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HomeMy Public PortalAbout20150303 - Appropriations Committee - Meeting MinutesTown of Hopkinton Appropriation Committee Minutes of Meeting on Tuesday, March 3, 2015 Room 255, Hopkinton Middle School, Hopkinton, Massachusetts In attendance: Mike Manning Pam Waxlax Wayne Pacheco Shahidul Mannan Chris Howell Elaine Lazarus Ken Weismantel The meeting was called to order by Mike at 6:15 PM. Shahidul arrive at 6:17 PM The committee discussed what was asked of us with regards to Article 3 of Special Town Meeting (STM.) Chris presented revised analysis of the project, including cost of debt versus cost of services offset by anticipated revenue. See Attachment 1. Also included were potential debt exclusion projects for library (already approved), DPW garage (May ATM) and Center School solution (likely Fall STM). Elaine Lazarus, Director of Land Use, Planning and Permitting, upon query informed us a 5 bedroom home may be built on the lots due to all the open space related to it. The committee discussed the pros and cons related to both the purchase and the development of the parcel. Based on the assumptions we have (page 1 of Attachment 1), this will be a revenue positive development. It was also noted that CPA funds are collected for the purpose of buying open space and the CPC determined not to fund any portion of the article. Ken Weismantel, speaking as representative for the CPC, noted they prioritized enjoyment by the whole town and determined Fruit St property enhancements would reach a broader base. Wayne moved and Shahidul seconded the Appropriation Committee reopen the previous motion to take no action on Article 3, Land Purchase - 203 Pond Street. The motion passed by a vote of 4-0. Wayne moved and Shahidul seconded the Appropriation Committee not recommend Article 3, Land Purchase - 203 Pond Street. The motion passed by a vote of 4-0. At 6:55 PM, we moved to the Hopkinton Middle School Auditorium for ATM. Wayne moved and Shahidul seconded a motion to approve the minutes of our 2/23/2015 meeting. The motion passed by a vote of 4-0. At 8:55 PM Pam moved and Wayne seconded a motion to adjourn when STM concluded. The motion passed unanimously, 4-0. 203 Pond Street Projected tax impact Assumptions: 12 new homes average value = 800,000 Cos t of town services based on Legacy Farm HCA ($9,000 per 4 -bedroom home), increased 2% annually from FY10 to FY16 Acquisition offset by 250,000 DCR grant No increase/decrease in property values Future years tax levy based on current proposed, adjusted by net gain / loss when principal payments begin. FY 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 A as r-nall- 1 New costs Lost revenue New revenue Net Gain Debt Services Home Land Rollback Residential (Loss) Values Tax Levy Tax Rate 3,002,298,330 53,921,278 17.96 (121,626) (8,004) (576) 29,424 180,434 79,652 3,011,898,330 56,609,144 18.80 (35,000) (121,626) - - - 180,434 58,808 3,011,898,330 56,609,144 18.80 (238,000) (121,626) - - - 180,434 58,808 3,011,898,330 56,550,336 18 .78 (231,000) (121,626) - - - 180,246 58,621 3,011,898,330 56,491,715 18.76 (224,000) (121,626) - - - 180,059 58,434 3,011,898,330 56,433,281 18.74 (217,000) (121,626) - - - 179,873 58,248 3,011,898,330 56,375,034 18.72 (210,000) (121,626) - - - 179,687 58,062 3,011,898,330 56,316,972 18 .70 (203,000) (121,626) - - - 179,502 57,877 3,011,898,330 56,259,095 18.68 (196,000) (121,626) - - - 179,318 57,692 3,011,898,330 56,201,403 18.66 (189,000) (121,626) - - - 179,134 57,508 3,011,898,330 56,143,894 18.64 (182,000) (121,626) - - - 178,951 57,325 3,011,898,330 56,086,569 18.62 (178,500) (121,626) - - - 178,768 57,142 3,011,898,330 56,029,427 18.60 (9 1 n.1 cnm O a7ti 7R 7\ ., ', A ., es. .,. . ....._ -- . Annual tax impact per $100,000 $250,000 $500,000 $503,971 $750,000 $1,000,000 $1,250,000 Avg SF home (7.90) (19.75) (39.51) (39.82) (59. 26) (79.02) (98 .77) (7.67) (19.17) (38. 35) (38.65) (57.52) (76.70) (95.87) (7.44) (18. 59) (37.19) (37.48) (55.78) (74.37) (92.96) (7.20) (18.01) (36.02) (36.31) (54.04) (72.05) (90.06) (6.97) (17.43) (34.86) (35.14) (52.29) (69.72) (87.15) (6.74) (16. 85) (33.70) (33.97) (50.55) (67.40) (84. 25) (6.51) (16.27) (32.54) (32.80) (48. 81) (65.08) (81.34) (6.28) (15.69) (31. 38) (31.62) (47. 06) (62. 75) (78. 44) (6. 04) (15.11) (30. 21) (30.45) (45.32) (60.43) (75.53) (5.93) (14.82) (29. 63) (29.87) (44. 45) (59.26) (74.08) (0 .0195) (0 .0195) (0.0194) (0.0193) (0.0193) (0.0192) (0.0192) (0.0191) (0.0190) (0 .0190) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Annual tax impact per $100,000 $250,000 $500,000 $503,971 $750,000 $1,000,000 $1,250,000 Avg SF home 1 .95 4.88 9 .76 9.84 14 .64 19.53 24.41 1.95 4 .87 9.73 9 .81 14 .60 19.46 24.33 1.94 4.85 9.70 9.78 14.55 19 .40 24 .25 1.93 4.83 9.67 9.75 14.50 19 .34 24.17 1.93 4 .82 9.64 9.72 14.46 19.28 24.10 1.92 4.80 9 .61 9 .68 14.41 19.22 24.02 1.92 4.79 9.58 9.65 14.37 19.15 23.94 1. 91 4.77 9.55 9.62 14.32 19.09 23.87 1.90 4. 76 9 .52 9.59 14.27 19.03 23 .79 1. 90 4.74 9.49 9.56 14 .23 18.97 23.72 2/y , TOWN OF H OPKINTON POTENTIAL DEBT EXCLUSION PROJECTS TAX IMPACT ANALYSIS FY2016 Value 3,002,298,330 Tax Levy 53,921,278 Tax Rate 17.96 Tax increase per assessed property value: Avq SF Home Borrowing Tax rate increase 100,000 250,000 500,000 503,971 600,000 750,000 1,000,000 1,250,000 203 Pond Street $1,750,000 0 .08 7.93 19.82 39.64 39.95 47.56 59.45 79 .27 99.09 Library $7,199,937 0.21 21.10 52.76 105.52 106.36 126 .62 158.28 211 .04 263.80 DPW Garage $15,000,000 0 .44 43.97 109 .92 219.83 221.58 263 .80 329.75 439.66 549.58 Next School Project $33,000,000 0 .97 96.73 241.81 483,63 487.47 580 .36 725.44 967 .26 1,209 07 TOTAL 1.70 169 .72 424.31 848 .62 855.35 1,018 .34 1,272 .92 1,697.23 2,121.54 3/g PARCEL ID: R21-12-0 ROLLBACK TAXES ON 32 .47 ACRES VALUE/ FULL CHAPTER ASSESSED FOREST FY ACRES ACRE VALUE VALUE VALUE CREDIT TAX RATE R OLLBACK INTEREST ANNUAL 2015 32.47 10,000 324,700 48 1,559 323,141 17.96 5,803.62 290 .18 6,093.80 2014 32.47 10,000 324,700 49 1,591 323,109 17.63 5,696.41 284 .82 5,981.23 2013 32.47 10,000 324,700 43 1,396 323,304 17.32 5,599.62 279.98 5,879 .60 2012 32.47 10,000 324,700 35 1,136 323,564 17.05 5,516.76 275.84 5,792 .60 2011 32.47 10,000 324,700 48 1,559 323,141 16.73 5,406.16 270.31 5,676.46 TOTAL 29,423.70 203 Pond Street FISCAL YEAR 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 PRINCIP AL OUTSTANDING PRINCIPAL 30 -Jun PAYMENTS 1,750,000 1,575,000 1,400,000 1,225,000 1,050,000 875,000 700,000 525,000 350,000 175,000 0 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 INTE REST 4.00% 35,000 63,000 56,000 49,000 42,000 35,000 28,000 21,000 14,000 7,000 3,500 ANNU AL DEBT SE RVICE 35,000 238,000 231,000 224,000 217,000 210,000 203,000 196,000 189,000 182,000 178,500 TA X IMP ACT PER $1,000 0.012 0 .079 0.077 0.075 0.072 0 .070 0 .068 0.065 0.063 0.061 0.059 TAX IMPACT PE R $100,000 1 .17 7 .93 7 .69 7 .46 7.23 6 .99 6 .76 6.53 6.30 6.06 5 .95 1,750,000 353,500 2,103,500 0 .03 3.34 S/8 DPW Garage TAX TAX P RINCIP AL AN NUAL IMPACT IMPACT FISCAL OUTSTANDING PRINCIPAL INTEREST DEBT PER PER Y EAR 30 -Jun PAYMENTS 4.00% SERVICE S1,000 $100,000 0 0.00 0.00 0 0.00 0.00 2017 15,000,000 300,000 300,000 0.100 9.99 2018 14,250,000 750,000 570,000 1,320,000 0 .440 43.97 2019 13,500,000 750,000 540,000 1,290,000 0.430 42.97 2020 12,750,000 750,000 510,000 1,260,000 0 .420 41.97 2021 12,000,000 750,000 480,000 1,230,000 0.410 40.97 2022 11,250,000 750,000 450,000 1,200,000 0.400 39.97 2023 10,500,000 750,000 420,000 1,170,000 0 .390 38.97 2024 9,750,000 750,000 390,000 1,140,000 0.380 37 .97 2025 9,000,000 750,000 360,000 1,110,000 0.370 36.97 2026 8,250,000 750,000 330,000 1,080,000 0.360 35.97 2027 7,500,000 750,000 300,000 1,050,000 0.350 34.97 2028 6,750,000 750,000 270,000 1,020,000 0.34 33.97 2029 6,000,000 750,000 240,000 990,000 0.33 32 .97 2030 5,250,000 750,000 210,000 960,000 0.32 31.98 2031 4,500,000 750,000 180,000 930,000 0.31 30.98 2032 3,750,000 750,000 150,000 900,000 0 .30 29.98 2034 3,000,000 750,000 120,000 870,000 0 .29 28.98 2035 2,250,000 750,000 90,000 840,000 0.28 27.98 2036 1,500,000 750,000 60,000 810,000 0.27 26.98 2037 750,000 750,000 30,000 780,000 0.26 25.98 2038 0 750,000 15,000 765,000 0.25 25.48 15,000,000 6,015,000 21,015,000 0.33 33.33 b/g Next School Project TAX TAX PRINCIP AL ANNU AL IMP ACT IMPACT FISCAL OUTSTANDING PRINCIPAL INTEREST DEBT PER PE R Y EAR 30 -Jun PA YMENTS 4.00% SER VICE 81,000 $100,000 $0 $0 .00 $0 .00 0 0 .00 0 .00 2017 33,000,000 660,000 660,000 0.220 21.98 2018 31,350,000 1,650,000 1,254,000 2,904,000 0.967 96 .73 2019 29,700,000 1,650,000 1,188,000 2,838,000 0 .945 94.53 2020 28,050,000 1,650,000 1,122,000 2,772,000 0 .923 92.33 2021 26,400,000 1,650,000 1,056,000 2,706,000 0.901 90 .13 2022 24,750,000 1,650,000 990,000 2,640,000 0 .879 87.93 2023 23,100,000 1,650,000 924,000 2,574,000 0 .857 85.73 2024 21,450,000 1,650,000 858,000 2,508,000 0.835 83.54 2025 19,800,000 1,650,000 792,000 2,442,000 0 .813 81.34 2026 18,150,000 1,650,000 726,000 2,376,000 0 .791 79.14 2027 16,500,000 1,650,000 660,000 2,310,000 0 .769 76.94 2028 14,850,000 1,650,000 594,000 2,244,000 0 .75 74.74 2029 13,200,000 1,650,000 528,000 2,178,000 0 .73 72.54 2030 11,550,000 1,650,000 462,000 2,112,000 0 .70 70.35 2031 9,900,000 1,650,000 396,000 2,046,000 0 .68 68 .15 2032 8,250,000 1,650,000 330,000 1,980,000 0 .66 65.95 2034 6,600,000 1,650,000 264,000 1,914,000 0.64 63.75 2035 4,950,000 1,650,000 198,000 1,848,000 0 .62 61.55 2036 3,300,000 1,650,000 132,000 1,782,000 0.59 59.35 2037 1,650,000 1,650,000 66,000 1,716,000 0.57 57.16 2038 0 1,650,000 33,000 1,683,000 0.56 56.06 33,000,000 13,233,000 46,233,000 0.73 73 .33 7/5 Library TA X TAX PRINCIPAL ANNUAL IMPACT IMPACT FISCAL OUTSTAN DING PRINCIPAL INTEREST DEBT PER PE R YEAR 30 -Jun PAYMENTS 4.00% SERVICE $1,000 $100,000 0 0.00 0.00 0 0.00 0 .00 2017 7,199,937 143,999 143,999 0.048 4.80 2018 6,839,940 359,997 273,598 633,594 0.211 21.10 2019 6,479,943 359,997 259,198 619,195 0.206 20.62 2020 6,119,946 359,997 244,798 604,795 0.201 20.14 2021 5,759,950 359,997 230,398 590,395 0.197 19 .66 2022 5,399,953 359,997 215,998 575,995 0.192 19.19 2023 5,039,956 359,997 201,598 561,595 0.187 18 .71 2024 4,679,959 359,997 187,198 547,195 0.182 18 .23 2025 4,319,962 359,997 172,798 532,795 0.177 17.75 2026 3,959,965 359,997 158,399 518,395 0 .173 17.27 2027 3,599,969 359,997 143,999 503,996 0.168 16.79 2028 3,239,972 359,997 129,599 489,596 0 .16 16.31 2029 2,879,975 359,997 115,199 475,196 0.16 1.5.83 2030 2,519,978 359,997 100,799 460,796 0.15 15.35 2031 2,159,981 359,997 86,399 446,396 0.15 14.87 2032 1,799,984 359,997 71,999 431,996 0.14 14.39 2034 1,439,987 359,997 57,599 417,596 0 .14 13.91 2035 1,079,991 359,997 43,200 403,196 0.13 13.43 2036 719,994 359,997 28,800 388,797 0 .13 12.95 2037 359,997 359,997 14,400 374,397 0 .12 12.47 2038 0 359,997 7,200 367,197 0.12 12 .23 7,199,937 2,887,175 10, 087,112 0.16 16.00