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PFM warns Pawtucket of near‑term debt spike from school rebuilds; advisers urge close coordination
Summary
PFM Financial Advisors told the Pawtucket City Council the city’s school construction portfolio will push annual net school debt service higher — by roughly $4.28 million at peak — before state reimbursements begin, and recommended monthly coordination, phased borrowing and other measures to smooth tax impacts.
PFM Financial Advisors told the Pawtucket City Council on Nov. 10 that the city is in the midst of one of the state’s largest school construction portfolios and will face a near-term spike in school-related debt service unless borrowing and cash flows are tightly coordinated with the school department.
Xi Comstivaravong, director at PFM, said Pawtucket’s existing outstanding school debt of about $165 million will rise to roughly $435 million because of the unified high school projects. After state reimbursement — which PFM said covers roughly 80% of school debt service but begins only after certificate of occupancy — the city will still carry roughly 20% of the debt service burden in the meantime. PFM’s spreadsheet and presentation identified a bottom-line increase of $4,275,000 in annual debt…
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