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<br /> FinCom Comment: Note C
<br /> The School Committee and the School's Superintendent and Business Administrator are to be
<br /> commended for their full and active participation in this year's budget process including 4h{
<br /> j following the Town Manager's guidelines and timelines for the presentation of the department's +
<br /> budget.
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<br /> Budget Note 8: School Department: (- $2,162,622) JII
<br /> The Town Manager/Board of Selectmen and the School Committee have agreed on a FY `10
<br /> budget for the School Department of $18,723,652, a decrease of $1,794,000 from the FY '09
<br /> approved. As noted in the Budget Note #2, in this budget $1,900,000 in salaries and expenses
<br /> related to the maintenance of school facilities is being transferred to the Department of Public
<br /> Works. Therefore, the net increase in school appropriations for FY 2010 is $106,000.
<br /> Budget Note 9: Interest and Principal on Debt: (+ $399,730)
<br /> In last year's schedule of debt service, a $201,850 reduction in interest and principal payments
<br /> for FY'10 was indicated; however, during 2008, the town sold bonds to pay the capital cost of
<br /> constructing the new fire sub-station ($2,100,000) and for the purchase of 80 acres of land on
<br /> Route 130 owned by the St. Vincent's Home Corporation ($2,145,000). The addition of these
<br /> two capital appropriations has boosted the debt service for FY'10 to $4,792,407, or an increase
<br /> of$396,530 over FY'09. The next major capital expense to come on will be the $5.5 million
<br /> library. The present debt schedule, without the library, is presented here by Fiscal Year through
<br /> 2028. The big drop in the debt schedule occurs in FY 2017 when the Mashpee High School is
<br /> paid off.
<br /> DEBT PAYMENTS/BALANCE BY FISCAL YEAR(AFTER 2008 BONDING)
<br /> FISCAL YEAR PRINCIPAL DUE INTEREST DUE TOTAL DEBT PAYMENTS EXPLANATION
<br /> 2009 $3,085,826 $1,363,357 $4,449,183
<br /> r20"1 � 3,380,964 1,330,276 4,711,24 ' IN FY 2010 BUDGET
<br /> 2011 3,318,125 1,179,222 4,497,34 1 8
<br /> 2012 3,302,995 1,029,565 4,332,560
<br /> 2013 3,170,172 898,023 4,068,195
<br /> 2014 3,160,965 760,153 3,921,118
<br /> 2015 3,133,170 626,292 3,759,462
<br /> 2016 2,974,602 481,575 3,456,176
<br /> _2017 2,425,865 352,577 2,778,442
<br /> 1 2018a ._ - 3 1,011,131 274,0201,285,151 MASHPEE H S PAID OFF
<br /> _ . . t .,
<br /> 2019 1,002,630 233,338 1,235,968
<br /> 2020 899,243 195,231 1,094,475
<br /> 2021 890,710 159,613 1,050,322
<br /> 2022 833,796 125,319 959,115
<br /> 2023 638,796 95,569 734,365
<br /> 2024 658,384 71,006 729,390
<br /> 2025 513,384 46,263 559,647
<br /> 2026 498,500 25,438 523,938
<br /> 2027 225,000 10,013 235,013
<br /> 2028 110,000 2,475 112,475
<br /> 111.
<br /> TOTALS $35,234,258 $9,259,322 $44,493,581
<br /> PENDING $5,500,000 $2,598,750 $8,098,750. NEW PUBLIC LIBRARY E
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