Canton, Massachusetts · Saved source text
Article 9 Motion 3 - Adjust Fiscal 2019 Accounts
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Source page 1
Article 9 - Motion 3 Question
2017 ATM Total
Authorized Appropriation Selected
Borrowing Option 1 $1,771,609 Option
$1,740,000
$31,609 Use Free Cash
1,740,000
$300,574 $332,183
Savings Unused
Estimated Borrowing
1,439,426 MSBA 31,609 Borrow $31,609 Rescind
Funding $940,000
$607,817 Rescind $607,817 Unused
MSBA $300,574 + MSBA Borrowing
1,000,000 Funding $607,817 Funding
$908,391
Total Unused Borrowing
Estimated Project Cost
Canton $1,439,425
500,000 Borrowing $800,000 $800,000
After MSBA Canton Canton
Borrowing Borrowing
Bar 1: At the 2017 ATM the Town Approved up to $1.74M in borrowing to repair the Hansen roofs
The Town was expecting to apply for and receive MSBA reimbursement but amount is unknown
The Town must approve appropriation for 100% of project cost to qualify for MSBA reinmursement, just in case it is not approved.
Bar 2: Project to repair roof came in at $1.439 M about $300,000 under budget
During the project Town borrowed $800,000 by issuing bonds and filed for MSBA reimbursement
In Nov 18, town received notice of $607,817 in MSBA reimbursement but still needs $31,609 for remaining cost
Option 1 - Town has authority to borrow remining $31,609 per 2017 ATM authorization
If $31,609 is borrowed Town would Rescind $908,391 in unused borrowing ($300K savings + $608K MSBA reimbursement)
Bar 3: Recommendation to use Free cash to pay remaining $31,609
Saves cost to issue another bond and saves interst on Borrowing
Town needs ATM approval to use funds other than borrowing
Authorizing Use of Free Cash Incerases total appropriation to $1,771,609
If approved, Town Recinds $940,000 in borrowing instead of $908,391.Source page 2
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From: Kristine McAndrews <Kristine.McAndrews@MassSchoolBuildings.org>
;ent: Monday, November 05, 2018 3:43 PM
To: bobmccarthy2@verizon.net '~
Cc: Murgia, James R.; Butters, Kathy; fischer-muellerj@cantonma.org; Nectow, Barry;
mirlianik@cantonma.org;'chris.lawson@watermarkenv.com'; Laura Maria Guadagno;
Tamia Buckingham; Wei Xu; Christy Murray; Michael McGurl; Kevin Sullivan
Subject: Final Grant Package: Canton's Lt. Peter M. Hansen ES (201600500012)
Attachments: Final Grant Package_Canton_Lieutenant Peter Hansen ES_201600500012,pdf
Good afternoon Mr. McCarthy,
have attached the Final Grant Package for Canton's Lieutenant Peter M. Hansen Elementary School, Project
# 201600500012. Please call (617) 720-4466, if you have any questions.
t~~
Thank you. ~~ ~ ~ ,1
Kristine A. McAndrews
Massachusetts School Building Authority
40 Broad Street, Suite 500
Boston, Massachusetts 02109
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