This Plan Does Not Increase the Tax Levy
No increase in taxes will be needed to support this project, based on current estimates. Voters approved the $18.5 million capital project that covers the most essential infrastructure, security and program needs and, most importantly, keeps taxes for debt service at current levels.
Interest Rates are Still Low and New York State Building Aid is Expected to Rise
Borrowing for this project will be timed to take effect as old loans for previous capital projects are being paid off. Borrowing costs are still at historic lows, with interest rates estimated at 3.0% to 3.5% and NYS building aid expected to be substantially higher than in previous years. Under this plan, we estimate state aid to be approximately 31%. Therefore, the community’s portion of the bond’s total cost will be 69%.