| This calculator is provided by the Division of Local Services
only as a guide to assist communities in projecting debt service. Refer to M.G.L. Ch. 44 s.7 (inside debt
limit) and Ch. 44 s.8 (outside debt limit) to determine allowable borrowing
terms for various financing purposes.
Any premiums or costs of borrowing (i.e., legal or bond counsel fees)
are not accounted for. We strongly
advise municipalities to confirm borrowing conditions and calculations with
the city or town treasurer and financial advisor. posted by Jeff Bennett at the November special town meeting, I believe it was stated that $1.74 per thousand was going to be the tax rate number to pay for the new elementary school with a dollar on the current tax rate raising about 500 thousand dollars. So if the yearly payment is a bit over one million, the increase will be more than $1.74 per thousand. Perhaps the math will change? If you choose a 4% interest rate, you get a total pay back of $40,328,719.00 over a 28 year time period. Total interest is stated at $16,328,719.00 with a yearly payment of $1,440,311.00. Now that you have a warm fuzzy feeling, enjoy that independence day spirit. posted by Jeff Bennett |
Sunday, July 3, 2016
from the DLS and you can see this as well as put in your numbers at debt service calculator - mass.gov.
Templeton Parents for New Elementary School
Here are some important facts about the project with regards to the cost to taxpayers. The total project cost is $47.6 million. If the project passes at the ballot, the state will fund $22.7 million and Templeton's share will be $24.8 million. The annual residential tax is $1.74 per $1,000 home valuation. If the project fails at the ballot the town loses the state money intended for the project. The reimbursement from MSBA is only for use on a building project that meets the MSBA requirements. The state does not reimburse the town on repairs to existing buildings
the above is from a face book page titled Templeton parents for a new elementary school.
First thing I see is an incorrect statement, "the state does not reimburse the town on repairs to existing buildings"
Nothing is further from the truth, but here is something to chew on;
I went online to find an amortization schedule for a loan and I entered 24 million for 28 years at 2% interest rate with one payment per year and this is what I got.
$1,127,752.00 yearly payment for 28 years would equal a total payback of $31,577,060.00
How many people think Templeton will get a 2% interest rate on this project?
the warrant article from November 9, 2015;
On a motion duly made and seconded the Town voted to appropriate the amount of Forty-Seven Million, Five Hundred Sixty-Three Thousand, One Hundred Eighty-Four Dollars ($47,563,184) for the purpose of paying the costs of designing, constructing, originally equipping and furnishing a new Templeton Elementary School located at 17 South Road, Templeton MA, including the payment of all costs incidental or related thereto (the “Project"), which school facility shall have an anticipated useful life as an educational facility for the instruction of school children of at least 50 years, and for which the Town, through Narragansett Regional School District, may be eligible for a grant from the Massachusetts School Building Authority ("MSBA"), said amount to be expended under the direction of the Templeton Elementary School Building Committee; and to meet this appropriation, the Treasurer, with the approval of the Selectmen, is authorized to borrow said amount under M.G.L. Chapter 44, or pursuant to any other enabling authority; The Town acknowledges that MSBA's grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and any Project costs the Town incurs in excess of any grant approved by and received from the MSBA, through the Narragansett Regional School District, shall be the sole responsibility of the Town; provided further that any grant that the Town, through the Narragansett regional School District, may receive from the MSBA for the Project shall not exceed the lesser of: (1) Sixty-Two and Eighty-Four Hundredths Percent (62.84%) of eligible, approved Project costs, as determined by the MSBA, or (2) the total maximum grant amount determined by the MSBA; provided that any appropriation hereunder shall be subject to and contingent upon an affirmative vote of the Town to exempt the amounts required for the payment of interest and principal on said borrowing from the limitations on taxes imposed by M.G.L. 59, section 21C “Proposition 2 ½”; and that the amount of borrowing authorized pursuant to this vote shall be reduce by any grant amount set forth in the Project Funding Agreement that may be executed between the Narragansett Regional School District and the MSBA. Passed by 2/3/November 9th @ 8:14
posted by Jeff Bennett
Here are some important facts about the project with regards to the cost to taxpayers. The total project cost is $47.6 million. If the project passes at the ballot, the state will fund $22.7 million and Templeton's share will be $24.8 million. The annual residential tax is $1.74 per $1,000 home valuation. If the project fails at the ballot the town loses the state money intended for the project. The reimbursement from MSBA is only for use on a building project that meets the MSBA requirements. The state does not reimburse the town on repairs to existing buildings
the above is from a face book page titled Templeton parents for a new elementary school.
First thing I see is an incorrect statement, "the state does not reimburse the town on repairs to existing buildings"
Nothing is further from the truth, but here is something to chew on;
I went online to find an amortization schedule for a loan and I entered 24 million for 28 years at 2% interest rate with one payment per year and this is what I got.
$1,127,752.00 yearly payment for 28 years would equal a total payback of $31,577,060.00
How many people think Templeton will get a 2% interest rate on this project?
the warrant article from November 9, 2015;
On a motion duly made and seconded the Town voted to appropriate the amount of Forty-Seven Million, Five Hundred Sixty-Three Thousand, One Hundred Eighty-Four Dollars ($47,563,184) for the purpose of paying the costs of designing, constructing, originally equipping and furnishing a new Templeton Elementary School located at 17 South Road, Templeton MA, including the payment of all costs incidental or related thereto (the “Project"), which school facility shall have an anticipated useful life as an educational facility for the instruction of school children of at least 50 years, and for which the Town, through Narragansett Regional School District, may be eligible for a grant from the Massachusetts School Building Authority ("MSBA"), said amount to be expended under the direction of the Templeton Elementary School Building Committee; and to meet this appropriation, the Treasurer, with the approval of the Selectmen, is authorized to borrow said amount under M.G.L. Chapter 44, or pursuant to any other enabling authority; The Town acknowledges that MSBA's grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and any Project costs the Town incurs in excess of any grant approved by and received from the MSBA, through the Narragansett Regional School District, shall be the sole responsibility of the Town; provided further that any grant that the Town, through the Narragansett regional School District, may receive from the MSBA for the Project shall not exceed the lesser of: (1) Sixty-Two and Eighty-Four Hundredths Percent (62.84%) of eligible, approved Project costs, as determined by the MSBA, or (2) the total maximum grant amount determined by the MSBA; provided that any appropriation hereunder shall be subject to and contingent upon an affirmative vote of the Town to exempt the amounts required for the payment of interest and principal on said borrowing from the limitations on taxes imposed by M.G.L. 59, section 21C “Proposition 2 ½”; and that the amount of borrowing authorized pursuant to this vote shall be reduce by any grant amount set forth in the Project Funding Agreement that may be executed between the Narragansett Regional School District and the MSBA. Passed by 2/3/November 9th @ 8:14
On Tuesday, the 8th day of
December next, at 11 o’clock A.M. to bring in their votes to the Election
Officers on the ballots as follows:
The following questions will be on the ballot:
Question 1. Shall the Town of Templeton be allowed to
exempt from the provisions of proposition two and one-half, so-called, the
amounts required to pay for the bonds issued in order to pay costs of designing,
constructing, originally equipping and furnishing a new Templeton Elementary
School located at 17 South Road, Templeton Massachusetts, including the payment
of all costs incidental or related thereto?
DIVISION OF LOCAL SERVICES
Technical Assistance Section - For more informationEMAIL: tacontact@dor.state.ma.us
(JOB RESPONSIBILITIES) 1 (TREASURER)
Below is a summary of the duties of the town treasurer as extracted from the
Treasurers' Manual, published by The Massachusetts Collector and Treasurer’s Association
in collaboration with the Division of Local Services and others.
1. Receives, takes charge of and accounts for all monies belonging to the town; receives and identifies monies due the town and
reports the same to the accountant (MGL Ch. 41, Section 35)
2. Maintains a cash book; provides for adequate funds for current obligations (through issuance of long-term or short-term debt);
invests the towns funds (MGL Ch. 44, Sections 55, 55A)
3. Upon authorization of the selectmen or accountant, pay out public money (MGL Ch. 41, Sections 52, 56)
4. Pays over and accounts for salaries and wages, including payroll and personnel deductions (MGL Ch. 41, Section 41);
maintains payroll and personnel records (MGL Ch. 149, Section 178B; MGL Ch. 175, Section 138A); when so
appointed, administers unemployment compensation programs (MGL Ch. 40, Section 5E); assures compliance with
labor and industry, retirement and insurance laws; monitors compliance with personnel by-laws, union contracts and civil
service regulations (MGL Ch. 41, Section 35)
5. With selectmen approval, negotiates all borrowing, prepares necessary documents and notes and reports the same to the
Director of Accounts (MGL Ch. 44, Section 23, 24, 28)
6. Report to the town accountant, or if none, to the advisory committee, the amount of debt and interest due in the next fiscal year
when budgets are submitted (MGL Ch. 41 sec. 59)
7. Maintain custody of stabilization funds, pension reserve funds, trust funds, investments, and other funds not allocated to other
agencies (MGL Ch. 40 sec. 5B, 5D; MGL Ch. 41 sec. 46; MGL Ch. 44 sec. 53)
8. Maintain custody of town’s financial documents including insurance policies, fidelity bonds, deeds, etc.
(MGL Ch. 41 sec. 57, MGL Ch. 44 sec. 54)
9. Maintain tax title accounts; conduct sales of land; prepare documents to petition for foreclosure
(MGL Ch. 60 sec. 50, 61, 62, 63, 76, 77, 79, 80)
10. Prepare reports including reconciliation of treasurer’s cash, weekly or monthly report of receipts and balances to the
accountant, reports of payroll deductions; an annual report; and reports to the Director of Accounts including a quarterly
report of reconciliation of treasurer’s cash, and an annual report of cash management achievements.
11. Close and reconcile all books and accounts including cash book, warrants, bank accounts, insurance programs, retirement
funds, debt records and tax title accounts.
posted by Jeff Bennett
Massachusetts General Law;
chapter 42, officers and employees of cities, towns and districts.
Section 59. The selectmen and all boards, committees, heads of departments, or other officers of a town authorized by law to expend money shall furnish to the town accountant, or, if there is no town accountant, to the appropriation, advisory or finance committee, if any, otherwise to the selectmen, not less than ten days before the end of the calendar year, or not less than ninety days prior to the date of the start of the annual town meeting, whichever is later, detailed estimates of the amount necessary for the proper maintenance of the departments under their jurisdiction for the ensuing fiscal year, with explanatory statements as to any changes from the amounts appropriated for the same purposes in the then current fiscal year, and an estimate of amounts necessary for outlays or permanent improvements. They shall also prepare estimates of any income likely to be received by the town during the ensuing fiscal year in connection with the town's business or property entrusted to their care. The selectmen shall include in their estimates the salaries and expenses connected with their own office, and the salaries of all other town officers shall be included in the estimates for the office, department or branch of the public service of which they are in charge. The treasurer shall, in addition to his estimate of the amount required for the maintenance of his own office, prepare a separate statement indicating the amounts required for the payment of interest on the town debt and for the payment of such portions of the town debt as may become due during the ensuing fiscal year.
posted by Jeff Bennett
chapter 42, officers and employees of cities, towns and districts.
Section 59. The selectmen and all boards, committees, heads of departments, or other officers of a town authorized by law to expend money shall furnish to the town accountant, or, if there is no town accountant, to the appropriation, advisory or finance committee, if any, otherwise to the selectmen, not less than ten days before the end of the calendar year, or not less than ninety days prior to the date of the start of the annual town meeting, whichever is later, detailed estimates of the amount necessary for the proper maintenance of the departments under their jurisdiction for the ensuing fiscal year, with explanatory statements as to any changes from the amounts appropriated for the same purposes in the then current fiscal year, and an estimate of amounts necessary for outlays or permanent improvements. They shall also prepare estimates of any income likely to be received by the town during the ensuing fiscal year in connection with the town's business or property entrusted to their care. The selectmen shall include in their estimates the salaries and expenses connected with their own office, and the salaries of all other town officers shall be included in the estimates for the office, department or branch of the public service of which they are in charge. The treasurer shall, in addition to his estimate of the amount required for the maintenance of his own office, prepare a separate statement indicating the amounts required for the payment of interest on the town debt and for the payment of such portions of the town debt as may become due during the ensuing fiscal year.
posted by Jeff Bennett
How much???
If you keep track, the amount of money transferred within the so called budget of Templeton, by the board of selectmen, including the most recent sums for transfer equals or will equal $450,561.50.
That is a figure that should draw some attention. That is a pretty large error, bad guess, bad estimate; pick any adjective you wish. Consider this one account the salary account for the town administrator; this is just one example of taking from peter to pay paul and then back again. November 9, 2015, transfer from town administrator salary to town accountant expense. March 21, 2016, transfer from town administrator salary to fire/ems salary, town accountant software and montachusett regional planning assessment. May 14, 2016, transfer from treasurer/clerk wages and conservation admin asst. wages to town administrator salary account. Round and round we go, now is that an example of a budget, of having enough money to run things?
November 9, 2015, selectmen state due to a double appropriation to fire/ems salary account, we can transfer $111,608.50 to pay the snow & Ice deficit, then on March 21, 2016, selectmen state we have to transfer back to fire/ems salary account the amount of $45,000.00 and now the selectmen say we need to transfer another $7,000.00 to fire/ems salary account. Apparently math is not someone's strong suit. Or the calculator is broke/ needs batteries.
Things are so bad, selectmen want to transfer from Veterans benefits to council on the aging salaries and expenses. COA salaries require $12,000.00, we are told this and COA expenses require $1,000.00.
It is harder and harder to agree with all these continued transfers, it appears that it is just enabling it to continue on and on with no plan for change, as in financial change and planning, with a clear objective.
posted by Jeff Bennett
If you keep track, the amount of money transferred within the so called budget of Templeton, by the board of selectmen, including the most recent sums for transfer equals or will equal $450,561.50.
That is a figure that should draw some attention. That is a pretty large error, bad guess, bad estimate; pick any adjective you wish. Consider this one account the salary account for the town administrator; this is just one example of taking from peter to pay paul and then back again. November 9, 2015, transfer from town administrator salary to town accountant expense. March 21, 2016, transfer from town administrator salary to fire/ems salary, town accountant software and montachusett regional planning assessment. May 14, 2016, transfer from treasurer/clerk wages and conservation admin asst. wages to town administrator salary account. Round and round we go, now is that an example of a budget, of having enough money to run things?
November 9, 2015, selectmen state due to a double appropriation to fire/ems salary account, we can transfer $111,608.50 to pay the snow & Ice deficit, then on March 21, 2016, selectmen state we have to transfer back to fire/ems salary account the amount of $45,000.00 and now the selectmen say we need to transfer another $7,000.00 to fire/ems salary account. Apparently math is not someone's strong suit. Or the calculator is broke/ needs batteries.
Things are so bad, selectmen want to transfer from Veterans benefits to council on the aging salaries and expenses. COA salaries require $12,000.00, we are told this and COA expenses require $1,000.00.
It is harder and harder to agree with all these continued transfers, it appears that it is just enabling it to continue on and on with no plan for change, as in financial change and planning, with a clear objective.
posted by Jeff Bennett
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