Learn about school construction projects
To the Editor This letter is in response to the letter written by Joseph Davis regarding the Dec. 13 Vernon Township School District referendum. At the Aug. 23, Vernon Township Board of Education meeting, the district auditor Raymond Sarinelli reviewed a very detailed and straightforward projection of the anticipated impact the project would have on local school debt service taxes. In fact, everyone in attendance, including the editor of The Advertiser, was given the entire cost projection for the project, all the way through the anticipated last payment, which will occur in 2028 (should the project be bonded for twenty years). I thank the Advertiser editor for publishing a detailed chart on page 47 of the Sept. 1 issue, explaining the anticipated tax impact of the project for the life of the bond. As you can see from the table listed below, the average increase to debt service school tax during the first six years is under $8 for a home assessed at $122,168. The above assumes that the first mortgage payment would be made in 2007. For the tax years 2013 through and including 2028, the average anticipated reduction in debt service school taxes for a home with an average assessment is $9.63 per tax year. The anticipated low cost of the proposal is due to a variety of factors. The district is paying off its last mortgage debt, that being the most recent large addition to Vernon Township High School. Several months ago, the district refinanced our latest debt, reducing future debt payments by nearly $500,000. The district bond rating has increased from double "AA" to a triple "AAA" rating, a very favorable market rating. Commercial ratables in Vernon Township continue to increase, which is very favorable for local taxpayers. As the Intrawest project and town center continue to be built and occupied, the tax base of Vernon Township will continue to have a favorable impact on the local taxpayer, minimizing the impact of the project proposed. When a construction project is proposed, a school district must rely exclusively on bond estimates prepared by the district auditor, using current market and district data. When the project is bid and the bonds are sold, only then will we know the precise mortgage costs. However, that is why we employ experts in the field. Mr. Davis, I invite you and others to attend board of education meetings in order to learn more about the project as well as how we have and will continue to oversee our school district. Better yet, if you or anyone else would like to host a referendum information session, at any time or day of the week, please contact me at district@vtsd.com. During the coming weeks, the district will be posting a calculator on its website permitting property owners to view the anticipated impact of the project on their debt service property tax. Anthony J. Macerino Superintendent of Schools Vernon Township Public Schools