer Pete said the School Building Committee is holding a meeting tomorrow a 4PM and he wants to be sure someone on the committee is in attendance. He might be able to attend but will try to carve out time to make sure someone is there from the Finance Committee. It is important because we are getting to a point where the bids are coming in. The GC is next week. It will be worth hearing what is going on. 5. Approval of Minutes – 9/21/22 Frank Bridges MOVED to approve the Minutes from 9/21/22 as presented. Andy Evans second. Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no 6. Request for agenda items for future meetings – please email Pete 7. Matters Not Reasonably Anticipated by the Chair Article 2 section 6d – Sea Camps mowers adds $17,500 to last vote Section 7a – Irrigation and Maintenance $20,000 Pete Dahl MOVED to approve the revised Article 2, creation of Section 7, Recreation for Freeman Fields Irrigation repair and maintenance, the amount of $20,000 from Free Cash; and to approve a new subsection under Section 6, subsection d – Sea Camps mowers, $17,500 from Free Cash which will create a new grand total in Article 2 of $3,147,000; Subtotal on facilities of $202,500 – also to renumber them inserting them to new Section 7- Recreation - and moving all the other numbers up a number – new Section 7 will be Freeman’s Field Irrigation Repair and Maintenance for $20,000, funded from Free Cash, and also, subsequently, the new grand total for Capital Expenditures is $3,147,000. Frank Bridges second. Roll Call Vote: Robert Tobias – yes, Honey Pivirotto – yes, Frank Bridges – yes, Bob Young – yes, Andy Evans – yes, Alex Hopper – yes, Chair Pete Dahl– yes The Committee voted: 7-yes 0-no 8. Next Finance Committee Meeting – 10/19/22 Finance Committee Minutes October 12, 2022 Page 5 of 5 9. Adjournment Frank Bridges MOVED to adjourn the meeting at 7:14PM. Andy Evans second. Roll Call Vote: Frank Bridges – yes, Bob Young – yes, Alex Hopper – yes, Honey Pivirotto – yes, Robert Tobias – yes, Andy Evans – yes, Chair Pete Dahl– yes. The Committee voted: 7-yes 0-no Respectfully submitted, Beth Devine Packet of supporting materials on website for public review.