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Thread: Lancaster looking at $57.3 million capital project.

  1. #1
    Member gorja's Avatar
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    Lancaster looking at $57.3 million capital project.

    I'm confused. This was stated in the article -

    "The local share of the district debt load would stay the same for the next 15 years because the district will be paying off other debts, officials said."

    Yet, this shows a 9.45% increase, taken from the Budget work session documents.



    What am I missing?
    http://www.buffalonews.com/city-regi...scope-20150126

    Georgia L Schlager

  2. #2
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    Actually gorga you missed a lot by not attending the LCSD budget work session last night. The Buffalo News did a fair job of reporting on an aggressive capital project that was presented in great detail, is in its early stages, and presents the district an opportunity to update and upgrade its buildings (some dating back to 1922) while having the state pick up 80% of the costs. The presentation on the capital project proposal lasted 1 hour and 20 minutes.

    The cost and related absorption into the debt service and it’s payoff over time by bond resolution was well explained. That will be presented on this website in more detail at a later date.

    The one Buffalo News statement does need clarification:

    District officials did not give estimates on the impact of the project on taxpayers, saying that a more detailed analysis would follow sometime this spring. But they went out of their way to stress that the project, if approved by voters, would not increase the amount of the district’s yearly debt service. The local share of the district debt load would stay the same for the next 15 years because the district will be paying off other debts, officials said.

    BTW – Outside this individual attending the first budget work session, only one other resident attended. How sad!

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