Project Financing, Proposition

  • Project Financing

    69%    State Aid

    21%    District Funds (Capital Reserve and Transfer to Capital)

    10%    Local Share

     

    2019 Capital Improvement Project - Average Tax Rate Impact per Household

    Project Referendum Amount

    $24,149,626

    Average Annual Tax Impact

    $15.95

    Projected Tax Impact

    Local share of the project is $181,372 over 15 years.

    On a home assessed at $180,000, the projected tax increase would be $15.95.

    The projected tax increase was calculated using a home assessed valuation of $180,000. The tax rate information provided in the May 20, 2018 Bridge publication was used to calculate the projected tax increase and also includes the Basic STAR rebate.

     

    Proposition #1
    RESOLVED, that (a) the Board of Education (the "Board") of the Grand Island Central School District, Erie County, New York (the "District") is hereby authorized to undertake a Capital Improvements Project, 2019 (the "Project") consisting of the reconstruction and renovation of, and the construction of improvements, additions and upgrades to, various District buildings and facilities (and the sites thereof), to implement various health, safety, accessibility and Code compliance measures and various other measures that are included and generally described in (but are not to be limited by) the Project Plan that was referred to in the public notice of the vote on this Proposition, and to expend therefor an amount not to exceed $24,149,626; (b) the Board is hereby authorized to expend or apply toward the Project the entire balance (which stood at approximately $404,748 as of November 13, 2018), plus any additional interest earned, from the District's Capital Reserve Fund, 2008; (c) the Board is hereby authorized to expend or apply toward the Project $5,545,140 of other available District funds; ( d) a tax is hereby voted in an amount not to exceed $18,199,738 to finance the balance of the estimated maximum cost of the Project, such tax to be levied and collected in installments in such years and in such amounts as shall be determined by the Board; ( e) in anticipation of such tax, obligations of the District are hereby authorized to be issued in the aggregate principal amount of not to exceed $18,199,738, and a tax is hereby voted to pay the interest on such obligations as the same shall become due and payable; and (f) New York State Building Aid funds (including EXCEL Aid funds) expected to be received by the District are anticipated to offset a substantial part of such costs, and such funds, to the extent received, shall be applied to offset and reduce the amount of taxes herein authorized to be levied.