Capital Improvement Planning Committee: Five-Year Capital Plan
The Capital Improvement Planning Committee (CIPC) has developed a five-year plan to meet the town’s needs for purchasing new vehicles and for developing facilities. Its goal has been to meet these needs while controlling the tax rate and leveling the town’s debt payments.
The following table shows the plan’s details. Please note the following highlights:
· The portion of the tax rate spent on capital items will drop after FY04 from $3.60 per thousand to $2.52 per thousand.
· The decrease in tax rate will occur even with the expenditures shown.
· This decrease is due to the ever-smaller payments on our school construction debt. (BES is Brookfield Elementary School. TRHS is Tantasqua Regional High School.)
· The plan stabilizes the tax rate by drawing on the town’s stabilization fund more or less each year as dictated by the plan.
· The plan relies on funding major purchases through debt, not cash. The town, like a typical household, has vehicle and facilities needs that must be met even when it has trouble saving money.
o All vehicle purchases will be made using five-year notes. The first year of payment is in the year following the purchase.
o All major facilities purchases will be made through forty-year loans.
· The negative BES Construction payments, starting in 2007, reflect that the state building reimbursement exceeds the town’s bond payments.
The plans priorities are:
1. Purchasing a new pumper for the Fire Department to replace a 40 year-old pumper.
2. Begin methodically replacing town vehicles in a timely, orderly fashion.
3. Repairing the Town Hall roof, now 100 years old. Such slate roofs have a 90-year life. This one is worn out as evidenced by the rot and substantial water damage to the soffits, visible on three sides of the building
4. Begin planning on how to best utilize the Mill Street site. Building some facility there is anticipated in the plan.
5. Upgrading the wiring in the Town Hall. This is a pre-requisite to installing an elevator, which is needed to make the building compliant with the Americans With Disabilities Act (ADA). Making the building ADA compliant is anticipated in the plan.
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Cost |
Loan Principal |
Interest |
Term |
Purchase Year |
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2004 |
2005 |
2006 |
2007 |
2008 |
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Vehicles |
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FD Pumper |
260,000 |
260,000 |
3.0% |
5 |
2004 |
0 |
59,800 |
58,240 |
56,680 |
55,120 |
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PD Cruiser |
32,000 |
32,000 |
3.0% |
5 |
2005 |
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0 |
7,360 |
7,168 |
6,976 |
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HD F350 Truck |
45,000 |
45,000 |
3.0% |
5 |
2005 |
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0 |
10,350 |
10,080 |
9,810 |
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HD Sander |
62,000 |
62,000 |
3.0% |
5 |
2006 |
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|
0 |
14,260 |
13,888 |
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PD Cruiser |
32,000 |
32,000 |
3.0% |
5 |
2008 |
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0 |
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Facilities |
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BES Construction |
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35,182 |
20,762 |
1,195 |
-13,518 |
-28,505 |
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TRHS
Construction |
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465,177 |
290,162 |
269,096 |
248,029 |
226,963 |
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Draper St. prop. |
35,000 |
0 |
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35,000 |
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TH Roof |
200,000 |
200,000 |
4.6% |
40 |
2004 |
0 |
14,248 |
14,017 |
13,786 |
13,554 |
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Mill St. Site |
30,000 |
0 |
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2004 |
30,000 |
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TH Elec phase 1 |
25,000 |
0 |
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2004 |
25,000 |
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TH Elec phase 2+ |
40,600 |
40,600 |
4.6% |
40 |
2005 |
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0 |
2,892 |
2,845 |
2,798 |
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TH ADA Arch. |
60,000 |
60,000 |
4.6% |
40 |
2005 |
0 |
4,344 |
4,274 |
4,205 |
4,136 |
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Mill St. Facility |
750,000 |
750,000 |
4.6% |
40 |
2005 |
|
0 |
53,430 |
52,563 |
51,696 |
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TH ADA renov. |
1,200,000 |
1,200,000 |
4.6% |
40 |
2006 |
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|
0 |
85,488 |
84,101 |
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Total |
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590,359 |
389,316 |
420,854 |
481,587 |
440,537 |
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From
Stabilization, grants, and other sources of revenue |
90,000 |
39,316 |
70,854 |
131,587 |
90,537 |
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From
Taxes |
500,359 |
350,000 |
350,000 |
350,000 |
350,000 |
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Effect
on tax rate |
3.60 |
2.52 |
2.52 |
2.52 |
2.52 |
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Amount
over Prop. 2˝ exclusions (for schools) |
0 |
39,076 |
79,710 |
115,488 |
151,542 |
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