Garden City Public

Schools

2009 School

Investment Bond

Garden City Public Schools 2009 School Investment Bond 2

Reaching out to all votersReaching out to all votersWhat: $36.5 million referendum When: Tuesday, October 27Where: Garden City High SchoolWhy: All nine district buildings are in need of significant repair,

modernization and/or restoration; Homestead, Garden City Middle

School and Garden City High School require additional instructional space

Garden City Public Schools 2009 School Investment Bond 3

What will the bond accomplish? What will the bond accomplish? The projects proposed in the bond are based

on a comprehensive needs analysis Improvements will enable the district to meet

basic safety and code requirements Improvements will help maintain Garden City’s

tradition of excellence Improvements will provide access for all

students and community members Improved facilities are a resource for the entire

community

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What are the bond’s What are the bond’s educational benefits?educational benefits? Reclaim and repurpose learning space and make

optimal use of instructional time Protect Garden City’s tradition of educational

excellence by modernizing existing space and expanding facilities at Homestead, the Middle school and the High School

Provide appropriate learning environments for students with special needs receiving support services

Create opportunities for 21st century learning Maintain small class sizes, middle school teaming

and continuum of services in special education

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How were projects identified?How were projects identified?• In the past four years, the District conducted two comprehensive analyses of its facilities, as well as two demographic studies

• In the 2007-08 school year, the Board of Education established the ad hoc Committee on Facilities “to review the facilities needs…and make recommendations to the Board regarding the condition of the physical plant and improvements required to address the district’s educational programs and demographic trends.”

How were projects identified?How were projects identified?After extensive discussion and review, the

Facilities Committee recommended a conservative list of projects that addresses only the most pressing needs

Several major energy-related projects will be addressed through an Energy Performance Contract (EPC) at no additional cost to the taxpayers

Garden City Public Schools 2009 School Investment Bond 6

Facilities CommitteeFacilities Committee

James Carney Peter Clarke John DeMaro Evelyn Fasano Tina Halvatzis Frank Ruggiero

Susan Lee Patrick Mehr Dave Perrotta Jean Ricotta Al Chase, Chair

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Angela Heineman--Board of Education liaison BBS Architects & Engineers—District architect

What problems will the bond What problems will the bond address?address?

Masonry Windows Grading High School roof Interior and exterior door deterioration Lack of accessibility for people with disabilities Stairways and landings Middle School locker rooms (will be relocated to

first floor) Middle School: hallway traffic congestion and

parking and pick-up/drop-off for studentsGarden City Public Schools 2009 School Investment Bond 8

Water damage

What problems will the bond What problems will the bond address?address?

Garden City Public Schools 2009 School Investment Bond 9

Deficient/outdated spaces for educational programs and community events High School music programs Undersized rooms for support services for

students in special programs Middle School north gym Homestead music/art/physical education Warren King Field bleachers

What problems will the bond What problems will the bond address?address?Heating and ventilation

Equipment well beyond useful service life--Results in increased maintenance, low efficiency and higher utility bills

Reduced temperature control and air quality

Low reliability—parts may be unavailable

Garden City Public Schools 2009 School Investment Bond 10

Why do we need a bond?Why do we need a bond?School districts have limited means

through which to address major capital projects

The scope of the projects is too vast to be addressed through the annual district budget

Action is needed to prevent further deterioration and higher costs in the future

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Why do we need a bond?Why do we need a bond?

A bond reduces the threat of tax spikes required to pay for extensive renovation/repair projects in a single year

A bond spreads the cost of long-lasting capital improvements over a number of years, rather than placing the funding burden solely on current taxpayers

The district can benefit from the current difficult economic climate because interest rates are low and many contractors are seeking work

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Why do we need a bond?Why do we need a bond? It is not unusual for school districts to bond every 10-15

years—one nearby similar district bonds every 7-8 years Manhasset: 1995--$21.5 million; 2007--$19 million Seaford: 1993--$10.8 million; 2007--$21.6 million Bay Shore—1995--$18.2 million; 2002--$83.7 million Northport-East Northport: 2000--$30.5 million; 2007--$3.4 million Plainview-Old Bethpage: 1999—$24.3 million; 2007--$2.6 million Rockville Centre: 1997--$12.1 million; 2003--$2.3 million;

2004--$15.2 million

Garden City has floated only 2 bonds for improvements to its school buildings in the last 50 years: one in the 60s and one in 1998. Long Beach, with a similar bonding history, passed a $95 million bond last spring to address long-delayed needs

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What will the bond cost taxpayers?What will the bond cost taxpayers?

The project total is $36.5 millionThe district will need to borrow a

maximum of $35.2 million $1.3 million in existing capital funds will be

used to fund some of the project total Anticipated to be additionally offset by $1.35

million in EXCEL aid from New York StateBorrowing is expected to occur in 3

phases between 2010 and 2012Garden City Public Schools 2009 School Investment Bond 14

What will the bond cost taxpayers?What will the bond cost taxpayers?

The District’s bond rating is excellent: AA+ At its peak, the School Investment Bond will cost

approximately 71¢/day or $261/year for the average homeowner

The interest rate is conservatively estimated at 4.5%; actual borrowing costs may be less

After 6/30/15, property tax attributable to all debt service begins to decline

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Bond Issuance of $33.85 Million, Issued in Three Series

F.Y. Ending June 30

Existing Debt

Service Average

HomeNew Debt

Service

Estimated New Debt

Service Average

Home

Total Actual & Estimated

Debt Service Average Hiome

Total Property

Tax Attributa

ble to Debt

Service*

Combined DS Change from Base

Year*

Change from

Previous Year*

Debt Service as a Percentage of Avg. Tax

Bill

2010 388.94 0 - 388.94 388.94 0 4.4%2011 389.59 506,481 52.20 441.79 441.79 52.85 52.85 5.0%2012 371.19 1,395,636 143.83 515.02 515.02 126.08 73.23 5.8%2013 371.86 2,293,888 236.40 608.26 608.26 219.32 93.24 6.8%2014 373.36 2,689,007 277.12 650.48 650.48 261.54 42.22 7.2%2015 372.85 2,690,622 277.29 650.14 650.14 261.20 (0.34) 7.2%2016 242.34 2,689,698 277.20 519.54 519.54 130.60 (130.60) 5.8%2017 242.89 2,686,149 276.83 519.72 519.72 130.78 0.18 5.8%2018 243.03 2,691,403 277.37 520.40 520.40 131.46 0.68 5.9%2019 77.67 2,693,611 277.60 355.27 355.27 (33.67) (165.13) 4.1%2020 77.75 2,692,773 277.51 355.26 355.26 (33.68) (0.01) 4.1%2021 77.72 2,688,887 277.11 354.83 354.83 (34.11) (0.43) 4.1%2022 46.66 2,681,956 276.40 323.06 323.06 (65.88) (31.77) 3.7%2023 46.76 2,683,233 276.53 323.29 323.29 (65.65) 0.23 3.7%2024 46.80 2,680,956 276.29 323.09 323.09 (65.85) (0.20) 3.7%2025 46.76 2,686,467 276.86 323.62 323.62 (65.32) 0.53 3.7%2026 46.65 2,687,830 277.00 323.65 323.65 (65.29) 0.03 3.7%2027 2,685,219 276.73 276.73 276.73 (112.21) (46.92) 3.2%2028 - 2,689,799 277.21 277.21 277.21 (111.73) 0.48 3.2%2029 - 2,689,724 277.20 277.20 277.20 (111.74) (0.01) 3.2%2030 - 2,696,508 277.90 277.90 277.90 (111.04) 0.70 3.2%2031 - 1,797,717 185.27 185.27 185.27 (203.67) (92.63) 2.2%2032 - 900,603 92.82 92.82 92.82 (296.12) (92.45) 1.1%2033 - 0 - -

* Based on average home, with an assessment of $2,300. As of May 2009. These figures are net of EXCEL funding of $1,350,000.

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Comparison of Per Pupil CostsComparison of Per Pupil Costs

District Per Pupil SpendingJericho 20,419Locust Valley 19,679North Shore 18,943Great Neck 18,586Manhasset 17,903Roslyn 17,688Syosset 17,432Port Washington 17,339East Williston 17,324Rockville Centre 15,273Garden City 14,662Herricks 14,658

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What projects have been completed What projects have been completed through the annual district budget through the annual district budget capital allocation?capital allocation? Stewart and Stratford

dual-fuel boiler conversions

Homestead, Hemlock & MS roofs

HS auditorium lighting Resurface HS track MS Scan-Tek technology

lab Stewart & Stratford

playground resurfacing

IT disaster recovery project

MS south gym bleachers HS locker rooms HS/MS cafeteria

renovations Bus garage roof Fuel tank repairs Doors, roof and &

masonry repairs--district-wide

Garden City Public Schools 2009 School Investment Bond 19

Note: List is not all-inclusive

What was done as a result of the What was done as a result of the 1998 bond?1998 bond?Extensive projects were completed Classroom additions at primary, elementary and

middle schools Libraries at Stewart, Stratford, MS & HS Elevators at Stewart & Stratford Electrical upgrades—All buildings Science room renovations—HS Outdoor track, parking lot, tennis courts—HS Auditorium seating—MS and HS Hallway lighting and flooring—Stewart Lunch room--Stratford

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What was done as a result of the What was done as a result of the 1998 bond?1998 bond?The original bond proposed in 1997

totaled $50 million; it did not passA revised $38 million dollar bond passed

in 1998 It was assumed when the 1998 passed

that the projects deleted from the original proposal would need to be addressed in future years, as facilities aged and enrollment increased at the secondary level

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What was NOT included in the What was NOT included in the 1998 bond?1998 bond?Replacement of High School roofAir conditioning in libraries & auditoriumsTurf fieldsComputers Additional music space at High SchoolBleachers

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Garden City Public Schools 2009 School Investment Bond 23

Repairs needed…Repairs needed…

Repairs needed …Repairs needed …

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Repairs needed …Repairs needed …

Garden City Public Schools 2009 School Investment Bond 25

Next StepsNext Steps

Submission of plans to State Education Department

Approval by SED (8-12 weeks)First phase borrowing (spring/summer

2010)Work commences—Summer 2010

Garden City Public Schools 2009 School Investment Bond 26

Garden City Public Schools 2009 School Investment Bond 27

Questions & AnswersQuestions & Answers

Visit the Garden City School District

Web site for ongoing information updates

www.gardencity.k12.ny.us