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District weighs DASNY financing, rebates and reserves as it plans possible $50M 2027 project
Summary
Fiscal Advisors updated the committee on recent borrowings, building-aid calculations, rebates from energy work and a possible $50 million 2027 referendum structured to avoid a tax increase; the district’s capital reserve and state aid ratio were key variables.
Ben Pascolona of Fiscal Advisors told the Audit & Finance Committee on Oct. 10 that recent financings and state building-aid rules will shape any 2027 capital project and the district’s tax impact.
Pascolona reviewed the 2021 and 2024 projects, noting the district has borrowed against the full $79 million 2021 authorization and that bond anticipation notes (BANs) of about $35.9 million remain outstanding; roughly $25.9 million of those BANs are attributable to the 2021 project. He said the district’s capital reserve is “just under $8 million,” and that energy rebates tied to recent heat-pump replacements have provided additional local resources—about $490,000 received and roughly $400,000 more projected from utility rebate…
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