Capital Project - Financial Impact
Total projected cost: $12,400,000
District contribution: $1,800,000
(capital reserve & fund balance)
EXCEL State Aid: $315,847
Amount to borrow:
Over 15 years: $896,499/year
Est. state aid: $794,468/year
Balance: $102,031/year*
* $102,031 equates to approximately $14.40 per year in additional tax on a $100,000 home in the district. NOTE: When this project is combined with future retiring debt and anticipated building aid revenue from past projects, the overall average tax increase (until the debt on this project retires) is slightly negative at -$14,919. This means that despite the fact that there is a local tax impact to this project, there is no tax increase (on average) in the long term.