PROPOSED CAPITAL PROJECT

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Hartford Central School District

PREVOTE - Estimated Impact of Proposed Capital Project

Draft: March 8, 2021

Prepared By: BERNARD P. DONEGAN, INC. (585) 924-2145 345 Woodcliff Drive, 2nd Floor

Fairport, NY 14450

PROPOSED CAPITAL PROJECT

PRE-VOTE PRE-VOTE

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A B C D E F G H I J

(A+B) (C-D-E) (G-H) (F+I)

Fiscal Year

Ending June 30: Total Principal Total Interest

Total Debt Service

Estimated Building Aid

Debt Service Offsets

Estimated Net Local Share

A9950.9 (H522)

Estimated Building Aid

Estimated Capital Outlay

Local Share

TOTAL EXISTING NET LOCAL SHARE FOR

BUILDINGS $ Change

(J) 2022 $ 1,345,000 $ 255,175 $ 1,600,175 $ 1,387,713 $ - $ 212,462 100,000

²

85,400

¹

14,600 227,062

2023 1,395,000 199,375 1,594,375 1,389,866 - 204,509 100,000

²

85,400 14,600 219,109 $ (7,952) 2024 1,445,000 148,600 1,593,600 1,389,866 - 203,734 100,000

²

85,400 14,600 218,334 (775) 2025 175,000 113,250 288,250 277,452 - 10,798 100,000

²

85,400 14,600 25,398 (192,936) 2026 180,000 104,500 284,500 277,452 - 7,048 100,000

²

85,400 14,600 21,648 (3,750) 2027 190,000 95,500 285,500 277,452 - 8,048 100,000

²

85,400 14,600 22,648 1,000 2028 200,000 86,000 286,000 277,452 - 8,548 100,000

²

85,400 14,600 23,148 500 2029 210,000 76,000 286,000 277,452 - 8,548 100,000

²

85,400 14,600 23,148 - 2030 220,000 65,500 285,500 277,452 - 8,048 100,000

²

85,400 14,600 22,648 (500) 2031 235,000 54,500 289,500 277,452 - 12,048 100,000

²

85,400 14,600 26,648 4,000 2032 245,000 42,750 287,750 277,452 - 10,298 100,000

²

85,400 14,600 24,898 (1,750) 2033 250,000 30,500 280,500 277,452 - 3,048 100,000

²

85,400 14,600 17,648 (7,250) 2034 240,000 18,000 258,000 277,452 - (19,452) 100,000

²

85,400 14,600 (4,852) (22,500) 2035 120,000 6,000 126,000 140,998 - (14,998) 100,000

²

85,400 14,600 (398) 4,454 2036 - - - 4,544 - (4,544) 100,000

²

85,400 14,600 10,056 10,454 2037 - - - 2,272 - (2,272) 100,000

²

85,400 14,600 12,328 2,272 Totals $ 6,450,000 $ 1,295,650 $ 7,745,650 $ 7,089,779 $ - $ 655,871 $ 1,600,000 $ 1,366,400 $ 233,600 $ 1,669,463

Includes:

Capital Outlay Projects

$15,745,000 Authorization - Vote 12/12/06

$3,960,000 Authorization - Vote 05/17/16

Note: 1.

2. Assumes the district will include a Capital Outlay Project within each year's budget.

CAUTION:

Hartford Central School District

SUMMARY OF EXISTING and FUTURE BUILDING DEBT SERVICE

Building Debt Excluding Capital Outlay Projects Capital Outlay Projects

State aid may be reduced. Pursuant to Education Law 3602 (6)(e)(5)(c), at least at the end of each ten year segment of an assumed amortization established for a retro or prospective project, the remaining scheduled assumed semi-annual payments will be revised based on the interest rate applicable for the current year, if the difference between the current year interest rate and the interest rate upon which the original assumed amortization is based exceeds one quarter of one-one hundredth.

Assumes $100,000 will be spent in 2020-21 Fiscal Year and be reported at year end on the District's ST-3.

/jkb

Updated: 2/17/21 Printed: 3/3/2021

Bernard P. Donegan, Inc.

2

Summary-Bldg TRIR - PRE & POST CP - Update 2-17-21

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/jkb

Updated: 2/17/21 Printed: 3/3/2021

Bernard P. Donegan, Inc.

3 TRIR - PRE & POST CP - Update 2-17-21 Existing Local Share Chart

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

Existing Net Local Share 227,062 219,109 218,334 25,398 21,648 22,648 23,148 23,148 22,648 26,648 24,898 17,648 (4,852) (398) 10,056 12,328

$- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000

Fiscal Year Ending June 30 Hartford Central School District

Estimated Net Local Share of Existing Debt Service (Including Capital Outlays)

Current Level of Local Share

Existing Debt Service

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18 MONTHS

HARTFORD CENTRAL SCHOOL DISTRICT

CAPITAL PROJECT PLANNING TIMELINE (GENERALIZED) (DECEMBER 2021 VOTE)

May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

2024-25 2025-26

2022-23 Plan

Concept Design Market

/JKB 2-17-21 Dec Vote

If SA-139 ﬁling misses Governor’s cutoﬀ, this aid deferred to July 1 (See Shaded Area Below) (No E.A.S.R. Available?)

2023-24

12-15-20

12-15-19 06-15-20 06-15-21

2 STATE BUILDING AID BEGINS DEBT SERVICE

PROBLEMS SEQRA = State Environmental Quality Review Act

FP-F = Final Plans and SpeciﬁcaCons

CSC = CerCﬁcaCon of SubstanCal CompleCon FCR = Final Cost Reports

SEQRA and PublicaCons Vote

Detailed Full Design

SED Approval

Of FP-F (SA-4 Generated)

Governor’s Run Cutoﬀ October 1, 2023

AdverCse

Bid Open

Bid Award File SA-139

To be included On SA Run

CSC (2)

CONSTRUCTION PUNCH

LIST Submit

FP-F To SED

If FCR SubmiDed

To SED Prior to 06-15-25

6? Months 7? Months

2021-22

1 STATE BUILDING AID BEGINS

2 If FCR

SubmiDed To SED Prior to 12-15-24

CSC (1)

1 SERIAL BOND

I= $______

P=$ ______

I= $ I= $

P=$ ______

I= $______

I = CAP I BAN

Bernard P. Donegan, Inc.

4

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Hartford Central School District

PROJECTED NET LOCAL SHARE OF DEBT SERVICE

Proposed $9,040,000 Capital Project Proposed 17 -Year Maturity Schedule

A B C D E F G H I J

C + E F - G H - I

Maturity Date

Capital Reserve

Annual Principal Payment

Remaining Principal Amount

Outstanding

Annual Interest Payment

Annual Debt Service

Less State Building Aid

Gross Local Share

Less Debt Service

Offsets Net Local Share

6/15 10291003 5.00% Bonds 4.5000%

4.00% Notes 9,040,000

$

2024 # $ - $ - 9,040,000 $ 361,600 $ 361,600 $ - $ 361,600 $ 361,600

¹

$ - 2025 - 370,000 8,670,000 452,000 822,000 328,193 493,807 303,400

¹

190,407 2026 - 420,000 8,250,000 433,500 853,500 656,385 197,115 - 197,115 2027 - 440,000 7,810,000 412,500 852,500 656,385 196,115 - 196,115 2028 - 460,000 7,350,000 390,500 850,500 656,385 194,115 - 194,115 2029 - 485,000 6,865,000 367,500 852,500 656,385 196,115 - 196,115 2030 - 510,000 6,355,000 343,250 853,250 656,385 196,865 - 196,865 2031 - 530,000 5,825,000 317,750 847,750 656,385 191,365 - 191,365 2032 - 560,000 5,265,000 291,250 851,250 656,385 194,865 - 194,865 2033 - 595,000 4,670,000 263,250 858,250 656,385 201,865 - 201,865 2034 - 625,000 4,045,000 233,500 858,500 656,385 202,115 - 202,115 2035 - 655,000 3,390,000 202,250 857,250 656,385 200,865 - 200,865 2036 - 675,000 2,715,000 169,500 844,500 656,385 188,115 - 188,115 2037 - 705,000 2,010,000 135,750 840,750 656,385 184,365 - 184,365 2038 - 740,000 1,270,000 100,500 840,500 656,385 184,115 - 184,115 2039 - 780,000 490,000 63,500 843,500 656,385 187,115 - 187,115 2040 - 490,000 - 24,500 514,500 328,193 186,307 - 186,307 Totals $ - $ 9,040,000 $ 4,562,600 $ 13,602,600 $ 9,845,776 $ 3,756,824 $ 665,000 $ 3,091,824

16 Year

Averages $0 $565,000 $0 $262,563 $827,563 $615,361 $212,202 $39,118 $193,239

Interest/Principal 50.47% Current Tax Levy $ -

Average Net Local Share/Current Tax Levy #DIV/0!

Note: 1 Estimated capitalized interest expense

NOTE:

This Financial plan is used for illustrative purposes only and is based upon many variables: timing of events, interest rates and District cash flow needs.

Your particular financial plan may vary significantly based upon actual future events.

Assumptions:

Vote: December 2021 SED Approval: January 2023 First Borrowing: June 2023 First Interest: June 2024 First Principal: June 2025 Final Cost Report/CSC: June 2025 Est. 2021-22 Bldg. Aid Ratio: 85.4%

Estimated Bond %: 95.0% (No Additions) Construction & Incidentals: $8,080,000 DASNY Fee: $295,000

Capitalized Interest Budget: $665,000

/jkb

Updated: 2/17/21 Printed: 3/3/2021

Bernard P. Donegan, Inc.

5 TRIR - PRE & POST CP - Update 2-17-21

PRE VOTE MATURITY

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A B C D E F G H I J K L M N O P Q

(A+B) (C-D-E) (G-H) (F+I) (K+L) (M-N-O)

Fiscal Year

Ending June 30: Total Principal Total Interest

Total Debt Service

Estimated Building Aid

Debt Service Offsets

Estimated Net Local Share

A9950.9 (H522)

Estimated Capital Outlay

Local Share

TOTAL EXISTING NET LOCAL SHARE FOR

BUILDINGS Total Principal Total Interest

Total Debt Service

Debt Service Offsets

Estimated Proposed Net

Local Share

TOTAL EXISTING &

PROPOSED NET LOCAL SHARE FOR

BUILDINGS $ Change

(Q) 2022 $ 1,345,000 $ 255,175 $ 1,600,175 $ 1,387,713 $ - $ 212,462 $ 100,000 ² $ 85,400¹ $ 14,600 $ 227,062 $ - $ - $ - $ - $ - $ - $ 227,062

2023 1,395,000 199,375 1,594,375 1,389,866 - 204,509 100,000 ² 85,400 14,600 219,109 - - - - 219,109 $ (7,952) 2024 1,445,000 148,600 1,593,600 1,389,866 - 203,734 100,000 ² 85,400 14,600 218,334 - 361,600 361,600 - 361,600 ³ - 218,334 (775) 2025 175,000 113,250 288,250 277,452 - 10,798 100,000 ² 85,400 14,600 25,398 370,000 452,000 822,000 328,193 303,400 ³ 190,407 215,805 (2,529) 2026 180,000 104,500 284,500 277,452 - 7,048 100,000 ² 85,400 14,600 21,648 420,000 433,500 853,500 656,385 - 197,115 218,763 2,957 2027 190,000 95,500 285,500 277,452 - 8,048 100,000 ² 85,400 14,600 22,648 440,000 412,500 852,500 656,385 - 196,115 218,763 - 2028 200,000 86,000 286,000 277,452 - 8,548 100,000 ² 85,400 14,600 23,148 460,000 390,500 850,500 656,385 - 194,115 217,263 (1,500) 2029 210,000 76,000 286,000 277,452 - 8,548 100,000 ² 85,400 14,600 23,148 485,000 367,500 852,500 656,385 - 196,115 219,263 2,000 2030 220,000 65,500 285,500 277,452 - 8,048 100,000 ² 85,400 14,600 22,648 510,000 343,250 853,250 656,385 - 196,865 219,513 250 2031 235,000 54,500 289,500 277,452 - 12,048 100,000 ² 85,400 14,600 26,648 530,000 317,750 847,750 656,385 - 191,365 218,013 (1,500) 2032 245,000 42,750 287,750 277,452 - 10,298 100,000 ² 85,400 14,600 24,898 560,000 291,250 851,250 656,385 - 194,865 219,763 1,750 2033 250,000 30,500 280,500 277,452 - 3,048 100,000 ² 85,400 14,600 17,648 595,000 263,250 858,250 656,385 - 201,865 219,513 (250) 2034 240,000 18,000 258,000 277,452 - (19,452) 100,000 ² 85,400 14,600 (4,852) 625,000 233,500 858,500 656,385 - 202,115 197,263 (22,250) 2035 120,000 6,000 126,000 140,998 - (14,998) 100,000 ² 85,400 14,600 (398) 655,000 202,250 857,250 656,385 - 200,865 200,467 3,204 2036 - - - 4,544 - (4,544) 100,000 ² 85,400 14,600 10,056 675,000 169,500 844,500 656,385 - 188,115 198,171 (2,296) 2037 - - - 2,272 - (2,272) 100,000 ² 85,400 14,600 12,328 705,000 135,750 840,750 656,385 - 184,365 196,693 (1,478) 2038 - - - - - - 100,000 ² 85,400 14,600 14,600 740,000 100,500 840,500 656,385 - 184,115 198,715 2,022 2039 - - - - - - 100,000 ² 85,400 14,600 14,600 780,000 63,500 843,500 656,385 - 187,115 201,715 3,000 2040 - - - - - - 100,000 ² 85,400 14,600 14,600 490,000 24,500 514,500 328,193 - 186,307 200,907 (807) Totals $ 6,450,000 $ 1,295,650 $ 7,745,650 $ 7,089,779 $ - $ 655,871 $ 1,900,000 $ 1,622,600 $ 277,400 $ 1,713,263 $ 9,040,000 $ 4,562,600 $ 13,602,600 $ 9,845,776 $ 665,000 $ 3,091,824 $ 4,025,095

Includes:

Capital Outlay Projects

$15,745,000 Authorization - Vote 12/12/06

$3,960,000 Authorization - Vote 05/17/16

Note: 1.

2. Assumes the district will include a Capital Outlay Project within each year's budget.

3. Estimated capitalized interest expense.

CAUTION:

Proposed Capital Project SUMMARY OF EXISTING and FUTURE BUILDING DEBT SERVICE

Hartford Central School District

Building Debt Excluding Capital Outlay Projects Capital Outlay Projects

Assumes $100,000 will be spent in 2020-21 Fiscal Year and be reported at year end on the District's ST-3.

State aid may be reduced. Pursuant to Education Law 3602 (6)(e)(5)(c), at least at the end of each ten year segment of an assumed amortization established for a retro or prospective project, the remaining scheduled assumed semi-annual payments will be revised based on the interest rate applicable for the current year, if the difference between the current year interest rate and the interest rate upon which the original assumed amortization is based exceeds one quarter of one-one hundredth.

/jkb Updated: 2/17/21 Printed: 3/3/2021

6

Summary-Bldg Combined TRIR - PRE & POST CP - Update 2-17-21

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/jkb

Updated: 2/17/21 Printed: 3/3/2021

Bernard P. Donegan, Inc.

7 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

Proposed Capital Project $- - - 190,407 197,115 196,115 194,115 196,115 196,865 191,365 194,865 201,865 202,115 200,865 188,115 184,365 184,115 187,115 186,307

Existing Net Local Share $227,062 219,109 218,334 25,398 21,648 22,648 23,148 23,148 22,648 26,648 24,898 17,648 (4,852) (398) 10,056 12,328 14,600 14,600 14,600

$- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000

Fiscal Year Ending June 30 Hartford Central School District

Estimated Net Local Share of Existing & Proposed Capital Project Debt Service (Including Capital Outlays)

Current Level of Local Share

Existing Debt Service

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A B C E

Main Building Shop Building Elementary Building Hartford Bus Garage

Alternative Energy Plant

0001-0?? 0002-0?? 0003-0?? 5004-0?? 7009-0??

Alteration/ Alteration/ Alteration/ New/ Alteration/ Alteration/

Reconstruction Reconstruction Reconstruction Addition ¹ Reconstruction Reconstruction

CONSTRUCTION:

SED Approval Reset Date

Maximum Cost Allowance $ 12,219,459 $ 1,756,547 $ 5,613,314 $ -

Less: $3,960,000 Capital Project - Phase 1 (FCR) 6/1/2018 6/1/2023

(169,099) - (93,374) (427,619) (2,263,722) (31,501)

Less: Capital Outlay Project #0001-018 (FCR) 8/6/2019 8/6/2024

(75,000) - - - - -

Less: $3,960,000 Capital Project - Phase 2 (Est. FCR) 7/2/2020 7/2/2025

- - - - (59,367) -

Less: Capital Outlay Project #0001-020 (Est. FP-F) 1/28/2021 1/28/2026

(80,000) - - - - - Maximum Cost Allowance Available $ 11,895,360 $ 1,756,547 $ 5,519,940 $ (31,501)

INCIDENTALS:

Maximum Cost Allowance $ 3,020,497 $ 439,137 $ 1,179,941 $ -

Less: $3,960,000 Capital Project - Phase 1 (FCR) 6/1/2018 6/1/2023

(223,012) - (14,491) (134,265) (287,290) (13,133)

Less: Capital Outlay Project #0001-018 (FCR) 8/6/2019 8/6/2024

(2,375) - - - - -

Less: $3,960,000 Capital Project - Phase 2 (Est. FCR) 7/2/2020 7/2/2025

- - - - (12,225) -

Less: Capital Outlay Project #0001-020 (Est. FP-F) 1/28/2021 1/28/2026

(20,000) - - - - - Maximum Cost Allowance Available $ 2,775,110 $ 439,137 $ 1,165,450 $ (13,133)

KEY: 1 Assumes Bus Garage/Transportation Facility Additions are fully aidable.

RED Exceeds aid ceiling. All dollars expended in excess of aid ceiling are 100% local share.

GREEN Positive margin to work with.

Maximum Cost Allowance based on:

(a) 2020-21 Regional Cost Factor of 1.0459 and (b) Construction Cost Index for September 2020.

(c) Building Aid Units from SA-4's dated 12/06/12, 06/14/18 and 06/30/20.

0

Eligible Costs

ANALYSIS OF ESTIMATED PROJECT COST AND MAXIMUM COST ALLOWANCE BY BUILDING

Hartford Central School District

D

ELIGIBLE COSTS

ELIGIBLE COSTS Eligible Costs

/jkb Updated: 2/17/21

Printed: 3/3/2021 Analysis - No Project Costs

8 MCA 5-Year Rolling Aid Ceiling Analysis - 2-17-21

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/jrp

Updated: 12/14/2020 Printed: 2/17/2021

Bernard P. Donegan, Inc. State Aid Ratio Hist 2021-22 Est

State Aid Chart

1999-00 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 Est.

Current 79.3% 81.7% 80.3% 77.9% 77.3% 75.3% 72.1% 69.8% 68.8% 71.4% 71.1% 70.0% 71.7% 71.2% 73.0% 73.9%

Selected 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4%

BLD 4 91.7% 90.3% 87.9% 87.3% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4% 85.4%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

History of State Building Aid Ratios ¹

BLD 4 = (Projects with Voter Approval on or after July 1, 2005) Greater of a) 1999-00 Selected - 10% =

or b) Current Year Calculated =

or c) Low Wealth Aid Ratio = N/A =

BLD 4 Aid Ratio

85.4%

Maximum Aid Ratio

= 95%

Maximum High Needs Aid Ratio

= 98%

+

High Needs 5% of Building Aid Ratio From "A"

N/A

A E

SED STATEWIDE AVERAGE INTEREST RATE ASSIGNED BASED ON SED APPROVAL DATE

1