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2015-16 Budget
Debt Service
Enrollment
March 9, 2015
Mission-Focused Budgeting
All students are provided the opportunity and necessary support to engage in relevant, challenging work which contributes to their academic and social growth and developmentAll staff, teachers, and administrators are part of a larger learning community working together to build collective capacity in order to provide a high-quality, relevant, equitable education for all
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Debt Service
Debt Service Philosophy
Purchase with cash whenever fiscally sound Interest cost savings Debt issuance costs avoided
Limit length of borrowings as much as possible
Review outstanding debt regularly for refunding opportunities/interest recalibration waivers
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Building Aid
Building Aid is generated based on estimated debt service costs and/or cash expenditures from the Capital Fund. With Transfer to Capital Fund Projects, we don’t incur interest costs, so the percentage of the project that is funded by Building Aid is effectively increased.
For example, a recent capital project funded with a Transfer to Capital was approx. 83% paid for by Building Aid, although our aid ratio is approx. 69%).
Debt Service
Review of Debt Service Schedule Handout
BondsFour serial bonds outstanding
Balance of principal & interest outstanding is $24,230,184.
Outstanding bonds will be paid off between 2015-16 and 2022-23.
Debt Service ScheduleNorth Colonie Central School District
2015-16 General Fund Debt Service Schedule
Average
Voter Project Interest Actual Budget Budget Budget Budget Budget Budget Budget Budget 15-16 to 22-23
Authorization Description Rate 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 Totals
Refunding Bonds 3.72% Prin: $915,000 $905,000 $905,000
Series "A" and "B" Int: $117,994 $83,681 $40,694
Total: $1,032,994 $988,681 $945,694
$3,055,000 Refunding Bonds 2.24% Prin: $345,000 $345,000 $340,000 $130,000 $135,000 $145,000 $145,000 $145,000
Facility Renov & LO & FF Boilers Int: $39,563 $32,663 $24,963 $19,088 $15,438 $11,238 $6,888 $2,356
Total: $384,563 $377,663 $364,963 $149,088 $150,438 $156,238 $151,888 $147,356
7/1/2004 PHASE 3 4.06% Prin: $1,725,000 $0 $0 $0 $0 $0 $0 $0 $0
Serial $32,535,000 Int: $34,500 $0 $0 $0 $0 $0 $0 $0 $0
Bond Issue (Issue $31,000,000) Total: $1,759,500 $0 $0 $0 $0 $0 $0 $0 $0
$16,905,000 Refunding Bonds 1.55% Prin: $35,000 $1,820,000 $1,870,000 $1,950,000 $2,040,000 $2,125,000 $2,225,000 $2,315,000 $2,380,000
Phase 3 Int: $538,550 $510,900 $455,550 $388,500 $308,700 $225,400 $138,400 $70,750 $23,800
2/14/2012 Total: $573,550 $2,330,900 $2,325,550 $2,338,500 $2,348,700 $2,350,400 $2,363,400 $2,385,750 $2,403,800
3/3/2008 $3.0 Million Bonded May 2011 2.09% Prin: $320,000 $335,000 $350,000 $365,000 $380,000 $395,000
$7,000,000 Int: $45,025 $39,425 $32,725 $25,725 $18,425 $9,875
Excel Projects Total: $365,025 $374,425 $382,725 $390,725 $398,425 $404,875
Principal: $3,340,000 $3,405,000 $3,465,000 $2,445,000 $2,555,000 $2,665,000 $2,370,000 $2,460,000 $2,380,000 $21,745,000
Interest: $775,632 $666,669 $553,932 $433,313 $342,563 $246,513 $145,288 $73,106 $23,800 $2,485,184
LT Debt: $4,115,632 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800
RAN / TAN Interest: $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Debt: $4,115,632 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800
Increase/Decrease in
Debt (%) -1.116% -1.068% -1.295% -28.381% 0.669% 0.481% -13.609% 0.708% -5.105%
Debt Service - Bonds $4,115,632 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800 $24,230,184
Debt Service - Installment Leases 125,000 $0
$0
Total Debt Service $4,364,100 $4,071,669 $4,018,932 $2,878,313 $2,897,563 $2,911,513 $2,515,288 $2,533,106 $2,403,800 $24,230,184
2015-16 Debt Service Bond Years Outstanding
Debt Service
13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24
Dol
lar
Am
oun
t
School Years
Principal and Interest
Principal Interest
10
Enrollment
11
95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18250
270
290
310
330
350
370
390
Live Births Trend (Live Births) Kindergarten Enrollment Projected Enrollment
North Colonie Live Births and Kindergarten Enrollment
Enrollment, Then & Now
Grades K-6 Grades 7-8 Grades 9-12
Total
2008-09 2,642 968 2,038 5,648
2014-15 2,572 843 1,965 5,380
Difference -70 -125 -73 -268
Live Births, 5-year Averages1988-2012
1988-1992: 366
1993-1997: 320
1998-2002: 295
2003-2007: 292
2008-2012: 280
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2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
2024-25
5150
5250
5350
5450
5550
5650
Actual Enrollment Trend (Past) Projected Enrollment Trend (Future)
North Colonie Enrollment History and Projections
Enrollment By Level
13-14Actual
14-15Projected
14-15Actual
Difference between
projected & actual
Elementary 2,505 2,505 2,572 67
Junior High 878 838 843 5
Senior High 1,963 1,950 1,965 15
Total 5,346 5,293 5,380 87
Enrollment By Elementary School
13-14Actual
14-15Projected
14-15Actual
Difference between
projected & actual
Blue Creek485 478 481 3
Boght Hills448 458 487 29
Forts Ferry457 469 459 -10
Latham Ridge410 405 457 52
Loudonville292 296 296 0
Southgate413 399 392 -7
Total2,505 2,505 2,572 67
Enrollment By Elementary Grade
13-14Actual
14-15Projected
14-15Actual
Difference between
projected & actual
K257 284 297 13
1 315 303 342 39
2 362 334 346 12
3 372 376 369 -7
4 394 383 390 7
5 411 406 407 1
6 394 419 421 2
Total 2,505 2,505 2,572 67
Five Year Projections
Grades K-6 Grades 7-8 Grades 9-12
Total
2014-15 2,572 843 1,965 5,380
2019-20 2,619 840 1,950 5,409
Total 47 -3 -15 29
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Long Term Enrollment Factors
Full Day KindergartenNew ConstructionOne Year vs. New Trend
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What’s next?
Budget committee current schedule: March 2: Preliminary Budget OverviewMarch 5: Maintenance & Interfund TransfersMarch 9: Debt service, Enrollment
March 16: Equipment, Technology, Revenue, Fund Balance
March 19: (*Shaker High School Media Center) New programs and initiatives, including Full Day Kindergarten and ENL, Summer Curriculum
March 26: Staffing Changes, Contingency Budget
March 30: Voting by Board of Education