HomeMy WebLinkAboutCapital Committee Report as of 02132014_201405121321232197I. Nantucket Capital Planning Process I. Purpose/Objectives of Capital Planning Process
II. Role of the Capital Program Committee (CapCom)
III. Relevant Definitions IV. Sources of Funding
V. The Annual Capital Planning Process VI. Prioritizing Capital Projects
VII. Integrating Debt Service in Capital Planning
VIII. Financial Metrics
I. Purpose/Objectives of Capital Planning Process The capital planning process is employed by a town/public entity to a) identify and prioritize capital asset expenditures, b) match the list of prioritized projects with the town’s long term ability to finance their acquisition, operation and maintenance, and c) manage over time those priorities and the town’s financial targets in light of changing circumstances and unexpected events.
Objectives:
• To establish explicit policies and procedures regarding capital improvements and acquisitions.
o Policies define what constitutes a capital improvement project, how such projects are to be evaluated and prioritized, and how they are to be financed so as to maintain targeted financial ratios and bond ratings over time.
o Procedures set out the annual budgeting and review process for the Capital Program Committee and Town Departments.
• To monitor the Town’s financial targets and measures for the capital planning and budgeting process:
o Maintaining or improving the Town’s current bond ratings
o Minimum and/or maximum percentages of sources of funds to be devoted to capital spending projects
o Guidelines for debt service as a percentage of the tax levy and/or the Town’s balance delete and/or the Town’s balance sheet o Other measures that might help Town Administration (Admin), The Board of Selectmen (BOS), the Finance Committee (FinCom) and the voters understand and manage the size and impact of capital decisions on Town finances.
• To define the role of the Capital Program Committee.
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II. Role of the Capital Program Committee (CapCom) CapCom’s role is to monitor and facilitate adherence to established policies. To fulfill this role, CapCom formulates a long-term (up to 10-year) strategic vision to help guide investment in infrastructure, facilities, and equipment. CapCom takes responsibility for reviewing and refining that strategic vision annually with Town Administration. CapCom will formulate and recommend a schedule for the expenditure of Town funds
for major public capital improvements over the ten-year period, aimed at scheduling
essential capital improvements in an orderly way and consistent with the Town’s priorities
and its financial capability. Each year, CapCom will refine and then apply its strategic vision to update the Capital
Improvement Plan. The update will include recommended priorities for the coming fiscal
year and for phased multi-year improvements spanning future fiscal years. CapCom will accomplish the above by undertaking a well-timed process for obtaining necessary inputs, evaluating and prioritizing projects under consideration, and formulating recommendations for the following fiscal year and for long-term (five- and ten-year) phased capital plans.
III. Relevant Definitions Operating budget items are expenditures that (in general) relate to a single accounting period –i.e. where the assets/materials purchased are “used” or “consumed” within a year. Examples: paper, fuel, salaries and personnel expenses, utility costs, smaller expenditures for operational purposes, etc. Capital projects are larger expenditures where the asset or services purchased has a multi-year useful life to the Town. Examples: buildings, significant renovations or expansion of real property, vehicles, computers, studies of certain types, etc. A Capital Asset is one that (1) has an expected useful life of at least five years, and (2) either has a unit cost of at least $50,000 or is part of an overall quantity purchase of essentially identical units that totals at least $50,000. A Capital Improvement is an improvement to a capital asset that may reasonably be expected to either (1) adapt the capital asset to a different use or (2) appreciably lengthen the useful life of the capital asset beyond what may be expected with normal maintenance. Examples are new electric wiring, a new roof or floor, new plumbing, or lighting improvements. Maintenance expenditures where the size of the project meets the policy threshold and where the life of the capital asset is enhanced are considered capital budget items.
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A planned expenditure is included in the capital budget only when it is (1) for a capital improvement or (2) for the purchase or lease of a capital asset or (3) for plans or studies in preparation for (1) or (2).
IV. Sources of Funding
Town Budget CapCom recognizes these sources of funding:
• “Cash” refers to those expenditures that are paid for entirely in the next FY directly from the general fund revenues.
• “Free Cash” is the term used for funds that are available for appropriation. It is generated when actual revenue collections are in excess of estimates, when expenditures are less than appropriations, or both. Free Cash can be a source of funding for capital projects when it is available to be allocated, after certification by the Commonwealth as of July 1 of each fiscal year.
• Borrowing or “Bonds” refers to those expenditures that are financed through borrowing and which therefore obligate the Town to make future payments (“debt service”) over an extended period of time.
• “Other” refers to those expenditures that are financed from sources that do not arise directly from the Town’s tax levy. Such sources may be state and federal grants, user fees, private donations, trust funds, and other non-tax sources.
• Overrides, if approved, are another source for capital expenditures.
• If a Capital Reserve Fund is established by the town supported by excess Free Cash not required each year, it could help finance future capital expenditures and avoid large spikes in borrowing in any one future year. School Budget Same as Town budget except no there is no separate Reserve Fund.
Enterprise Funds Enterprise Funds draw on these same sources of funding. However, all moneys for direct purchases and debt service must come from the enterprise fund’s revenue. Some enterprise funds are partially subsidized by the General Fund of the Town.
V. The Annual Capital Planning Process
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The annual process begins in July with a letter from the Town Manager to departments outlining the information required on the forms to be filled out and the time frames required. Departments then submit their project requests to Town Administration. The requests should cover the next ten-year period. Emphasis should be placed on the next five years, with the first year potentially being presented to the next Annual Town Meeting or Special Town Meeting for approval, and the last five years being large projects which the department heads expect to be needed in the long term capital plan. The requests are then reviewed by the Town Manager and the BOS, and submitted to the CapCom. The requests should include the estimated number of years to pay back this expenditure. This process will normally occur between August and October. Subsequently, each Department reviews the need and justification for each of their projects with the CapCom in October-November. CapCom then prioritizes the capital projects, includes any estimated debt finance costs, and prepares a report for the FinCom’s review in December-January. The Fin Com then assembles the capital projects and debt payments with the operating budgets and prepares the Town budget in January-February, items of which are presented to and voted at the ATM. VI. Prioritizing Capital Projects CapCom reviews requests for capital plan funding that meet several criteria. Successful capital planning facilitates postponing some capital expenditures in favor of others as part of the planning process. CapCom has adopted the following guidelines for prioritizing capital projects, with examples listed in parentheses. The guidelines themselves are not listed in priority order:
• Imminent threat to health and safety of citizens, employees or property (police cruisers and communications equipment, breathing apparatus for fire-fighters, building and road repairs, etc.)
• Maintenance and improvement of capital assets (major repairs of buildings, replacement of vehicles and equipment, park and play area renovations, marine facilities)
• Requirement of state or federal law
• Improvement of the infrastructure (streets, sidewalks, bike paths, water and sewer systems)
• Improvement/maintenance of productivity (equipment replacement, computer hardware/software)
• Improvement of an overburdened situation (Government or School classroom facilities)
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• Newly identified need (recreation fields, bike paths)
• Priority assigned by Department (High, Medium, Low),
• Consistency with and in furtherance of long term capital planning objectives of the Town (Master Plans, Open Space and Recreation Plan, Energy Plan, Historic Preservation, Disability Access Plan)
• Fiscal impact of the proposed project and Town’s ability to finance it
• Cost savings for the Town (Hummock Pond Bike Path)
• Operating efficiencies
• Revenue generation (Children’s Beach facility)
• Community benefit (new park, bowling alley)
VII. Integrating Debt Service in Capital Planning
Any capital project should be evaluated on its total cost to the Town over its useful life. This should include design and planning costs, operating and maintenance costs, disposal costs, and financing costs.
Debt is issued on behalf of Enterprise Funds, but those Funds are expected to cover 100% of their debt service. In some special instances (e.g. major infrastructure projects) the debt of Enterprise Funds may be borne, in part, by the General Fund. Some Enterprise Funds are partially subsidized by the Town. It will be the policy of the CapCom to recognize all projected future debt service as an explicit element of the Capital Improvements Program and to evaluate anticipated future debt service levels against the Financial Metrics in VII.
VIII. Financial Metrics Prudent capital planning matches a list of desired capital projects with the Town’s ability to finance those projects while maintaining a stable and prudent financial position. Through careful planning and scheduling, municipalities seek to avoid “surprises” in large capital commitments, minimizing any adverse affects on town budgets and financial flexibility. In reviewing the capital planning programs of other Massachusetts towns, CapCom has observed a wide range of financial metrics and policy options. At this stage of the Town’s capital program, the metrics are:
• To maintain or improve the Town’s AA3 bond rating. Any fiscal year’s capital expenditures must be financed from available current revenue sources and net new borrowing that does not negatively affect the bond rating.
• Minimize, as much as possible, overrides to Prop 2 ½.
• A minimum amount equivalent to 1% of the prior year’s net revenue is allocated to capital improvements.
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• Free Cash may be used to finance capital projects when available.
• Debt Service:
o Annual debt service expenses shall not exceed 12% of the General Fund budget (excluding enterprise funds, except for those already using general funds for specific projects).
o Debt financing shall be reserved for capital projects and expenditures of $100,000 or more, or have anticipated 5 year or more useful life spans, or are expected to prolong the useful life of a capital asset by five years or more. o Bond maturities shall not exceed the anticipated useful life of the capital project being financed.
II. Town of Nantucket Capital Program Committee
2015 Capital Recommendations
Executive Summary
This portion of the Capital Program Committee’s report presents recommendations for fiscal 2015. The
full report is a 10-year Capital Improvement Plan, looking beyond the 2015 recommendations. That long
term Capital Improvement Plan marries our best estimates of Nantucket’s intermediate and longer term
required capital expenditures with recommendations on debt and other sources of funds.
2015 General Fund-The Capital Program Committee recommends $17.9 million in General Fund capital
expenditures for 2015. This includes a $13.0 million recommendation for a new Fire Station that will be
borrowed, leaving $4.9 million to be funded. The new Fire Station has not been thoroughly vetted by
the Committee. We are recommending it in anticipation of the Fire Station Committee presenting their
findings and recommendations in time for a STM in 2014.
2015 Enterprise Funds-The Cap Com recommends $8,547,000 in capital expenditures for Enterprise
Funds, less $2,468,750 funding from other sources at the Airport, and $3 million which will be borrowed
for the Sea Street Pump Station renovation, leaving a balance of $3,078,250. We do not anticipate a
Sewer fee increase due to this borrowing for Sea Street.
2015 Recommendation Descriptions-An item-by-item description of our 2015 recommendations is
attached. We want to highlight one item, the Town Clerk’s office Archival Storage shelving request.
Every department has comparable needs. Accordingly, we do not recommend this particular request--
but not because it is not needed. We believe it should be part of an overall archival storage plan for the
Town.
2015 Capital Funding-We believe that all recommended projects for 2015, except for the Fire Station,
can be funded through a combination of Free Cash ($5,671,720), 1% of Tax Revenues (~$700,000),
Revolving Funds, and Enterprise Funds’ internal sources, both retained earnings and borrowing.
Respectfully Submitted,
Phil Stambaugh-Chair
Carol Dunton-Vice Chair
Peter Morrison-at large
Joe Grause-at large
John Tiffany-Finance Committee
Tobias Glidden-Board of Selectmen
Linda Williams-Planning
2015 Capital Projects Recommendations
General Fund Projects
I. Beaches, Parks & Ponds
1. Children’s Beach Playground Replacement-DPW $100,000
This request is to replace outdated and unsafe playground equipment at Children’s Beach.
II. Bike Paths & Sidewalks
2. Old South Rd Bike Path-South Side: Milestone Rotary to Fairgrounds Road-PLUS
$126,500 (not recommended)
The Town Manager and the Capital Program Committee have both concluded that this
project $126,500 should not be undertaken. The proposed improvement would provide a
second bike path on the south side of Old South Road from the Milestone Rotary to the
Fairgrounds Road intersection. The goal would be to siphon bicycle and pedestrian traffic
away from the Rotary, presumably reducing congestion and delays.
3. Surfside Road at Bartlett Road Intersection Improvement-PLUS $275,000
This expenditure is for the design, permitting and right-of-way acquisitions prior to the
construction of a traffic circle at the intersection of Bartlett Road with the Surfside Road. The
intersection is an un-signaled “T” in a densely populated area near the schools. The Surfside
bike path crossing at Bartlett Road exacerbates the congestion. The availability of property
at Poets Corner necessary for the project is also a factor in raising the priority of this project.
Actual construction is anticipated for 2015-2017, paid for by the State Transportation
Improvement Program (TIP).
4. In-Town Bike Path Design-PLUS $50,000
This expenditure would fund right-of-way mitigation efforts for a section of the planned bike
path along the abandoned railroad right-of-way from the end of the Washington Street
Extension to the intersection of Goose Pond Lane and Orange Street. Mitigation efforts
would mainly be landscaping improvements to abutting properties and other environmental
improvements.
5. Madaket Bike Path Paving-DPW $300,000
This expenditure is for repair and repaving of the Madaket Bike path. The Madaket Bike Path
is 27 years old and is showing its age. Drainage, blacktop break-up and driveway crossing
problems need repair, the surface needs replacement and signage needs to be updated.
(The Capital Program Committee notes that the growing and extensive bike bath system on
the Island will require regular capital appropriations for repair and maintenance over the
foreseeable future.)
III. Buildings
6. Brant Point Shellfish Propagation Facility Rehabilitation/Restoration-Town Administration
$500,000
This expenditure is for the design and permitting phase preceding rehabilitation of this pre-
1930’s structure. The Town’s Natural Resources Department is applying to the CPC for
construction funds. The total cost of the project is estimated at $1.2 million. After this
request and a CPC grant of $350,000, the Town will have to fund $650,000 in FY 2016. The
goal is a year-round, rather than seasonal, building. The structure supports the Natural
Resources staff’s shellfish spawning and grow-out work – a critical Nantucket industry - as
well as water quality testing.
7. New Fire Station addition to the PSF-Town Administration $13,000,000
This expenditure is for the design and construction of a new fire station at 4 Fairgrounds
Road. The current Fire Station on Sparks Avenue is outmoded: inadequate crew quarters,
unsafe equipment parking and maintenance space and lack of administrative and training
space. Construction of a new fire station at 4 Fairgrounds Road will remove the Town’s fire
and emergency equipment from the busy Sparks Avenue location. The Capital Program
Committee presumes that this project would be debt financed (assuming Town Meeting
approval).
IV. Non-Building Assets
8. Town Pier Parking Lot Improvements-Town Administration $250,000
This request is to improve the Town Pier Parking Lot by repaving and line painting for safer
and more efficient utilization of the space. The Capital Program Committee reduced the
$250,000 recommendation from the original $500,000 request.
9. Emergency Warning System-Public Safety $45,000
Audible alarms have long been used to alert citizens of pending or ongoing hazardous
situations. This project would install up to three emergency early warning sirens to alert
residents and especially visitors of hazardous situations on the Island. Grant funding would
fund the equipment and installation
10. Patrol/Rescue Vehicle-Marine/Public Safety $175,000
Request is to acquire a specialized marine vessel for marine and rescue functions in the shoal
waters of Nantucket, Nantucket Harbor, Madaket, Tuckernuck and Muskeget Islands. The
vessels currently used for these functions are not designed for use in shallow waters and
cannot safely access those locations during emergency situations. This specialized vessel is
intended to enhance public safety by adding rapid life-saving rescue capability for local eel
grass/low clearance/sandy environments, which current vessels cannot readily
access. Anticipated annual maintenance costs will be $1,000/year higher than existing
maintenance costs for the vessel that is being replaced. Operating costs will be offset by not
using other equipment normally be used as primary patrol vessels.
11. Children’s Beach Dredging-Marine $250,000
Dredging was last done in 2008. The spoils placed on the beach subsequently moved back
into the water, significantly extending the sandy portion of the beach while decreasing the
area available for swimming and eliminating the safety zone between the beach and the
mooring field. Cost breakdown: $200,000 for dredging, $50,000 for surveying and permitting
costs.
12. Children’s Beach Boat Ramp Improvement-Marine/Public Safety $200,000
The last major ramp renovation (in 2006) proved problematic, creating hazards for boat
trailers using the ramp. This project will correct those problems by increasing slope to at east
13.3% grade, to assist the boating public in launching and recovering their boats and facilitate
removal of vessels during major storm emergencies. The project would most likely be
accomplished in conjunction with the dredging of Children's Beach.
V. Public Records-Town Clerk
13. Vault Shelving System $55,000 (not recommended)
This request is for a shelving system for the Town Clerk Office vault, designed to archival
standards, so that important documents can be stored sideways (not stacked) and exposed
to air circulation to avoid molding. The vault is now equipped with plain metal shelving,
which has two drawbacks: (1) it cannot store documents properly, thereby threatening
eventual deterioration; (2) it makes very poor use of available space. An archival shelving
system would triple or quadruple the useable space. Furthermore, it would reduce staff time
expended on access and retrieval by an estimated 7.5 hours/week.
The archival vault shelving system is a specific instance of a Town-wide need for an efficient
centralized document storage facility that meets archival standards for certain storage needs.
The Town Clerk Office request can be regarded as an immediate response to one part of this
broader need. The Committee suggests this item be included in a Town-wide archival
storage solution.
VI. Road Improvements
14. Mid-Island/School Area Roadway Acquisitions-PLUS $100,000
This expenditure is for engineering, legal costs and damage awards associated with the
acquisition of various private roadways in the Mid-island/School area. These include
Friendship Lane, Essex Road, Salros Road, Nobska Way and Backus Lane. The acquisition of
these roadways would permit infrastructure improvements to support public traffic,
alleviating congestion around Mid-island and the public schools.
15. Modification of Union/Francis Street Corner/Lightship Basket Museum-PLUS $150,000
This expenditure is for design, right-of-way acquisition and a portion of the construction costs
associated with widening the turning radius at the southeast corner of the intersection of
Union Street and Francis Street using a portion of the property at 50 Union Street. This
project is dependent on the Land Bank’s purchase of the property at 50 Union Street moving
the structure and converting the lot to a park/open space.
16. Surfside Road Takings-PLUS $100,000
This expenditure is for the engineering, design and legal costs associated with the acquisition
of various private roadways in the vicinity of Surfside Road and the Airport. (These Includes
parts of Boulevarde, Lovers Lane, Okorwaw and Monohansett Roads.) The goal is to allow
public maintenance of an alternate route to the airport, shifting the expense from local
residents.
17. Baxter Road Area Alt Access/Roadway Acquisitions-Town Admin $500,000
This expenditure is for design, engineering, right-of-way acquisition, legal costs and damage
awards associated with the development of alternate access to Baxter Road. The problems
with the ‘Sconset cliff are well documented and an alternate route for residents and utilities
is an urgent priority. Regardless of whether the cliff can be stabilized, the Town needs to
establish an alternate access route as a backstop strategy.
18. Road Improvements-DPW $500,000
The request for $900,000 for general roads improvement was reduced to $500,000 due to
the availability of Chapter 90 State funding, which will bring the total amount available to $1
million. The comment is also made that the roads have been noticeably improved.
VII. Technology
19. Servers $75,000
Technology advancements plus computer breakdown and failure necessitate replacing
servers on an ongoing basis. A failing server can impact Town operations. Critical servers
should be replaced every 3-5 years per our hardware vendor recommendation to avoid major
equipment failures and downtime. Project replaces five servers. Costs include hardware and
software and in some cases consultant expenses. Cost breakdown is dependent on the role
of the server and is usually based on recommended standards set by the software vendor
and the needs of the user, i.e., application requirements, number of users, database
software, and complexity of implementation. Typically these are determined at the time of
purchase to maintain currency with technology and associated costs.
20. Desktops, Printers $50,000
This request for desktops and printers is part of the every-other-year capital planning to
replace aging devices.
21. Network Infrastructure $50,000
Older equipment becomes obsolete over time and fails, limiting access to Town network
resources (Internet, e-mail, and documents) and impairing employee productivity. Demands
on IT staff time to fix and repairing old equipment increase. This project upgrades the Town's
underlying wide-area network (WAN), connecting OIH and Wannacomet into the Town's
network using fiber. The project in includes all networking equipment and trenching.
VIII. Vehicles & Equipment
22. Bike Path Sweeper-DPW $60,000
This equipment, designed for small-width areas, will also be used in other areas in addition to
bike paths, due to the higher undercarriage, as the larger street sweeper bottoms out on
cobbles, etc.
23. Tractor & Attachments-DPW $130,000
The Town has not received any bids for beach cleaning. The attachments will expand the
tractor’s use to include mowing and brush cutting, as well as cleaning the beaches.
24. Tender/Tanker 1 Replacement-Fire Dept $240,000
This project replaces a 1988 Chevy tanker/tender because the tank and piping for water
storage/pumping have several issues due to apparatus age and limited pumping capacity.
Cost estimate is based on manufacturer pricing. Maintenance costs annually are estimated
to be $800-$1,000.
IX. Schools
25. CPS Building Improvements $150,000
This expenditure is for the renovation of several classrooms, bathrooms and corridors in the
Middle School. The classrooms are in need of new flooring, painting and general repairs. The
bathrooms will need complete renovations including sinks, toilets, urinals, tile work and
flooring work. The corridors will need new lighting design and fixtures. Inspection of this
facility would indicate that this renovation is long over due.
26. NES Bathroom Renovations $150,000
This expenditure is required for all the student bathrooms in the Elementary School. The
restrooms are outdated, very worn and in some cases not functional. Inspection of this
facility would indicate that this work is long over due. The money will be used to install
waterless urinals, touchless faucets, and automatic flush mechanisms for the new toilets as
well as new flooring, new partitions and painting. The cost estimate is based upon work
currently being performed at the High School for bathroom renovations.
27. NHS Façade Repair and Paint $150,000
This expenditure is for the replacement of sidewall shingles, trim, gutters, and to paint the
trim at the High School. The shingles are failing in many places, resulting in leaks inside the
building. This problem will greatly worsen over time if not addressed now. The cost estimate
is based on previous façade repair project costs. The documentation of this problem is
substantial.
28. NHS/CPS Window Replacement Phase 1 $100,000
This expenditure is for the replacement of many windows in the Middle School and High
School. Owing to the building’s age, many windows, particularly the banks of crank windows,
have broken seals which promote leakage. Replacement parts are no longer available. Some
of the High School window banks are sizable making them difficult and expensive to replace.
The design and construction of the replacement windows will be based on appearance and
incorporate the latest energy conservation specifications.
29. New NES playground $50,000
This expenditure is requested to advance the creation of a new playground structure for the
Elementary School. This effort is being partially funded by a fundraising campaign already
underway. The present NES Playground is dilapidated and many of its features do not work
properly. Continuing to fix the equipment is an exercise in futility and presents some health
risks to the students.
30. School District Safety & Security Measures $200,000
This expenditure is required to continue improvements in entry designs for each of the
schools. It covers both design and construction. New vestibules are needed to afford to
allow access to the secretaries in each building without allowing uncontrolled access to the
rest of the school. In addition to increased security for students, this project will conserve
energy with airlocks at the main entrance of each school.
31. NPS Stadium & Field Upgrades—Phase 2 $500,000 (not recommended)
This expenditure is requested to continue work on the development of the Athletic Complex.
The only specific work outlined was the construction of a new Baseball/Soccer Field located
southeast of the Elementary School estimated to cost approximately $200,000. The use of
the balance of the request was not clear and therefore not ready for appropriation. This
project either needs to be scaled down or postponed a year for further study.
Enterprise Fund Recommendations
I. Airport
32. Replace Airport Rescue and Firefighting Vehicle $900,000 (EF share: $45,000)
Project replaces an existing (vintage 2002) 1,500-gallon Aircraft Rescue and Firefighting Truck
that has exceeded its useful life. This AR&F truck is required by the FAA to maintain the
airport’s operating certificate for commercial service operations. The cost estimate is based
on the 2012 FAA grant history database for equipment of this type and includes delivery to
the Island. This equipment is funded at 90% FAA and 5% state. The Enterprise Fund share is
$45,000
33. Replace 1997 Tractor and 1998 Bat Wing Mower Deck $70,000
Project replaces vehicles used to mow grass in order to meet FAA and environmental
requirements. The equipment to be replaced already exceeds its useful life (10 years) by
more than 5 years. The cost estimate is based on previous purchase of similar equipment.
The new equipment will reduce maintenance costs by approximately $1,000.
34. Environmental Stewardship $570,000 (EF share: $405,000)
Project addresses potential contractual requirements pertaining to the Airport’s maximum
exposure associated with Mass DOT’s Carbon Neutral program. The Project starting point is
conduct of an Investment Grade Audit (IGA) intended to identify initiatives whereby the
Airport could reduce its future energy consumption to lower its future energy costs going
forward 20 years. The Airport intends to initiate the IGA with a vendor who (at vendor’s own
expense) will prepare the IGA and report back with a viable project to be undertaken to
realize future energy savings. If no viable project proves feasible, the Airport bears no cost
beyond the effort expended to solicit and choose a vendor. Assuming the vendor does
demonstrate a viable IGA, the Airport then can choose either of two options: (1) The
“purchase” option, whereby the Airport pays the vendor an agreed-upon break-up fee to
“buy” ownership of the IGA (at an estimated capital cost of $20K - $75K) and reap the full
amount of projected future savings over the 20-year time horizon; or (2) the “long-term
contract” option, whereby the Airport pays nothing up front and instead enters into a
contract with the vendor guaranteeing the Airport a designated (but probably lesser) annual
savings over that time horizon. This guaranteed annual savings would be approximately
$300K to $400K per year. The Airport anticipates that either option also would somewhat
reduce its maintenance and professional costs over time, although by an amount that cannot
yet be estimated. In short, the chosen vendor bets $20-$60K that it can demonstrate a viable
IGA that saves money by advancing the Carbon Neutral program’s energy conservation aims.
Since the Airport could opt to contract for a guaranteed positive savings, the vendor is
incentivized to “get it right.” Since the Airport can either invest (to reap a larger estimated
savings) or contract out (to receive a presumably lesser but fully guaranteed savings of $300-
$400K/yr.), either option affords the Airport a positive annual savings going forward for its
investment of staff time.
35. IT Infrastructure Overhaul & Upgrade Program $31,000
The airport IT system is in need of infrastructure overhaul because it fails to meet the “State
of Good Repair” program standard(s). This program will reduce maintenance needs, thereby
reducing costs slightly. The major benefit will be efficiency, improved productivity, and
improved customer service. Most of this investment will span a two-year period, with much
smaller continuing costs thereafter to maintain adherence to standards. This first-round
request is for replacement of a server with associated Uninterrupted Power Supply (UPS);
replacement of 6 desktop units; replacement of a laptop; and desks sets and necessary
server/equipment for a Voice Over IP (VOIP) phone system to extend the Town telephone
system to the airport. The cost estimate derives from the Airport IT staff’s research and
coordination with Town police department staff.
36. Acquire New Lektro Tug $34,000
This request is for purchase of a new tug for moving small aircraft into and out of hangers,
which airport personnel now do manually. This equipment will reduce the man-hours
necessary to move small aircraft in and out of hangers and should also reduce potential
workers comp claims. The cost estimate is based on prior purchase of similar sized
equipment.
37. Replace Airport Operations Vehicle $60,000
The current airport operations vehicle (Airport 11) is a 2008-vintage 4 x 4 pickup truck
scheduled for replacement every 5 years under the Airport's vehicle replacement/addition
plan. This is considered a critical piece of equipment, as it supports emergency response and
compliance with FAA regulations. The Airport Operations Department uses this vehicle to
perform FAA-required airfield safety inspections and other daily functions, such as
responding to aircraft emergencies, wildlife depredation, foreign object debris (FOD) control,
and snow removal. The cost estimate is based on the Internet pricing ($45,000) plus an
additional $12,000 for snow equipment and other items required to operate on the airfield
(radios, marking lights, etc.). Under the Airport's vehicle replacement/addition plan, the
current vehicle would be transferred to the Maintenance Department for further use as
appropriate in a low-mileage non-24/7 context.
38. Aircraft Ramp Rehabilitation $1,125,000 (EF share: $56,250)
FAA regulations require the Airport to maintain the airfield to certain standards. In 2012,
MASS DOT performed a Pavement Condition Index study identifying the specific pavement
needs for the entire airport. It identified over $9 million of needed pavement rehabilitation
as of 2013. This project (part of an overall pavement rehabilitation program) encompasses a
small portion of the airport apron pavement located in the air taxi section. This portion
alone will require approximately $2.4 million to rehabilitate 349,781 sq. ft. of pavement.
Doing so, however, will reduce maintenance costs. In 2012, the airport spent approximately
$25,000 to maintain pavement on areas that should have been rehabilitated. Cost is driven
by the amount of FAA entitlement funds available and could be higher were discretionary
funding to become available.
39. Airport Security System Upgrades $400,000 (EF share: $20,000)
Project maintains compliance with Transportation Security Administration Regulation 1542.
Its four elements are: (1) removal and replacement of security door and associated
fire/safety egress panic bars; (2) replacement of 3,000 linear feet of security fencing; (3)
procurement of explosion-proof cans and blast blankets; and (4) acquisition of an interactive
automated employee training system. Many security doors are inoperable; and fencing
replacement is part of an ongoing program to maintain the perimeter security of the airport,
as required by Federal regulations. Element 1 will reduce maintenance costs slightly.
Element 4 (automated training) will save an estimated 204 hours of staff time.
Sources of cost estimates are respectively: (1) Signet estimate, (2) prior project with similar
work, (3) Internet pricing, (4) American Association of Airport executives estimate.
II. Wannacomet Water
40. Servers $50,000
Technology advancements plus computer breakdown and failure necessitate replacing
servers on an ongoing basis. A failing server can impact Town operations. Critical servers
should be replaced every 3-5 years per our hardware vendor recommendation to avoid major
equipment failures and downtime. Project replaces three servers at Wannacomet Water.
Costs include hardware and software and in some cases consultant expenses. Cost
breakdown is dependent on the role of the server and is usually based on recommended
standards set by the software vendor and the needs of the user, i.e., application
requirements, number of users, database software, and complexity of implementation.
Typically these are determined at the time of purchase to maintain currency with technology
and associated costs
41. Replacement of Service Truck $42,000
New Ford F150 with power gate to replace 2004 Ford Ranger. Vehicle will be purchased
through State Contract program. Current vehicle is averaging $1,000/year in repairs beyond
normal maintenance.
III. ‘Sconset Water - No requests
IV. Our Island Home
42. Design Services $500,000
This request is for the designer/architect to prepare the schematic and architectural plans for
a replacement building for Our Island Home. The existing facility is outdated and in need of
significant and costly renovations and replacements to continue to operate safely and meet
State guidelines. This design will provide for a new building that will potentially include long-
term care, home care, and other needed services.
43. Electronic Medical Records/Point of Care $75,000
The health care industry is being required to upgrade toward electronic medical records.
This project will add/upgrade medical and financial software to include electronic medical
records.
V. Solid Waste
44. Lined Landfill Cell Engineering & Construction $1,400,000
This expenditure is for design and construction of a cell 2-C. The cell will have capacity for
26,000 cubic yards of solid waste and will last 4.3 years at current rates of disposal. This
project will follow DEP regulations and allow the landfill to continue operating.
45. Landfill Mining $700,000
This expenditure will continue the landfill-mining phase 2 of a 5-year contract. This project
will extend the life of the landfill, reduce runoff into waterways, and comply will DEP
regulations.
VI. Sewer
46. Sea Street Pump Renovation $3,000,000 (borrowing)
This expenditure is for design and construction upgrades for the Town’s main sewer pump
station. Built in 1928 this station has never been fully overhauled and is overdue. This overhaul
will include new electronics, capacity flow, security, controls, pumps and redundancies. Failure
at this station would be catastrophic since nearly half of the Town’s sewer passes through this
station. No sewer rate impact is expected due to new revenue sources.
47. Utility Truck with Crane $90,000
This expenditure will increase efficiency and safety at the Town’s nine sewer pump stations.
Currently Town employees use a block and tackle to hoist a sewer pump for repairs. This truck
will centralize sewer repair work with storage capacity and a crane to lift pumps and adequate
load capacity to carry heavy machinery. This truck will also be used by WWTP for other projects.
III. 2016-2024 Capital Project Summary The large item General Government capital expenditures projected for the next five years are: 2015—New Fire Station (or 2016) $13,000,000 —Brant Point Shellfish Propagation Facility Renovation-I $500,000 2016—Brant Point Shellfish Propagation Facility Renovation-II $650,000 —School Expansion $17,000,000 —20 South Water Reconfiguration/Construction $6,700,000 —Consue Spring Stormwater Improvements $3,500,000 2017—Stormwater Improvements $6,500,000 --Prospect Street Bike Path Extension $1,175,000 --Nobadeer Farm Rd Playing Fields $1,100,000 2018—2 Fairgrounds Rd Design/Construction $4,000,000 --DPW Garage Replacement $3,000,000 The large item Enterprise Fund capital expenditures projected for the next five years are: 2015—Sewer, Sea Street Pump Station Renovation $3,000,000 --Airport, Security System Upgrade $1,125,000 --Solid Waste, Landfill Cell Eng & Construction $1,400,000 2016—Sewer, Madaket Wastewater Collection System $40,000,000 --Sewer, CWMP Update (each year for five years) $10,000,000/yr --Solid Waste, Capping cells 1A, B, &C $8,200,000 2017—New Our Island Home $15,000,000 --Sewer, Monomoy Collection System $15,000,000 --Airport, SW Ramp Extension (each year for two years)$1,500,000 --Airport, Ramp Rehabilitation $1,000,000 --Airport, Vault Room Rehabilitation $1,000,000 --Airport, So. Apron Extension (each year for two years) $1,500,000/yr
2018—Sewer, Shimmo Collection System $19,000,000 --Sewer, Somerset Rd Area Extension $17,000,000 --Airport, Centerline TDZ Replacement $2,000,000 --Airport, Parallel Taxiway to 15/33 $5,000,000 --Water, New Operations Building $2,000,000 --Water, Main Replacement $1,500,000 --Water, Well Field Relocation & upgrade $1,000,000 --Water, Meter System Replacement $2,000,000 2019—Airport, Supplementary Property Acquisition Funding $2,500,000
1/27/2014 Capital Requests FY2015 - FY 2024 Summary
*DRAFT as of 1/27/2014
Page 1
CATEGORY FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
General Government
Beaches, Parks, & Ponds $40,000 $0 $100,000 $100,000 $0 $100,000 $0 $1,100,000 $0 $0 $0 $1,200,000
Bike Paths & Sidewalks $3,200,000 $415,000 $821,500 $625,000 $0 $625,000 $481,000 $1,625,000 $1,260,000 $400,000 $1,250,000 $5,641,000
Buildings $150,000 $680,920 $200,000 $500,000 $0 $500,000 $21,400,000 $500,000 $7,525,000 $0 $0 $29,925,000
Non-Buildings Assets $150,000 $597,000 $670,000 $1,170,000 $0 $920,000 $3,500,000 $6,700,000 $650,000 $500,000 $100,000 $12,370,000
Public Records $0 $0 $55,000 $0 $0 $0 $0 $0 $0 $0 $0 $0
Real Estate $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Road Improvements $115,000 $734,560 $1,876,500 $1,350,000 $0 $1,350,000 $2,900,000 $2,000,000 $960,000 $900,000 $3,600,000 $11,710,000
Technology $337,500 $140,000 $225,000 $175,000 $0 $175,000 $150,000 $400,000 $150,000 $50,000 $800,000 $1,725,000
Vehicles & Equipment $95,000 $400,000 $430,000 $430,000 $0 $430,000 $415,000 $600,000 $770,000 $275,000 $325,000 $2,815,000
Fiscal Year Subtotal $4,087,500 $2,967,480 $4,378,000 $4,350,000 $0 $4,100,000 $28,846,000 $12,925,000 $11,315,000 $2,125,000 $6,075,000 $65,386,000
less alt funding sources $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Nantucket Public Schools*$868,420 $1,135,000 $1,300,000 $1,300,000 $0 $800,000 $19,500,000 $1,550,000 $2,300,000 $250,000 $0 $24,400,000
less alt funding sources $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
GOVT & SCHOOL TOTAL $4,955,920 $4,102,480 $5,678,000 $5,650,000 $0 $4,900,000 $48,346,000 $14,475,000 $13,615,000 $2,375,000 $6,075,000 $89,786,000
CATEGORY FY2013 Requests FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Airport $1,690,000 $2,025,000 $3,190,000 $3,190,000 $0 $3,190,000 $4,514,000 $5,135,250 $8,936,500 $3,313,250 $20,909,000 $45,998,000
Our Island Home $175,000 $365,000 $225,000 $75,000 $0 $75,000 $500,000 $15,000,000 $0 $0 $0 $15,575,000
Wannacomet Water Company $3,250,000 $1,024,291 $92,000 $92,000 $0 $92,000 $155,000 $860,000 $6,590,000 $1,000,000 $50,000 $8,747,000
Sconset Water $0 $500,000 $0 $0 $0 $0 $0 $0 $400,000 $800,000 $1,200,000 $2,400,000
Solid Waste & Recycling $675,948 $1,187,037 $2,070,000 $2,100,000 $0 $2,100,000 $8,870,000 $970,000 $670,000 $670,000 $0 $13,280,000
Sewer & Wastewater $1,171,783 $100,000 $3,090,000 $3,090,000 $0 $3,090,000 $50,100,000 $25,000,000 $47,690,000 $10,000,000 $10,190,000 $146,070,000
Fiscal Year Subtotal $6,962,731 $5,201,328 $8,667,000 $8,547,000 $0 $8,547,000 $64,139,000 $46,965,250 $64,286,500 $15,783,250 $32,349,000 $232,070,000
less alt funding sources $0 $0 ($2,468,750)($2,468,750)$0 ($2,468,750)$0 $0 ($17,200,000)$0 $0 ($19,668,750)
ENTERPRISE FUND TOTAL $6,962,731 $5,201,328 $6,198,250 $6,078,250 $0 $6,078,250 $64,139,000 $46,965,250 $47,086,500 $15,783,250 $32,349,000 $212,401,250
1/27/2014 Capital Requests FY2014 - FY 2023 Beaches Parks
*DRAFT as of 1/27/2014
Page 1
BEACHES, PARKS & PONDS DEPT FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager
Recommended
FY2015 BOS
Recommended
FY2015 CPC
Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Children's Beach Playground Replacement Public Works $100,000 $100,000 $100,000 $100,000
Jetties Beach Tennis Courts resurface Public Works $40,000 $0
Nobadeer Farm Rd Playing Fields Design & Construction**Public Works $1,100,000 $1,100,000
Sub-Total $40,000 $0 $100,000 $100,000 $0 $100,000 $0 $1,100,000 $1,200,000
*Tennis Court Revolving Fund $0
Fiscal Year Total less alt funding source $40,000 $0 $100,000 $100,000 $0 $100,000 $0 $1,100,000 $0 $0 $0 $1,200,000
** Recommend seeking phased CPA funding
1/27/2014 Capital Requests FY2014 - FY 2023 Bike Paths & Sidewalks
*DRAFT as of 1/27/2014
Page 1
PROJECT DEPT.FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Somerset Lane / Raceway Drive Multi-Use Path PLUS $800,000 $800,000
Prospect Street Shared use path extension PLUS $215,000 $1,175,000 $1,175,000
Milestone Rotary Intersection Improvement PLUS $150,000 $150,000
Four Corners Intersection Improvement PLUS $100,000 $100,000
Surfside Road at Bartlett Road Intersection Improvement PLUS $275,000 $275,000 $275,000 $275,000
Hummock Pond Road Bike Path Design/Construction*PLUS $3,200,000 $0
Old South Road at Fairgrounds Intersection Improvement PLUS $60,000 $60,000
Old South Road Bike Path (south side) rotary to Fairgrounds PLUS $126,500 $0
Pleasant Street/West Creek Streetscape Improvements PLUS $50,000 $50,000
In-Town Bike Path Design PLUS $50,000 $50,000 $50,000 $50,000
Sparks Avenue Roundabout Improvements PLUS $111,000 $111,000
Madaket Bike Path Paving DPW $200,000 $370,000 $300,000 $300,000 $370,000 $670,000
Surfside bike path paving DPW $1,000,000 $1,000,000
Bartlett Road Bike Path Maintenance DPW $400,000 $400,000 $400,000 $1,200,000
sub total $3,200,000 $415,000 $821,500 $625,000 $0 $625,000 $481,000 $1,625,000 $1,260,000 $400,000 $1,250,000 $5,641,000
less alt funding sources $0
Fiscal Year Total Request $3,200,000 $415,000 $821,500 $625,000 $0 $625,000 $481,000 $1,625,000 $1,260,000 $400,000 $1,250,000 $5,641,000
* Partial State Funding
1/27/2014 Capital Requests FY2014 - FY 2023 Buildings
*DRAFT as of 1/27/2014
Page 1
PROJECT BUILDING
FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Salt Shed Roof Replacement DPW $100,000 $0
Truck Storage Shed DPW $500,000 $500,000
Garage Replacement DPW $3,000,000 $3,000,000
Madaket Station Exterior Paint Fire $25,000 $25,000
Children's Beach Concession renovation Park & Rec $550,000 $0
2 Fairgrounds Road Design/Construction Planning $300,000 $4,000,000 $4,300,000
Replace Town Pier Marine Office and Restrooms Marine $750,000 $750,000
Brant Point Shellfish Propagation Facility Rehabilitation/Restoration Town Admin $200,000 $500,000 $500,000 $650,000 $1,150,000
New Fire Station addition to the PSF Town Admin $13,000,000 $13,000,000
Energy Audit & General physical assessment for Town buildings Town Admin $50,000 $0
Municipal Buildings Renovations & Repairs Town Admin $130,920 $0
20 South Water Street Space Reconfiguration Construction Town Admin $6,700,000 $6,700,000
37 Washington Move and Demo Town Admin $500,000 $500,000
$150,000 $680,920 $200,000 $500,000 $0 $500,000 $21,400,000 $500,000 $7,525,000 $0 $0 $29,925,000
less alt funding sources $0
Fiscal Year Total $150,000 $680,920 $200,000 $500,000 $0 $500,000 $21,400,000 $500,000 $7,525,000 $0 $0 $29,925,000
1/27/2014 Capital Requests FY2014 - FY 2023 Non-Building Assets
*DRAFT as of 1/27/2014
Page 1
ASSET DEPT.FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
2 & 4 Fairgrounds Road Parking Lot Improvements Admin $150,000 $0
Town Pier Parking Lot Renov/Reconfiguration Admin $500,000 $250,000 $500,000 $750,000
Sconset Footbridge Restoration DPW $90,000 $0
Consue Springs/Harbor Outfall Stormwater Improvements DPW $3,500,000 $3,500,000
Stormwater Improvements - Phase 2 (design & construction)DPW $6,500,000 $6,500,000
Update Stormwater Master Plan DPW $500,000 $500,000
Emergency Warning System Public Safety $45,000 $45,000 $45,000 $45,000
Miacomet Pond Watershed Assessment Marine $150,000 $0
Town Pier Structural repair Marine $200,000 $0
Town Pier floating dock replacement Marine $200,000 $200,000
Brant Point Boat House Ramp replacement Marine $75,000 $0
Polpis Harbor Dredging Marine $82,000 $0
Patrol Boat Replacement P-1 Marine $150,000 $150,000
Patrol Boat Replacement P-2 Marine $100,000 $100,000
Patrol/Rescue Vessel Marine/Public Safety $175,000 $175,000 $175,000 $175,000
Children's Beach Dredging Marine $250,000 $250,000 $250,000 $250,000
Repairs/Improv. Children's Beach Boat Ramp Marine/Saftey $200,000 $200,000 $200,000 $200,000
Fiscal Year Total $150,000 $597,000 $670,000 $1,170,000 $0 $920,000 $3,500,000 $6,700,000 $650,000 $500,000 $100,000 $12,370,000
*** Waterways/Beach Improvement Revolving Funds $0 $0 $0
Fiscal Year Total $300,000 $597,000 $670,000 $1,170,000 $0 $920,000 $3,500,000 $6,700,000 $650,000 $500,000 $100,000 $12,370,000
1/27/2014 Capital Requests FY2014 - FY 2023 Public Records
*DRAFT as of 1/27/2014
Page 1
PROJECT DEPT.FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager
Recommended
FY2015 BOS
Recommended
FY2015 CPC
Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Shelving for Record Vaults Town Clerk $55,000 $0
Fiscal Year Total $0 $0 $55,000 $0 $0 $0 $0 $0 $0 $0 $0 $0
1/27/2014 Capital Requests FY2014 - FY 2023 Road Improvements
*DRAFT as of 1/27/2014
Page 1
PROJECT DEPT.FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Surfside / Airport Area Roadway Acquisitions PLUS $0
Mid-Island / School Area Roadway Acquisitions PLUS $100,000 $100,000 $100,000 $100,000
4 Corners/Sparks & Pleasant St Intersection Design PLUS $0
Pleasant Street Streetscape Design PLUS $0
Baxter Road Area Roadway Acquisitions PLUS $0
Old South Rd/Fairgrounds Intersection Improvement Design PLUS $60,000 $60,000
Monomoy/Polpis Rd/Milestone Intersection Improvement PLUS $0
Milestone Rotary Improvement PLUS $0
Old South Rd Bike Path South Side Rotary to Fairgrounds PLUS $126,500 $0
Modification of Union / Francis Street Corner - Lightship Basket Museum PLUS $150,000 $150,000 $150,000 $150,000
Modification of Union / Francis Street Corner - Lightship Basket Museum Town Admin $50,000 $0
Surfside Road Takings Town Admin $100,000 $100,000 $100,000 $100,000
Baxter Road Area Alt Access/Roadway Acquisitions Town Admin $500,000 $500,000 $500,000 $500,000
Road Improvements DPW $684,560 $900,000 $500,000 $500,000 $900,000 $900,000 $900,000 $900,000 $3,600,000 $7,700,000
Millies Bridge repair/redecking DPW $115,000 $0
Nobadeer Farm Playing Fields design and Construction DPW $1,100,000 $1,100,000
Fiscal Year Total $115,000 $734,560 $1,876,500 $1,350,000 $0 $1,350,000 $2,900,000 $2,000,000 $960,000 $900,000 $3,600,000 $11,710,000
1/27/2014 Capital Requests FY2014 - FY 2023 Technology
*DRAFT as of 1/27/2014
Page 1
EQUIPMENT DEPT.FY2013 Approved FY14 Approved FY2015 Requests
FY2015 Town
Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Servers IS, Various $50,000 $75,000 $75,000 $75,000 $100,000 $200,000 $375,000
Desktops, Printers All Dpts.$25,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $100,000 $250,000
Network: Infrastructure IS $50,000 $50,000 $50,000 $100,000 $50,000 $200,000 $400,000
GIS: Digital Orthophoto Update GIS $87,500 $90,000 $300,000 $300,000 $600,000
Voice Over IP $175,000 $0
Facility Security Upgrades Finance $50,000 $100,000 $100,000Fiscal Year Total $337,500 $140,000 $225,000 $175,000 $0 $175,000 $150,000 $400,000 $150,000 $50,000 $800,000 $1,725,000
1/27/2014 Capital Requests FY2014 - FY 2023 Vehicles & Equipment
*DRAFT as of 1/27/2014
Page 1
VEHICLE/EQUIPMENT DEPT FY13 Approved FY14 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Bike Path Sweeper DPW $60,000 $60,000 $60,000 $60,000
Street Sweeping Machine (new)DPW $125,000 $125,000
Bobcat w/attachments DPW $70,000 $0
Catch Basin Cleaning Truck DPW $95,000 $0
Tractor & Attachments DPW $130,000 $130,000 $130,000 $130,000
Backhoe DPW $75,000 $75,000
Grader DPW $150,000 $150,000
Sweeper DPW $150,000 $150,000
Loader DPW $200,000 $200,000
10 Wheel Dump Truck #1 DPW $130,000 $150,000 $150,000 $300,000
Bucket Truck with Chipper DPW $150,000 $150,000
1-ton Dump Truck w/sander & plow DPW $50,000 $50,000 $50,000 $150,000
Engine E-3 (2002 Madaket)Fire $375,000 $375,000
Fire Tanker T-1 (1988)Fire $240,000 $240,000 $240,000 $240,000
Fire Tanker T-2 (1989) Sconset Fire $240,000 $240,000
Ambulance 1 (2007)Fire $180,000 $180,000
Ambulance 2 (2006)$180,000 $180,000
Ambulance 3 (2001) Fire $165,000 $0
Command C-2 (2005)Fire $35,000 $35,000
Utility Truck (2004)Fire $40,000 $40,000
Command C-1 (2004)Fire $35,000 $0
Fire Prevention C5 Fire $35,000 $35,000
Fiscal Year Total $95,000 $400,000 $430,000 $430,000 $0 $430,000 $415,000 $600,000 $770,000 $275,000 $325,000 $2,815,000*Ambulance Reserve Fund $0 $0 $0** Waterways Improvement Fund $0Fiscal Year Total less alt funding source $95,000 $400,000 $430,000 $430,000 $0 $430,000 $415,000 $600,000 $770,000 $275,000 $325,000 $2,815,000
1/27/2014 Capital Requests FY2014 - FY 2023 Schools
*DRAFT as of 1/27/2014
Page 1
PROJECT FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
NHS Roof NHS $200,000 $200,000
NHS Football field synthetic surface NHS $500,000 $500,000
NHS Auditorium upgrades NHS $200,000 $0
NHS Façade Repair and Paint NHS $150,000 $150,000 $150,000 $150,000 $300,000
NHS Building Improvements NHS $300,000 $300,000 $600,000
NHS/CPS Window Replacement Phase 1 NHS/CPS $100,000 $100,000 $100,000 $150,000 $150,000 $150,000 $550,000
CPS Modular Classroom CPS $300,000 $300,000
CPS Fire Alarm upgrade CPS $50,000 $0
CPS Building Improvements CPS $150,000 $150,000 $150,000 $100,000 $200,000 $450,000
Bathrooms at CPS & NHS CPS $100,000 $0
Bathrooms at NES NES $150,000 $150,000 $150,000 $150,000
NES Playground NES $50,000 $50,000 $50,000 $50,000
NES Building Improvements NES $300,000 $200,000 $500,000
NES Roof Replacement NES $140,000 $0
Expansion Design Development*NES $45,000 $0
NES Classroom upgrades NES $200,000 $0
Adult locker rooms at the Pool NPS $80,000 $0
Create alternate space for NCS/ECC NPS $250,000 $0
CPS/NHS Classroom Improvements NPS $318,420 $0
Stadium & Athletic Field upgrade Phase 1 NPS $100,000 $100,000 $500,000 $500,000 $500,000 $500,000 $500,000 $1,500,000
Backus Lane Drive & Storage building NPS $125,000 $0
Infrustructure upgrade NPS $60,000 $100,000 $0
Furniture, Fixtures & Equip NPS $200,000 $200,000
Safety & Security upgrades NPS $135,000 $200,000 $200,000 $200,000 $200,000 $400,000
Upgrade/Replace Large HVAC NPS $600,000 $600,000
Grounds Equipment NPS $100,000 $100,000
Outside basketball Hoops $50,000 $50,000
Vocational Wing $200,000 $200,000
New Building Construction- NHS/NES/NPS?$17,000,000 $17,000,000
Community School Building $750,000 $750,000
less alt funding sources $0Fiscal Year Total $868,420 $1,135,000 $1,300,000 $1,300,000 $0 $800,000 $19,500,000 $1,550,000 $2,300,000 $250,000 $0 $24,400,000
$0
$868,420 $1,135,000 $1,300,000 $1,300,000 $0 $800,000 $19,500,000 $1,550,000 $2,300,000 $250,000 $0 $25,700,000
1/27/2014 Capital Requests FY2014 - FY 2023 Enterprise Funds
*DRAFT as of 1/27/2014
Page 1
PROJECT FUND FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Distribution System Improvements Wannacomet Water $850,000 $1,024,291 $0
Renovation & Rehab of Administration building Wannacomet Water $1,200,000 $0
Madaket Water Main Extension Wannacomet Water $800,000 $0
Water Main Replacement Wannacomet Water $750,000 $1,500,000 $1,000,000 $3,250,000
Motor Control Center Upgrade- D.C.Worth Pump Station Wannacomet Water $30,000 $30,000
Motor Control Center Upgrade- Wyers Valley Pump Station Wannacomet Water $50,000 $50,000
Replacement of Wannacomet Computer Servers Wannacomet Water $50,000 $50,000 $50,000 $50,000
Replacement of Service Truck (2004)Wannacomet Water $42,000 $42,000 $42,000 $42,000
Water Main Installation- Race Way Drive Wannacomet Water $75,000 $75,000
Water Meter System Upgrade Wannacomet Water $400,000 $0
Service Vehicle #1 Vehicle Replacement Wannacomet Water $50,000 $50,000
Service Vehicle #2 Vehicle Replacement Wannacomet Water $50,000 $50,000
Admin Vehicle #1 Vehicle Replacement Wannacomet Water $50,000 $50,000
Admin Vehicle #2 Vehicle Replacement Wannacomet Water $40,000 $40,000
Engineering Vehicle #1 Vehicle Replacement Wannacomet Water $60,000 $60,000
New Admin Building Wannacomet Water $2,000,000 $2,000,000
New Operations/Maintenance Facility Wannacomet Water $1,000,000 $1,000,000
Wellfield Relocation and Upgrade Wannacomet Water $2,000,000 $2,000,000
Water Meter System Battery Replacement Wannacomet Water $0
Fiscal Year Total $3,250,000 $1,024,291 $92,000 $92,000 $0 $92,000 $155,000 $860,000 $6,590,000 $1,000,000 $50,000 $8,747,000
$0
Water Meter System Upgrade Sconset Water $400,000 $400,000
Water Main Replacement Sconset Water $800,000 $1,200,000 $2,000,000
Replacement Well, Pump Station & SCADA System Sconset Water $500,000 $0
Sconset Water $0
Fiscal Year Total $0 $500,000 $0 $0 $0 $0 $0 $0 $400,000 $800,000 $1,200,000 $2,400,000
$0
9 East Creek Road Accessible Doors Our Island Home $100,000 $0
Our Island Home Design Services Our Island Home $150,000 $500,000 $500,000
Our Island Home Flooring replacement Our Island Home $145,000 $0
9East Creek Road facility system and equipment improvements Our Island Home $200,000 $0
9 East Creek Road Nursing Station Our Island Home $75,000 $0
Construction of New OIH Facility Our Island Home $15,000,000 $15,000,000
Nurse Call System Our Island Home $20,000 $0
Electronic Medical Records/Point of Care Our Island Home $75,000 $75,000 $75,000 $75,000
$0
Fiscal Year Total $175,000 $365,000 $225,000 $75,000 $0 $75,000 $500,000 $15,000,000 $0 $0 $0 $15,575,000
1/27/2014 Capital Requests FY2014 - FY 2023 Enterprise Funds
*DRAFT as of 1/27/2014
Page 2
PROJECT FUND FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
$0
Airfield Vehicles & Equipment Airport $450,000 $0
Airport Ramp Rehabilitation Airport $1,125,000 $1,125,000 $1,125,000 $750,000 $1,000,000 $750,000 $500,000 $4,125,000
Airport Security System Upgrades Airport $400,000 $400,000 $400,000 $245,000 $665,750 $115,750 $1,362,500 $2,789,000
Aquire New Lektro Tug Airport $34,000 $34,000 $34,000 $125,000 $159,000
Automated Airfield Inspection Airport $35,000 $35,000
Centerline TDZ repalcement Airport $1,200,000 $1,200,000
Emergency Call-Back System Airport $30,000 $30,000
Environmental Impact Report Airport $75,000 $75,000
Environmental Stewardship Airport $570,000 $570,000 $570,000 $570,000
Erosion Control Airport $15,000,000 $15,000,000
Fencing Airport $300,000 $0
Fuel Farm Metering Airport $15,000 $15,000
Tug Airport $50,000 $50,000
Golf Cart Airport $8,000 $8,000 $16,000
GSE Garage Airport $250,000 $750,000 $1,000,000
Instrument Approach Upgrades Airport $2,000,000 $2,000,000
IT Infrastructure Overhaul & Upgrade Program Airport $31,000 $31,000 $31,000 $21,000 $11,500 $11,500 $7,500 $46,500 $129,000
Parallel taxiway to 15/33 Airport $5,000,000 $5,000,000
Prepare Master Plan/GIS Mapping & Environmental Surveys Airport $750,000 $0
Purchase new airfield vehicles & equipment Airport $450,000 $0
Raise & Remove Ainnex building Airport $0
1/27/2014 Capital Requests FY2014 - FY 2023 Enterprise Funds
*DRAFT as of 1/27/2014
Page 3
PROJECT FUND FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Ramp Electrification Airport $2,500,000 $2,500,000
Replace 1997 Tractor and 1998 Bat Wing Mower Deck Airport $70,000 $70,000 $70,000 $70,000
Replace Aircraft Rescue & Fire Fighting Vehicle Airport $900,000 $900,000 $900,000 $400,000 $1,300,000
Replace Airport Operations Vehicle Airport $60,000 $60,000 $60,000 $60,000
Replace Buses Airport $140,000 $140,000
Snow Plow/Blower Airport $400,000 $400,000
South Apron Extension Airport $1,500,000 $1,500,000 $3,000,000
Southwest ramp extension - Phase 1 Airport $1,390,000 $0
SRE Expansion Airport $2,500,000 $2,500,000
Taxiway Delta Airport $375,000 $0
Taxiway E rehab Airport $2,500,000 $2,500,000
Terminal Exterior Painting Airport $75,000 $75,000 $150,000
Utility Vehicle Airport $60,000 $60,000
Vault Room Rehab Airport $1,000,000 $1,000,000
Waste treatment/sewer upgrade Airport $125,000 $125,000
Water Rescue Building Airport $0
Fiscal Year Total $1,690,000 $2,025,000 $3,190,000 $3,190,000 $0 $3,190,000 $4,514,000 $5,135,250 $8,936,500 $3,313,250 $20,909,000 $45,998,000
FAA /State Grants ($2,468,750)($2,468,750)($2,468,750)($2,468,750)
$1,690,000 $2,025,000 $721,250 $721,250 $0 $721,250 $4,514,000 $5,135,250 $8,936,500 $3,313,250 $20,909,000 $44,250,500
1/27/2014 Capital Requests FY2014 - FY 2023 Enterprise Funds
*DRAFT as of 1/27/2014
Page 4
PROJECT FUND FY2013 Approved FY2014 Approved FY2015 Requests
FY2015 Town Manager Recommended FY2015 BOS Recommended FY2015 CPC Recommended FY2016 FY2017 FY2018 FY2019 FY2020-FY2024 Ten-Year Total
Madaket Wastewater Treatment Plant and Collection System Sewer $40,000,000 $40,000,000
Somerset Rd Area Infrastructure Expansion (construction)Sewer $17,200,000 $17,200,000
Monomoy Area Collection System (Construction)Sewer $15,000,000 $15,000,000
Shimmo Collection System (Construction)Sewer $19,000,000 $19,000,000
Sea Street Pump Station Renovation Sewer $3,000,000 $3,000,000 $3,000,000 $3,000,000
Membrane Filtration System Sewer $1,300,000 $1,300,000
Mapping - Phase II Sewer $49,783 $0
Standby Emergency Generators Sewer $97,000 $0
Surfside Pump Station Upgrades Sewer $100,000 $100,000 $100,000
VacCon Vehicle (sewer cleaner)Sewer $275,000 $0
Tanker Truck Sewer $190,000 $190,000
Utility Truck with crane Sewer $90,000 $90,000 $90,000 $190,000 $280,000
CWMP Update Sewer $750,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000 $50,000,000
Sewer Rodding Machine replacement Sewer $0
Total $1,171,783 $100,000 $3,090,000 $3,090,000 $0 $3,090,000 $50,100,000 $25,000,000 $47,690,000 $10,000,000 $10,190,000 $146,070,000
Betterments $0 $0 $0 ($17,200,000)$0 $0 ($17,200,000)
Fiscal Year Total $1,171,783 $100,000 $3,090,000 $3,090,000 $0 $3,090,000 $50,100,000 $25,000,000 $30,490,000 $10,000,000 $10,190,000 $128,870,000
MRF Bailer Solid Waste $300,000 $300,000
Lined Landfill Cell Engineering & Construction Solid Waste $500,000 $1,400,000 $1,400,000 $1,400,000 $1,400,000
Capping of Landfill Cells 1A,1B, & 1C Solid Waste $8,200,000 $8,200,000
Landfill Mining Solid Waste $675,948 $687,037 $670,000 $700,000 $700,000 $670,000 $670,000 $670,000 $670,000 $3,380,000
Fiscal Year Total $675,948 $1,187,037 $2,070,000 $2,100,000 $0 $2,100,000 $8,870,000 $970,000 $670,000 $670,000 $0 $13,280,000
Enterprise Fund Total (grants included)$6,111,993 $5,201,328 $6,198,250 $6,078,250 $0 $6,078,250 $64,139,000 $46,965,250 $47,086,500 $15,783,250 $32,349,000 $212,401,250
V. Funding and Debt Service
Debt Service: The following charts show the Town’s General Fund debt service position. The
Existing Debt Service charts show it is decreasing at a fairly rapid rate. From 2014 to 2018, the
annual debt service will decline from $7.3 to $6.2 million; thereafter, it will decline more
rapidly, to $3.4 million by 2024.
Financing Plan 1A (Financing the new Fire Station in 2015) projects the annual debt service in
2018 would increase to $10.6 million in 2018 (up from $6.2 million), and from $9.2 and back to
$7.2 million by 2028.
Financing Plan 1B (Financing the new Fire Station in 2016, as well as 20 South Water Street
Renovation and the New School) projects the debt service would decrease from $7.3 to $7.0
million in 2016, increase to $10.3 million in 2017, to $10.6 million in 2018, then start decreasing
to $7.3 million by 2028.
Notably, under either scenario, the Town’s annual debt service by 2028 will roughly equal what
it is in 2014, poised to address its post-2028 capital needs and having significantly improved key
facilities and completed other capital projects during those fourteen years.
Tax Payer Impact: The spreadsheet on page 3 of 17 (last column) for either Plan shows the
worst case impact to the average taxpayer is in 2018 and would add $236.
Debt Capacity: The Town’s debt ceiling is 5% of assessed valuation. Our valuation is about
$16.9 billion, so our debt ceiling is about $845 million. The Town’s current General Fund debt is
$74.5 million. This CIP calls for an increase of $64.3 million in General Fund debt over the next
five years. Adding current Enterprise Fund debt of $109.2 million totals $248 million. Missing is
the projected Enterprise Fund debt. Adding this latter debt, the Town will still remain
comfortably under the debt ceiling.
12% Debt Finance Guideline: Finally, the Town has set a guideline that debt service should not
exceed 12% of operating expenses. Further future calculations will chart the debt service vs.
this guideline, since the above projections do not include Enterprise Funds debt service.
Long-term Capital Financing Plan Summary of Assumptions, Items not Included,
Other Information
As of 01/29/14
ASSUMPTIONS*
-- Interest Rates: 4 – 5.5%
-- Projects included in plan are contained in the Capital Program Committee’s project schedule
(there are no “outside” projects, e.g., the Egan property)
-- The Plan assumes NO new growth in valuation (conservative assumption)
-- The Plan is meant to be modified on an annual basis; or, as new items arise
-- Free Cash will be used to fund a portion of capital projects annually
*ALL of these assumptions can be modified as we proceed with the review of this Plan
ITEMS NOT INCLUDED or NOT YET INCLUDED
-- Enterprise Funds are not yet contained in this plan (but will be)
-- No projects beyond 2020 are contained in this plan (but will be as we proceed, but not for FY 15)
-- Options to “smooth” the tax impact over time have not yet been particularized but can be done
quickly, given policy makers inputs on what they wish to consider. “Smoothing” would entail modifying
the term of debt and/or modifying the structure of how the debt is issued, including debt in the
operating budget without an override.
-- An overview of how the % of debt service resulting from these projects fits with the “12%
policy” (which will be prepared)
-- Tax impacts resulting from any operating budget increases which would cause the tax rate to
increase (not included)
OTHER INFORMATION
--Increased debt as a result of the capital projects included in the Plan is $64.3 million
--Current debt is $74.5 million
Plan 1A1/31/2014Projected Interest Rate on 2015 Bonds: 4.00%Projected Interest Rate on 2016 Bonds: 4.50%Projected Interest Rate on 2017 Bonds: 5.00%Projected Interest Rate on 2018 Bonds: 5.50%2014 Assessed Valuation: $16,939,727,455-1ABCDEFGHIJKPlus: Equals:Plus: Plus: Plus: Plus: Equals: C + H(page 4) (page 5) A + B(pages 6 - 7) (pages 8 - 11) (pages 12 - 13) (pages 14 - 17) D + E + F + GFiscal YearExisting Tax-Supported Non-Exempt Debt ServiceExisting Tax-Supported Exempt Debt ServiceTotal Existing Tax-Supported Debt Service$13M Tax-Supported Bonds Dated June 2015 $31.711M Tax-Supported Bonds Dated June 2016 $10.875M Tax-Supported Bonds Dated June 2017$9.050M Tax-Supported Bonds Dated June 2018 Total Projected Tax-Supported Debt Service Total Existing + Projected Tax-Supported Debt Service2014 22,683 7,278,123 7,300,806 - - - - - 7,300,806 0.04% 11.40%2015 21,986 7,132,555 7,154,541 - - - - - 7,154,541 0.04% 10.90%2016 16,960 6,967,793 6,984,752 955,000 - - - 955,000 7,939,752 0.05% 11.80%2017 15,373 6,854,906 6,870,278 957,600 2,512,995 - - 3,470,595 10,340,873 0.06% 14.99%2018 14,658 6,183,730 6,198,388 959,400 2,503,125 933,750 - 4,396,275 10,594,663 0.06% 14.98%2019 - 4,116,633 4,116,633 955,400 2,507,500 934,250 777,750 5,174,900 9,291,533 0.05% 12.82%2020 - 3,985,224 3,985,224 955,800 2,509,400 928,750 777,350 5,171,300 9,156,524 0.05% 12.32%2021 - 3,868,983 3,868,983 955,400 2,498,825 942,500 781,125 5,177,850 9,046,833 0.05% 11.88%2022 - 3,735,842 3,735,842 959,200 2,496,225 939,500 773,800 5,168,725 8,904,567 0.05% 11.41%2023 - 3,575,309 3,575,309 957,000 2,496,150 935,500 770,925 5,159,575 8,734,884 0.05% 10.92%2024 - 3,368,300 3,368,300 959,000 2,488,375 940,500 777,225 5,165,100 8,533,400 0.05% 10.41%2025 - 2,319,332 2,319,332 1,100,000 2,888,125 1,104,000 932,150 6,024,275 8,343,607 0.05% 9.93%2026 - 2,246,039 2,246,039 1,069,400 2,801,950 1,068,000 902,450 5,841,800 8,087,839 0.05% 9.39%2027 - 2,095,241 2,095,241 1,038,800 2,705,775 1,022,000 872,750 5,639,325 7,734,566 0.05% 8.76%2028 - 1,775,516 1,775,516 1,003,200 2,620,050 986,500 838,050 5,447,800 7,223,316 0.04% 7.98%2029 - 1,657,005 1,657,005 972,800 2,534,325 951,000 808,625 5,266,750 6,923,755 0.04% 7.46%2030 - 1,080,520 1,080,520 942,400 2,448,600 905,500 779,200 5,075,700 6,156,220 0.04% 6.47%2031 - 715,097 715,097 912,000 2,362,875 870,500 744,775 4,890,150 5,605,247 0.03% 5.75%2032 - 713,674 713,674 881,600 2,027,150 835,500 715,625 4,459,875 5,173,549 0.03% 5.18%2033 - 712,251 712,251 851,200 1,952,675 505,500 686,475 3,995,850 4,708,101 0.03% 4.60%2034 - 710,828 710,828 820,800 1,878,200 485,250 592,325 3,776,575 4,487,403 0.03% 4.27%2035 - 709,405 709,405 790,400 1,803,725 460,000 566,750 3,620,875 4,330,280 0.03% 4.02%2036 - 707,982 707,982 - 1,724,250 440,000 541,175 2,705,425 3,413,407 0.02% 3.10%2037 - 706,558 706,558 - - 420,000 510,600 930,600 1,637,158 0.01% 1.45%2038 - 705,135 705,135 - - - 485,300 485,300 1,190,435 0.01% 1.03%2039 - 50,154 50,154 - - - - - 50,154 0.00% 0.04%2040 - 48,731 48,731 - - - - - 48,731 0.00% 0.04%2041 - 47,308 47,308 - - - - - 47,308 0.00% 0.04%2042 - 45,885 45,885 - - - - - 45,885 0.00% 0.04%2043 - 44,462 44,462 - - - - - 44,462 0.00% 0.03%2044 - 43,039 43,039 - - - - - 43,039 0.00% 0.03%2045 - 41,616 41,616 - - - - - 41,616 0.00% 0.03%2046 - 40,193 40,193 - - - - - 40,193 0.00% 0.03%2047 - 38,769 38,769 - - - - - 38,769 0.00% 0.03%2048 - 37,346 37,346 - - - - - 37,346 0.00% 0.03%2049 - 35,923 35,923 - - - - - 35,923 0.00% 0.02%Total 91,659 74,395,407 74,487,066 18,996,400 47,760,295 16,608,500 14,634,425 97,999,620 172,486,686 Notes & Assumptions:For discussion only; not to be used for budgeting purposes.Assumes 2.50% yearly increase in assessed value.Assumes projected FY2014 general fund operating budget of $64,062,005 and 2.50% yearly increase thereafter.Bonds exempt from the limits of Proposition 2 1/2 are structured on an level debt service basis though FY2024 and on an equal principal basis thereafter. Bonds not exempt from the limits of Proposition 2 1/2 are structured on an equal principal basis. Town of Nantucket, MassachusettsFinancing Plan 1A - Tax-Supported Debt Model - NON-EXEMPT & EXEMPT DEBT General Fund Tax-Supported Debt Only - Excludes Existing and Projected Enterprise Fund DebtTotal Existing + Projected Tax-Supported Debt Service as a % of Assessed Valuation*Total Exisiting + Projected Tax-Supported Debt Service as a % of General Fund Operating Budget* prepared by FirstSouthwestPage 1 of 17
Plan 1A1/31/2014Projected Interest Rate on 2016 Bonds: 4.50%Projected Interest Rate on 2018 Bonds: 5.50%ABCDEPlus: Plus: Equals: A + D(page 4)(page 10) (page 16) B + CFiscal YearTotal Existing Non-Exempt Tax-Supported Debt Service$861,000 Non-Exempt Tax-Supported Bonds Dated June 2016$500,000 Non-Exempt Tax-Supported Bonds Dated June 2018 Total Projected Non-Exempt Tax-Supported Debt Service Total Existing + Projected Non-Exempt Tax-Supported Debt Service2014 22,683 - - - 22,683 2015 21,986 - - - 21,986 2016 16,960 - - - 16,960 2017 15,373 89,745 - 89,745 105,118 2018 14,658 86,450 - 86,450 101,108 2019 - 84,200 52,500 136,700 136,700 2020 - 81,950 51,125 133,075 133,075 2021 - 79,700 49,750 129,450 129,450 2022 - 77,450 48,375 125,825 125,825 2023 - 75,200 47,000 122,200 122,200 2024 - 67,950 45,625 113,575 113,575 2025 - 65,925 44,250 110,175 110,175 2026 - 63,900 42,875 106,775 106,775 2027 - 56,875 41,500 98,375 98,375 2028 - 55,075 40,125 95,200 95,200 2029 - 53,275 38,750 92,025 92,025 2030 - 51,475 37,375 88,850 88,850 2031 - 49,675 36,000 85,675 85,675 2032 - 42,875 34,625 77,500 77,500 2033 - 41,300 33,250 74,550 74,550 2034 - 39,725 31,875 71,600 71,600 2035 - 38,150 30,500 68,650 68,650 2036 - 36,575 29,125 65,700 65,700 2037 - - 27,750 27,750 27,750 2038 - - 26,375 26,375 26,375 Total 91,659 1,237,470 788,750 2,026,220 2,117,879 Assumptions:For discussion only; not to be used for budgeting purposes.All bonds structured on an equal principal basis.Town of Nantucket, MassachusettsFinancing Plan 1A ‐ Tax‐Supported Debt Model ‐ ESTIMATED NON‐EXEMPT DEBTGeneral Fund Tax-Supported Debt Only - Excludes Existing and Projected Enterprise Fund Debtprepared by FirstSouthwest Page 2 of 17
Plan 1A1/31/2014Projected Interest Rate on 2015 Bonds: 4.00%Projected Interest Rate on 2016 Bonds: 4.50%Projected Interest Rate on 2017 Bonds: 5.00%Projected Interest Rate on 2018 Bonds: 5.50%ABCDEFGPlus: Plus: Plus: Plus: Equals: A + F(page 5)(page 7) (page 11) (page 13) (page 17) B + C + D + E500,000 1,300,000Fiscal YearTotal Existing Exempt Tax-Supported Debt Service$13.0M Exempt Tax-Supported Bonds Dated June 2015$30.850M Exempt Tax-Supported Bonds Dated June 2016$10.875M Exempt Tax-Supported Bonds Dated June 2017$8.550M Exempt Tax-Supported Bonds Dated June 2018Total Projected Exempt Tax-Supported Debt Service Total Existing + Projected Exempt Tax-Supported Debt ServiceResidential Tax Rate Impact per $100,000 of AVOpen Space Tax Rate Impact Per $100,000 of AVCommercial/ Industrial/Personal Property Tax Rate Impact per $100,000 of AVImpact on $500,000 Single Family HomeYearly Increase/ (Decrease) Over 2014 Base YearImpact on $1.3M Single Family HomeYearly Increase/ (Decrease) Over 2014 Base Year2014 7,278,123 - - - - - 7,278,123 40.52 40.53 75.21 202.60 base year526.76 base year2015 7,132,555 - - - - - 7,132,555 39.71 39.72 73.70 198.55 (4.05) 516.22 (10.54) 2016 6,967,793 955,000 - - - 955,000 7,922,793 44.11 44.12 81.87 220.55 17.95 573.42 46.66 2017 6,854,906 957,600 2,423,250 - - 3,380,850 10,235,756 56.99 57.00 105.77 284.93 82.33 740.82 214.06 2018 6,183,730 959,400 2,416,675 933,750 - 4,309,825 10,493,555 58.42 58.44 108.43 292.11 89.51 759.48 232.72 2019 4,116,633 955,400 2,423,300 934,250 725,250 5,038,200 9,154,833 50.97 50.98 94.60 254.84 52.24 662.59 135.83 2020 3,985,224 955,800 2,427,450 928,750 726,225 5,038,225 9,023,449 50.24 50.25 93.24 251.18 48.58 653.08 126.32 2021 3,868,983 955,400 2,419,125 942,500 731,375 5,048,400 8,917,383 49.65 49.66 92.14 248.23 45.63 645.40 118.64 2022 3,735,842 959,200 2,418,775 939,500 725,425 5,042,900 8,778,742 48.87 48.89 90.71 244.37 41.77 635.37 108.61 2023 3,575,309 957,000 2,420,950 935,500 723,925 5,037,375 8,612,684 47.95 47.96 89.00 239.75 37.15 623.35 96.59 2024 3,368,300 959,000 2,420,425 940,500 731,600 5,051,525 8,419,825 46.88 46.89 87.00 234.38 31.78 609.39 82.63 2025 2,319,332 1,100,000 2,822,200 1,104,000 887,900 5,914,100 8,233,432 45.84 45.85 85.08 229.19 26.59 595.90 69.14 2026 2,246,039 1,069,400 2,738,050 1,068,000 859,575 5,735,025 7,981,064 44.43 44.44 82.47 222.17 19.57 577.63 50.88 2027 2,095,241 1,038,800 2,648,900 1,022,000 831,250 5,540,950 7,636,191 42.51 42.52 78.91 212.57 9.97 552.67 25.92 2028 1,775,516 1,003,200 2,564,975 986,500 797,925 5,352,600 7,128,116 39.68 39.69 73.66 198.42 (4.18) 515.90 (10.86) 2029 1,657,005 972,800 2,481,050 951,000 769,875 5,174,725 6,831,730 38.03 38.04 70.59 190.17 (12.43) 494.45 (32.31) 2030 1,080,520 942,400 2,397,125 905,500 741,825 4,986,850 6,067,370 33.78 33.79 62.69 168.90 (33.70) 439.13 (87.63) 2031 715,097 912,000 2,313,200 870,500 708,775 4,804,475 5,519,572 30.73 30.74 57.03 153.65 (48.95) 399.48 (127.28) 2032 713,674 881,600 1,984,275 835,500 681,000 4,382,375 5,096,049 28.37 28.38 52.66 141.86 (60.74) 368.83 (157.93) 2033 712,251 851,200 1,911,375 505,500 653,225 3,921,300 4,633,551 25.80 25.80 47.88 128.98 (73.62) 335.36 (191.40) 2034 710,828 820,800 1,838,475 485,250 560,450 3,704,975 4,415,803 24.58 24.59 45.63 122.92 (79.68) 319.60 (207.16) 2035 709,405 790,400 1,765,575 460,000 536,250 3,552,225 4,261,630 23.73 23.73 44.04 118.63 (83.97) 308.44 (218.32) 2036 707,982 - 1,687,675 440,000 512,050 2,639,725 3,347,707 18.64 18.64 34.59 93.19 (109.41) 242.29 (284.47) 2037 706,558 - - 420,000 482,850 902,850 1,609,408 8.96 8.96 16.63 44.80 (157.80) 116.48 (410.28) 2038 705,135 - - - 458,925 458,925 1,164,060 6.48 6.48 12.03 32.40 (170.20) 84.25 (442.51) 2039 50,154 - - - - - 50,154 0.28 0.28 0.52 1.40 (201.20) 3.63 (523.13) 2040 48,731 - - - - - 48,731 0.27 0.27 0.50 1.36 (201.24) 3.53 (523.23) 2041 47,308 - - - - - 47,308 0.26 0.26 0.49 1.32 (201.28) 3.42 (523.34) 2042 45,885 - - - - - 45,885 0.26 0.26 0.47 1.28 (201.32) 3.32 (523.44) 2043 44,462 - - - - - 44,462 0.25 0.25 0.46 1.24 (201.36) 3.22 (523.54) 2044 43,039 - - - - - 43,039 0.24 0.24 0.44 1.20 (201.40) 3.11 (523.64) 2045 41,616 - - - - - 41,616 0.23 0.23 0.43 1.16 (201.44) 3.01 (523.75) 2046 40,193 - - - - - 40,193 0.22 0.22 0.42 1.12 (201.48) 2.91 (523.85) 2047 38,769 - - - - - 38,769 0.22 0.22 0.40 1.08 (201.52) 2.81 (523.95) 2048 37,346 - - - - - 37,346 0.21 0.21 0.39 1.04 (201.56) 2.70 (524.06) 2049 35,923 - - - - - 35,923 0.20 0.20 0.37 1.00 (201.60) 2.60 (524.16) Total 74,395,407 18,996,400 46,522,825 16,608,500 13,845,675 95,973,400 170,368,807 Assumptions:For discussion only; not to be used for budgeting purposes.Bonds are structured on an level debt service basis though FY2024 and on an equal principal basis thereafter. Town of Nantucket, MassachusettsFinancing Plan 1A ‐ Tax‐Supported Debt Model ‐ ESTIMATED EXEMPT DEBTGeneral Fund Tax-Supported Debt Only - Excludes Existing and Projected Enterprise Fund DebtTax Rate Impact (Assumes No Growth in Assessed Value)prepared by FirstSouthwestPage 3 of 17
Plan 1A
1/31/2014
Town of Nantucket, Massachusetts
Total Existing Tax-Supported Non-Exempt Debt Service
Outstanding as of June 30, 2013
Aggregate Debt Service
Date Principal Interest Total P+I
06/30/2014 20,000.00 2,683.00 22,683.00
06/30/2015 19,800.00 2,186.00 21,986.00
06/30/2016 15,300.00 1,659.50 16,959.50
06/30/2017 14,300.00 1,072.50 15,372.50
06/30/2018 14,300.00 357.50 14,657.50
Total $83,700.00 $7,958.50 $91,658.50
Par Amounts Of Selected Issues
June 7 2012 -Cur Ref of May 15 2001 Land Acquisition (I)........................................................................................................83,700.00
TOTAL........................................................................................................................................................................................83,700.00
File | Nantucket after 12 refunding.sf | Aggregate
Page 2
prepared by FirstSouthwest Page 4 of 17
Plan 1A
1/31/2014
Town of Nantucket, Massachusetts
Total Existing Tax-Supported Exempt Debt Service
Outstanding as of June 30, 2013
Aggregate Debt Service
Date Principal Interest Total P+I
06/30/2014 5,338,098.00 1,940,024.74 7,278,122.74
06/30/2015 5,410,657.26 1,721,897.73 7,132,554.99
06/30/2016 5,435,796.85 1,531,995.78 6,967,792.63
06/30/2017 5,520,865.80 1,334,039.99 6,854,905.79
06/30/2018 5,037,849.52 1,145,880.67 6,183,730.19
06/30/2019 3,107,456.63 1,009,176.62 4,116,633.25
06/30/2020 3,072,093.92 913,129.61 3,985,223.53
06/30/2021 3,049,919.30 819,064.10 3,868,983.40
06/30/2022 3,025,240.66 710,601.30 3,735,841.96
06/30/2023 2,960,914.93 614,394.07 3,575,309.00
06/30/2024 2,858,952.52 509,347.25 3,368,299.77
06/30/2025 1,890,358.83 428,972.70 2,319,331.53
06/30/2026 1,880,144.56 365,894.34 2,246,038.90
06/30/2027 1,788,545.43 306,695.80 2,095,241.23
06/30/2028 1,520,130.86 255,385.39 1,775,516.25
06/30/2029 1,450,303.35 206,701.22 1,657,004.57
06/30/2030 916,851.52 163,668.89 1,080,520.41
06/30/2031 579,859.50 135,237.79 715,097.29
06/30/2032 593,185.41 120,488.84 713,674.25
06/30/2033 606,836.74 105,414.29 712,251.03
06/30/2034 620,821.90 90,006.15 710,828.05
06/30/2035 635,148.40 74,256.30 709,404.70
06/30/2036 649,825.28 58,156.37 707,981.65
06/30/2037 664,860.65 41,697.82 706,558.47
06/30/2038 680,263.55 24,871.87 705,135.42
06/30/2039 34,500.00 15,654.38 50,154.38
06/30/2040 34,500.00 14,231.25 48,731.25
06/30/2041 34,500.00 12,808.13 47,308.13
06/30/2042 34,500.00 11,385.00 45,885.00
06/30/2043 34,500.00 9,961.88 44,461.88
06/30/2044 34,500.00 8,538.75 43,038.75
06/30/2045 34,500.00 7,115.63 41,615.63
06/30/2046 34,500.00 5,692.50 40,192.50
06/30/2047 34,500.00 4,269.38 38,769.38
06/30/2048 34,500.00 2,846.25 37,346.25
06/30/2049 34,500.00 1,423.13 35,923.13
Total $59,674,481.37 $14,720,925.91 $74,395,407.28
Par Amounts Of Selected Issues
September 28 2001 MWPAT- 97-1148 (OE)........................................................................................................................8,085.00
December 1 2003 Non-Called -Recreational Faciltiy (IE).....................................................................................................40,000.00
December 1 2003 Non-Called -School Remodeling (IE)...................................................................................................... 115,000.00
October 1 2004 non-called -School Remodeling (IE)........................................................................................................... 20,000.00
October 1 2004 non-called -Land Acquisition 1 (IE)............................................................................................................. 1,890,000.00
October 1 2004 non-called -Recreational Facility 1 (IE)....................................................................................................... 20,000.00
October 1 2004 non-called -Public Warf 1 (IE)..................................................................................................................... 20,000.00
October 1 2004 non-called -Assessors Map (IE)..................................................................................................................10,000.00
October 1 2004 non-called -Computer Hardware (IE).......................................................................................................... 110,000.00
October 1 2004 non-called -Remodeling (IE)....................................................................................................................... 60,000.00
October 1 2004 non-called -Recreational Facility 2 (IE)....................................................................................................... 30,000.00
October 1 2004 non-called -Bulkhead (IE)........................................................................................................................... 20,000.00
October 1 2004 non-called -Public Warf 2 (IE)..................................................................................................................... 10,000.00
November 15 2005 -School Remodeling (IE)....................................................................................................................... 455,000.00
November 15 2005 -Outdoor Recreational Facility (IE)........................................................................................................295,000.00
November 15 2005 -Bath House Construction (IE).............................................................................................................. 145,000.00
November 15 2005 -Land Acquisition (IE)............................................................................................................................195,000.00
November 15 2005 -Adv Ref July 15 1997 Land (IE)........................................................................................................... 9,675,000.00
November 9 2007 MWPAT CW-04-19 (IE)...........................................................................................................................552,773.21
February 15, 2008 -Waste Water Treatment Facility (General 34%) (IE).............................................................................102,000.00
February 15, 2008 -Childrens Beach Ramp (IE).................................................................................................................. 125,000.00
February 15, 2008 -Public Safety Communications (IE).......................................................................................................1,325,000.00
February 15, 2008 -Bikepath (IE)......................................................................................................................................... 405,000.00
February 15, 2008 -Washington Street Building (IE)............................................................................................................ 150,000.00
February 15, 2008 -South Shore Road Bike Path (IE)......................................................................................................... 275,000.00
February 15, 2008 -Nobadeer Farm Road Bike Path (IE).................................................................................................... 50,000.00
February 15, 2008 -NES Building Improvements 1 (IE)....................................................................................................... 140,000.00
February 15, 2008 -NES Building Improvements 2 (IE)....................................................................................................... 300,000.00
February 15, 2008 -CPS Building Improvements (IE).......................................................................................................... 280,000.00
February 15, 2008 -CPS Building Improvements 2 (IE)....................................................................................................... 250,000.00
February 15, 2008 -NHS Building Improvements (IE).......................................................................................................... 630,000.00
February 15, 2008 -NHS Building Improvements 2 (IE)....................................................................................................... 525,000.00
February 15, 2008 -New School Playing Fields (IE).............................................................................................................800,000.00
December 18 2008 USDA Sewer Loan (OE)....................................................................................................................... 1,242,000.00
Dec 15 2009 MWPAT CW-05-21 General 34% (IE)Revised................................................................................................12,267,664.18
February 15 2010 -Drainage (IE)..........................................................................................................................................735,000.00
February 15 2010 -Police Station (IE).................................................................................................................................. 10,310,000.00
March 15 2011 MWPAT CW-06-43 (IE) Revised................................................................................................................. 3,196,758.98
June 7 2012 -Adv Ref of December 1 2003 Rec Facility (IE)............................................................................................... 185,200.00
June 7 2012 -Adv Ref of December 1 2003 School Remodeling (IE).................................................................................. 1,040,000.00
June 7 2012 -Hummock Pond Rd. Bike Path (IE)................................................................................................................ 2,985,000.00
March 5 2013 -Adv Ref of October 1 2004 School Remodeling (IE).................................................................................... 49,000.00
March 5 2013 -Adv Ref of October 1 2004 Land Acquisition 1 (IE)......................................................................................8,286,000.00
March 5 2013 -Adv Ref of October 1 2004 Rec Facility 1 (IE)..............................................................................................50,500.00
March 5 2013 -Adv Ref of October 1 2004 Remodeling (IE)................................................................................................ 249,000.00
March 5 2013 -Adv Ref of October 1 2004 Rec Facility (IE).................................................................................................50,500.00
TOTAL..................................................................................................................................................................................59,674,481.37
File | Nantucket after 12 refunding.sf | Aggregate
Page 1
prepared by FirstSouthwest Page 5 of 17
Plan 1A1/31/2014Exempt from Prop 2 1/2New Fire Station Addition to the PSF Grand Totalnon-exempt exempt6/15/2016 435,000 435,000$ - 435,000 6/15/2017 455,000 455,000$ - 455,000 6/15/2018 475,000 475,000$ - 475,000 6/15/2019 490,000 490,000$ - 490,000 6/15/2020 510,000 510,000$ - 510,000 6/15/2021 530,000 530,000$ - 530,000 6/15/2022 555,000 555,000$ - 555,000 6/15/2023 575,000 575,000$ - 575,000 6/15/2024 600,000 600,000$ - 600,000 6/15/2025 765,000 765,000$ - 765,000 6/15/2026 765,000 765,000$ - 765,000 6/15/2027 765,000 765,000$ - 765,000 6/15/2028 760,000 760,000$ - 760,000 6/15/2029 760,000 760,000$ - 760,000 6/15/2030 760,000 760,000$ - 760,000 6/15/2031 760,000 760,000$ - 760,000 6/15/2032 760,000 760,000$ - 760,000 6/15/2033 760,000 760,000$ - 760,000 6/15/2034 760,000 760,000$ - 760,000 6/15/2035 760,000 760,000$ - 760,000 Total 13,000,000$ 13,000,000$ - 13,000,000 Reference 7(3A)Maximum Term 30Maximum Maturity 6/15/2015Remaining Life 30Estimate of:Fiscal 2015prepared by FirstSouthwest Page 6 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2016 435,000 4.00% 520,000 955,000
6/30/2017 455,000 4.00% 502,600 957,600
6/30/2018 475,000 4.00% 484,400 959,400
6/30/2019 490,000 4.00% 465,400 955,400
6/30/2020 510,000 4.00% 445,800 955,800
6/30/2021 530,000 4.00% 425,400 955,400
6/30/2022 555,000 4.00% 404,200 959,200
6/30/2023 575,000 4.00% 382,000 957,000
6/30/2024 600,000 4.00% 359,000 959,000
6/30/2025 765,000 4.00% 335,000 1,100,000
6/30/2026 765,000 4.00% 304,400 1,069,400
6/30/2027 765,000 4.00% 273,800 1,038,800
6/30/2028 760,000 4.00% 243,200 1,003,200
6/30/2029 760,000 4.00% 212,800 972,800
6/30/2030 760,000 4.00% 182,400 942,400
6/30/2031 760,000 4.00% 152,000 912,000
6/30/2032 760,000 4.00% 121,600 881,600
6/30/2033 760,000 4.00% 91,200 851,200
6/30/2034 760,000 4.00% 60,800 820,800
6/30/2035 760,000 4.00% 30,400 790,400
Total 13,000,000 5,996,400 18,996,400
Town of Nantucket, Massachusetts
6/15/2015
Estimate of Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 7 of 17
Plan 1A1/31/2014Brant Point Shellfish Propagation Facility Rehab/RestoreOld Police Station Space Reconfiguration/ RestoreConsue Springs/ Harbor Outfall Stormwater Improvements (Drainage)Road Taking & Maintenance (Boulevarde, Lovers, Okorwaw, Monohanset)New Building Construction - NHS/NES/NPS?Sparks Avenue Roundabout ImprovementsReplace Town Pier Marine Office & RestroomsGrand Totalnon-exempt exempt6/15/2017 20,000 215,000 110,000 145,000 545,000 11,000 40,000 1,086,000$ 51,000 1,035,000 6/15/2018 20,000 225,000 115,000 150,000 565,000 10,000 40,000 1,125,000$ 50,000 1,075,000 6/15/2019 25,000 235,000 120,000 160,000 590,000 10,000 40,000 1,180,000$ 50,000 1,130,000 6/15/2020 25,000 245,000 130,000 165,000 620,000 10,000 40,000 1,235,000$ 50,000 1,185,000 6/15/2021 25,000 255,000 135,000 170,000 645,000 10,000 40,000 1,280,000$ 50,000 1,230,000 6/15/2022 25,000 265,000 140,000 180,000 675,000 10,000 40,000 1,335,000$ 50,000 1,285,000 6/15/2023 25,000 280,000 145,000 190,000 705,000 10,000 40,000 1,395,000$ 50,000 1,345,000 6/15/2024 30,000 290,000 150,000 195,000 740,000 5,000 40,000 1,450,000$ 45,000 1,405,000 6/15/2025 40,000 395,000 205,000 235,000 995,000 5,000 40,000 1,915,000$ 45,000 1,870,000 6/15/2026 40,000 395,000 205,000 235,000 995,000 5,000 40,000 1,915,000$ 45,000 1,870,000 6/15/2027 40,000 390,000 205,000 235,000 995,000 5,000 35,000 1,905,000$ 40,000 1,865,000 6/15/2028 40,000 390,000 205,000 235,000 995,000 5,000 35,000 1,905,000$ 40,000 1,865,000 6/15/2029 40,000 390,000 205,000 235,000 995,000 5,000 35,000 1,905,000$ 40,000 1,865,000 6/15/2030 40,000 390,000 205,000 235,000 995,000 5,000 35,000 1,905,000$ 40,000 1,865,000 6/15/2031 40,000 390,000 205,000 235,000 995,000 5,000 35,000 1,905,000$ 40,000 1,865,000 6/15/2032 35,000 390,000 205,000 - 990,000 - 35,000 1,655,000$ 35,000 1,620,000 6/15/2033 35,000 390,000 205,000 - 990,000 - 35,000 1,655,000$ 35,000 1,620,000 6/15/2034 35,000 390,000 205,000 - 990,000 - 35,000 1,655,000$ 35,000 1,620,000 6/15/2035 35,000 390,000 205,000 - 990,000 - 35,000 1,655,000$ 35,000 1,620,000 6/15/2036 35,000 390,000 200,000 - 990,000 - 35,000 1,650,000$ 35,000 1,615,000 Total 650,000$ 6,700,000$ 3,500,000$ 3,000,000$ 17,000,000$ 111,000$ 750,000$ 31,711,000$ 861,000 30,850,000 Reference 7(3A) 7(3A) 7(1) 7(5) and/or 7(6) 7(3A) 7(5) and/or 7(6) 7(3A)Maximum Term 30 30 30 15 30 15 30Maximum Maturity 6/15/2046 6/15/2046 6/15/2046 6/15/2031 6/15/2046 6/15/2031 6/15/2046Remaining Life 30 30 30 15 30 15 30Fiscal 2016Estimate of:Exempt from Prop 2 1/2 Non-Exemptprepared by FirstSouthwestPage 8 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2017 1,086,000 4.50% 1,426,995 2,512,995
6/30/2018 1,125,000 4.50% 1,378,125 2,503,125
6/30/2019 1,180,000 4.50% 1,327,500 2,507,500
6/30/2020 1,235,000 4.50% 1,274,400 2,509,400
6/30/2021 1,280,000 4.50% 1,218,825 2,498,825
6/30/2022 1,335,000 4.50% 1,161,225 2,496,225
6/30/2023 1,395,000 4.50% 1,101,150 2,496,150
6/30/2024 1,450,000 4.50% 1,038,375 2,488,375
6/30/2025 1,915,000 4.50% 973,125 2,888,125
6/30/2026 1,915,000 4.50% 886,950 2,801,950
6/30/2027 1,905,000 4.50% 800,775 2,705,775
6/30/2028 1,905,000 4.50% 715,050 2,620,050
6/30/2029 1,905,000 4.50% 629,325 2,534,325
6/30/2030 1,905,000 4.50% 543,600 2,448,600
6/30/2031 1,905,000 4.50% 457,875 2,362,875
6/30/2032 1,655,000 4.50% 372,150 2,027,150
6/30/2033 1,655,000 4.50% 297,675 1,952,675
6/30/2034 1,655,000 4.50% 223,200 1,878,200
6/30/2035 1,655,000 4.50% 148,725 1,803,725
6/30/2036 1,650,000 4.50% 74,250 1,724,250
Total 31,711,000 16,049,295 47,760,295
Town of Nantucket, Massachusetts
6/15/2016
DEBT SERVICE SCHEDULE
Aggregate Estimated Debt Service
prepared by FirstSouthwest Page 9 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2017 51,000 4.50% 38,745 89,745
6/30/2018 50,000 4.50% 36,450 86,450
6/30/2019 50,000 4.50% 34,200 84,200
6/30/2020 50,000 4.50% 31,950 81,950
6/30/2021 50,000 4.50% 29,700 79,700
6/30/2022 50,000 4.50% 27,450 77,450
6/30/2023 50,000 4.50% 25,200 75,200
6/30/2024 45,000 4.50% 22,950 67,950
6/30/2025 45,000 4.50% 20,925 65,925
6/30/2026 45,000 4.50% 18,900 63,900
6/30/2027 40,000 4.50% 16,875 56,875
6/30/2028 40,000 4.50% 15,075 55,075
6/30/2029 40,000 4.50% 13,275 53,275
6/30/2030 40,000 4.50% 11,475 51,475
6/30/2031 40,000 4.50% 9,675 49,675
6/30/2032 35,000 4.50% 7,875 42,875
6/30/2033 35,000 4.50% 6,300 41,300
6/30/2034 35,000 4.50% 4,725 39,725
6/30/2035 35,000 4.50% 3,150 38,150
6/30/2036 35,000 4.50% 1,575 36,575
Total 861,000 376,470 1,237,470
Town of Nantucket, Massachusetts
6/15/2016
Estimate of Non-Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 10 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2017 1,035,000 4.50% 1,388,250 2,423,250
6/30/2018 1,075,000 4.50% 1,341,675 2,416,675
6/30/2019 1,130,000 4.50% 1,293,300 2,423,300
6/30/2020 1,185,000 4.50% 1,242,450 2,427,450
6/30/2021 1,230,000 4.50% 1,189,125 2,419,125
6/30/2022 1,285,000 4.50% 1,133,775 2,418,775
6/30/2023 1,345,000 4.50% 1,075,950 2,420,950
6/30/2024 1,405,000 4.50% 1,015,425 2,420,425
6/30/2025 1,870,000 4.50% 952,200 2,822,200
6/30/2026 1,870,000 4.50% 868,050 2,738,050
6/30/2027 1,865,000 4.50% 783,900 2,648,900
6/30/2028 1,865,000 4.50% 699,975 2,564,975
6/30/2029 1,865,000 4.50% 616,050 2,481,050
6/30/2030 1,865,000 4.50% 532,125 2,397,125
6/30/2031 1,865,000 4.50% 448,200 2,313,200
6/30/2032 1,620,000 4.50% 364,275 1,984,275
6/30/2033 1,620,000 4.50% 291,375 1,911,375
6/30/2034 1,620,000 4.50% 218,475 1,838,475
6/30/2035 1,620,000 4.50% 145,575 1,765,575
6/30/2036 1,615,000 4.50% 72,675 1,687,675
Total 30,850,000 15,672,825 46,522,825
Town of Nantucket, Massachusetts
6/15/2016
Estimate of Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 11 of 17
Plan 1A1/31/2014Prospect Street Shared Use Path ExtensionBartlett Road Bike Path WideningStormwater Improvements - Phase 2: design & constructionStadium & Athletic Field Upgrade - Phase 1Truck Storage ShedGrand Totalnon-exempt exempt6/15/2018 55,000 55,000 195,000 70,000 15,000 390,000$ - 390,000 6/15/2019 55,000 60,000 205,000 75,000 15,000 410,000$ - 410,000 6/15/2020 60,000 60,000 215,000 75,000 15,000 425,000$ - 425,000 6/15/2021 65,000 65,000 230,000 80,000 20,000 460,000$ - 460,000 6/15/2022 65,000 70,000 240,000 85,000 20,000 480,000$ - 480,000 6/15/2023 70,000 70,000 250,000 90,000 20,000 500,000$ - 500,000 6/15/2024 75,000 75,000 265,000 95,000 20,000 530,000$ - 530,000 6/15/2025 95,000 95,000 380,000 120,000 30,000 720,000$ - 720,000 6/15/2026 95,000 95,000 380,000 120,000 30,000 720,000$ - 720,000 6/15/2027 90,000 95,000 380,000 115,000 30,000 710,000$ - 710,000 6/15/2028 90,000 95,000 380,000 115,000 30,000 710,000$ - 710,000 6/15/2029 90,000 95,000 380,000 115,000 30,000 710,000$ - 710,000 6/15/2030 90,000 90,000 375,000 115,000 30,000 700,000$ - 700,000 6/15/2031 90,000 90,000 375,000 115,000 30,000 700,000$ - 700,000 6/15/2032 90,000 90,000 375,000 115,000 30,000 700,000$ - 700,000 6/15/2033 - - 375,000 - 30,000 405,000$ - 405,000 6/15/2034 - - 375,000 - 30,000 405,000$ - 405,000 6/15/2035 - - 375,000 - 25,000 400,000$ - 400,000 6/15/2036 - - 375,000 - 25,000 400,000$ - 400,000 6/15/2037 - - 375,000 - 25,000 400,000$ - 400,000 Total 1,175,000$ 1,200,000$ 6,500,000$ 1,500,000$ 500,000$ 10,875,000$ - 10,875,000 Reference 7(5) and/or 7(6) 7(5) and/or 7(6) 7(1) 7(25) 7(3A)Maximum Term 15 15 30 15 30Maximum Maturity 6/15/2032 6/15/2032 6/15/2047 6/15/2032 6/15/2047Remaining Life 15 15 30 15 30Fiscal 2017Estimate of:Exempt from Prop 2 1/2prepared by FirstSouthwest Page 12 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2018 390,000 5.00% 543,750 933,750
6/30/2019 410,000 5.00% 524,250 934,250
6/30/2020 425,000 5.00% 503,750 928,750
6/30/2021 460,000 5.00% 482,500 942,500
6/30/2022 480,000 5.00% 459,500 939,500
6/30/2023 500,000 5.00% 435,500 935,500
6/30/2024 530,000 5.00% 410,500 940,500
6/30/2025 720,000 5.00% 384,000 1,104,000
6/30/2026 720,000 5.00% 348,000 1,068,000
6/30/2027 710,000 5.00% 312,000 1,022,000
6/30/2028 710,000 5.00% 276,500 986,500
6/30/2029 710,000 5.00% 241,000 951,000
6/30/2030 700,000 5.00% 205,500 905,500
6/30/2031 700,000 5.00% 170,500 870,500
6/30/2032 700,000 5.00% 135,500 835,500
6/30/2033 405,000 5.00% 100,500 505,500
6/30/2034 405,000 5.00% 80,250 485,250
6/30/2035 400,000 5.00% 60,000 460,000
6/30/2036 400,000 5.00% 40,000 440,000
6/30/2037 400,000 5.00% 20,000 420,000
Total 10,875,000 5,733,500 16,608,500
Town of Nantucket, Massachusetts
6/15/2017
Estimate of Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 13 of 17
Plan 1A1/31/2014Non-ExemptGarage Replacement2 Fairgrounds Road Design/ ConstructionCommunity School BuildingSomerset Lane/Raceway Drive Multi-Use Path37 Washington: Move & DemoGrand Totalnon-exempt exempt6/15/2019 85,000 115,000 20,000 35,000 25,000 280,000$ 25,000 255,000 6/15/2020 90,000 120,000 20,000 40,000 25,000 295,000$ 25,000 270,000 6/15/2021 95,000 130,000 25,000 40,000 25,000 315,000$ 25,000 290,000 6/15/2022 100,000 135,000 25,000 40,000 25,000 325,000$ 25,000 300,000 6/15/2023 105,000 140,000 25,000 45,000 25,000 340,000$ 25,000 315,000 6/15/2024 115,000 150,000 30,000 45,000 25,000 365,000$ 25,000 340,000 6/15/2025 175,000 230,000 45,000 65,000 25,000 540,000$ 25,000 515,000 6/15/2026 175,000 230,000 45,000 65,000 25,000 540,000$ 25,000 515,000 6/15/2027 175,000 230,000 45,000 65,000 25,000 540,000$ 25,000 515,000 6/15/2028 175,000 230,000 45,000 60,000 25,000 535,000$ 25,000 510,000 6/15/2029 175,000 230,000 45,000 60,000 25,000 535,000$ 25,000 510,000 6/15/2030 175,000 230,000 45,000 60,000 25,000 535,000$ 25,000 510,000 6/15/2031 170,000 230,000 45,000 60,000 25,000 530,000$ 25,000 505,000 6/15/2032 170,000 230,000 45,000 60,000 25,000 530,000$ 25,000 505,000 6/15/2033 170,000 230,000 45,000 60,000 25,000 530,000$ 25,000 505,000 6/15/2034 170,000 230,000 40,000 - 25,000 465,000$ 25,000 440,000 6/15/2035 170,000 230,000 40,000 - 25,000 465,000$ 25,000 440,000 6/15/2036 170,000 230,000 40,000 - 25,000 465,000$ 25,000 440,000 6/15/2037 170,000 225,000 40,000 - 25,000 460,000$ 25,000 435,000 6/15/2038 170,000 225,000 40,000 - 25,000 460,000$ 25,000 435,000 Total 3,000,000$ 4,000,000$ 750,000$ 800,000$ 500,000$ 9,050,000$ 500,000 8,550,000 Reference 7(3A) 7(3A) 7(3A) 7(5) and/or 7(6) 7(3A)Maximum Term 30 30 30 15 30Maximum Maturity 6/15/2038 6/15/2038 6/15/2038 6/15/2033 6/15/2038Remaining Life 30 30 30 15 30Estimate of:Exempt from Prop 2 1/2Fiscal 2018prepared by FirstSouthwest Page 14 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2019 280,000 5.50% 497,750 777,750
6/30/2020 295,000 5.50% 482,350 777,350
6/30/2021 315,000 5.50% 466,125 781,125
6/30/2022 325,000 5.50% 448,800 773,800
6/30/2023 340,000 5.50% 430,925 770,925
6/30/2024 365,000 5.50% 412,225 777,225
6/30/2025 540,000 5.50% 392,150 932,150
6/30/2026 540,000 5.50% 362,450 902,450
6/30/2027 540,000 5.50% 332,750 872,750
6/30/2028 535,000 5.50% 303,050 838,050
6/30/2029 535,000 5.50% 273,625 808,625
6/30/2030 535,000 5.50% 244,200 779,200
6/30/2031 530,000 5.50% 214,775 744,775
6/30/2032 530,000 5.50% 185,625 715,625
6/30/2033 530,000 5.50% 156,475 686,475
6/30/2034 465,000 5.50% 127,325 592,325
6/30/2035 465,000 5.50% 101,750 566,750
6/30/2036 465,000 5.50% 76,175 541,175
6/30/2037 460,000 5.50% 50,600 510,600
6/30/2038 460,000 5.50% 25,300 485,300
Total 9,050,000 5,584,425 14,634,425
Town of Nantucket, Massachusetts
6/15/2018
DEBT SERVICE SCHEDULE
Aggregate Estimated Debt Service
prepared by FirstSouthwest Page 15 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2019 25,000 5.50% 27,500 52,500
6/30/2020 25,000 5.50% 26,125 51,125
6/30/2021 25,000 5.50% 24,750 49,750
6/30/2022 25,000 5.50% 23,375 48,375
6/30/2023 25,000 5.50% 22,000 47,000
6/30/2024 25,000 5.50% 20,625 45,625
6/30/2025 25,000 5.50% 19,250 44,250
6/30/2026 25,000 5.50% 17,875 42,875
6/30/2027 25,000 5.50% 16,500 41,500
6/30/2028 25,000 5.50% 15,125 40,125
6/30/2029 25,000 5.50% 13,750 38,750
6/30/2030 25,000 5.50% 12,375 37,375
6/30/2031 25,000 5.50% 11,000 36,000
6/30/2032 25,000 5.50% 9,625 34,625
6/30/2033 25,000 5.50% 8,250 33,250
6/30/2034 25,000 5.50% 6,875 31,875
6/30/2035 25,000 5.50% 5,500 30,500
6/30/2036 25,000 5.50% 4,125 29,125
6/30/2037 25,000 5.50% 2,750 27,750
6/30/2038 25,000 5.50% 1,375 26,375
Total 500,000 288,750 788,750
Town of Nantucket, Massachusetts
6/15/2018
Estimate of Non-Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 16 of 17
Plan 1A
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2019 255,000 5.50% 470,250 725,250
6/30/2020 270,000 5.50% 456,225 726,225
6/30/2021 290,000 5.50% 441,375 731,375
6/30/2022 300,000 5.50% 425,425 725,425
6/30/2023 315,000 5.50% 408,925 723,925
6/30/2024 340,000 5.50% 391,600 731,600
6/30/2025 515,000 5.50% 372,900 887,900
6/30/2026 515,000 5.50% 344,575 859,575
6/30/2027 515,000 5.50% 316,250 831,250
6/30/2028 510,000 5.50% 287,925 797,925
6/30/2029 510,000 5.50% 259,875 769,875
6/30/2030 510,000 5.50% 231,825 741,825
6/30/2031 505,000 5.50% 203,775 708,775
6/30/2032 505,000 5.50% 176,000 681,000
6/30/2033 505,000 5.50% 148,225 653,225
6/30/2034 440,000 5.50% 120,450 560,450
6/30/2035 440,000 5.50% 96,250 536,250
6/30/2036 440,000 5.50% 72,050 512,050
6/30/2037 435,000 5.50% 47,850 482,850
6/30/2038 435,000 5.50% 23,925 458,925
Total 8,550,000 5,295,675 13,845,675
Town of Nantucket, Massachusetts
6/15/2018
Estimate of Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 17 of 17
Plan 1B1/31/2014Projected Interest Rate on 2016 Bonds: 4.50%Projected Interest Rate on 2017 Bonds: 5.00%Projected Interest Rate on 2018 Bonds: 5.50%2014 Assessed Valuation: $16,939,727,455-1ABCDEFGHIJPlus: Equals:Plus: Plus: Plus: Equals: C + G(page 4) (page 5) A + B(pages 6 - 9) (pages 10 - 11) (pages 12 - 15) D + E + F Fiscal YearExisting Tax-Supported Non-Exempt Debt ServiceExisting Tax-Supported Exempt Debt ServiceTotal Existing Tax-Supported Debt Service$44.711M Tax-Supported Bonds Dated June 2016 $10.875M Tax-Supported Bonds Dated June 2017$9.050M Tax-Supported Bonds Dated June 2018 Total Projected Tax-Supported Debt Service Total Existing + ProjectedTax-Supported Debt Service2014 22,683 7,278,123 7,300,806 - - - - 7,300,806 0.04% 11.40%2015 21,986 7,132,555 7,154,541 - - - - 7,154,541 0.04% 10.90%2016 16,960 6,967,793 6,984,752 - - - - 6,984,752 0.04% 10.38%2017 15,373 6,854,906 6,870,278 3,512,995 - - 3,512,995 10,383,273 0.06% 15.05%2018 14,658 6,183,730 6,198,388 3,504,450 933,750 - 4,438,200 10,636,588 0.06% 15.04%2019 - 4,116,633 4,116,633 3,504,250 934,250 777,750 5,216,250 9,332,883 0.06% 12.88%2020 - 3,985,224 3,985,224 3,510,900 928,750 777,350 5,217,000 9,202,224 0.05% 12.39%2021 - 3,868,983 3,868,983 3,498,950 942,500 781,125 5,222,575 9,091,558 0.05% 11.94%2022 - 3,735,842 3,735,842 3,494,075 939,500 773,800 5,207,375 8,943,217 0.05% 11.46%2023 - 3,575,309 3,575,309 3,495,825 935,500 770,925 5,202,250 8,777,559 0.05% 10.97%2024 - 3,368,300 3,368,300 3,488,750 940,500 777,225 5,206,475 8,574,775 0.05% 10.46%2025 - 2,319,332 2,319,332 4,058,075 1,104,000 932,150 6,094,225 8,413,557 0.05% 10.01%2026 - 2,246,039 2,246,039 3,937,700 1,068,000 902,450 5,908,150 8,154,189 0.05% 9.46%2027 - 2,095,241 2,095,241 3,807,325 1,022,000 872,750 5,702,075 7,797,316 0.05% 8.83%2028 - 1,775,516 1,775,516 3,687,400 986,500 838,050 5,511,950 7,287,466 0.04% 8.05%2029 - 1,657,005 1,657,005 3,567,475 951,000 808,625 5,327,100 6,984,105 0.04% 7.53%2030 - 1,080,520 1,080,520 3,447,550 905,500 779,200 5,132,250 6,212,770 0.04% 6.53%2031 - 715,097 715,097 3,327,625 870,500 744,775 4,942,900 5,657,997 0.03% 5.80%2032 - 713,674 713,674 2,957,700 835,500 715,625 4,508,825 5,222,499 0.03% 5.23%2033 - 712,251 712,251 2,849,025 505,500 686,475 4,041,000 4,753,251 0.03% 4.64%2034 - 710,828 710,828 2,740,350 485,250 592,325 3,817,925 4,528,753 0.03% 4.31%2035 - 709,405 709,405 2,626,675 460,000 566,750 3,653,425 4,362,830 0.03% 4.05%2036 - 707,982 707,982 2,513,225 440,000 541,175 3,494,400 4,202,382 0.02% 3.81%2037 - 706,558 706,558 - 420,000 510,600 930,600 1,637,158 0.01% 1.45%2038 - 705,135 705,135 - - 485,300 485,300 1,190,435 0.01% 1.03%2039 - 50,154 50,154 - - - - 50,154 0.00% 0.04%2040 - 48,731 48,731 - - - - 48,731 0.00% 0.04%2041 - 47,308 47,308 - - - - 47,308 0.00% 0.04%2042 - 45,885 45,885 - - - - 45,885 0.00% 0.04%2043 - 44,462 44,462 - - - - 44,462 0.00% 0.03%2044 - 43,039 43,039 - - - - 43,039 0.00% 0.03%2045 - 41,616 41,616 - - - - 41,616 0.00% 0.03%2046 - 40,193 40,193 - - - - 40,193 0.00% 0.03%2047 - 38,769 38,769 - - - - 38,769 0.00% 0.03%2048 - 37,346 37,346 - - - - 37,346 0.00% 0.03%2049 - 35,923 35,923 - - - - 35,923 0.00% 0.02%Total 91,659 74,395,407 74,487,066 67,530,320 16,608,500 14,634,425 98,773,245 173,260,311 Notes & Assumptions:For discussion only; not to be used for budgeting purposes.Assumes 2.50% yearly increase in assessed value.Assumes projected FY2014 general fund operating budget of $64,062,005 and 2.50% yearly increase thereafter.Bonds exempt from the limits of Proposition 2 1/2 are structured on an level debt service basis though FY2024 and on an equal principal basis thereafter. Bonds not exempt from the limits of Proposition 2 1/2 are structured on an equal principal basis. Town of Nantucket, MassachusettsFinancing Plan 1B - Tax-Supported Debt Model - NON-EXEMPT & EXEMPT DEBT General Fund Tax-Supported Debt Only - Excludes Existing and Projected Enterprise Fund DebtTotal Existing + Projected Tax-Supported Debt Service as a % of Assessed Valuation*Total Exisiting + Projected Tax-Supported Debt Service as a % of General Fund Operating Budget* prepared by FirstSouthwestPage 1 of 15
Plan 1B1/31/2014Projected Interest Rate on 2016 Bonds: 4.50%Projected Interest Rate on 2018 Bonds: 5.50%ABCDEPlus: Plus: Equals: A + D(page 4)(page 8) (page 14) B + CFiscal YearTotal Existing Non-Exempt Tax-Supported Debt Service$861,000 Non-Exempt Tax-Supported Bonds Dated June 2016$500,000 Non-Exempt Tax-Supported Bonds Dated June 2018 Total Projected Non-Exempt Tax-Supported Debt Service Total Existing + Projected Non-Exempt Tax-Supported Debt Service2014 22,683 - - - 22,683 2015 21,986 - - - 21,986 2016 16,960 - - - 16,960 2017 15,373 89,745 - 89,745 105,118 2018 14,658 86,450 - 86,450 101,108 2019 - 84,200 52,500 136,700 136,700 2020 - 81,950 51,125 133,075 133,075 2021 - 79,700 49,750 129,450 129,450 2022 - 77,450 48,375 125,825 125,825 2023 - 75,200 47,000 122,200 122,200 2024 - 67,950 45,625 113,575 113,575 2025 - 65,925 44,250 110,175 110,175 2026 - 63,900 42,875 106,775 106,775 2027 - 56,875 41,500 98,375 98,375 2028 - 55,075 40,125 95,200 95,200 2029 - 53,275 38,750 92,025 92,025 2030 - 51,475 37,375 88,850 88,850 2031 - 49,675 36,000 85,675 85,675 2032 - 42,875 34,625 77,500 77,500 2033 - 41,300 33,250 74,550 74,550 2034 - 39,725 31,875 71,600 71,600 2035 - 38,150 30,500 68,650 68,650 2036 - 36,575 29,125 65,700 65,700 2037 - - 27,750 27,750 27,750 2038 - - 26,375 26,375 26,375 Total 91,659 1,237,470 788,750 2,026,220 2,117,879 Assumptions:For discussion only; not to be used for budgeting purposes.All bonds structured on an equal principal basis.Town of Nantucket, MassachusettsFinancing Plan 1B ‐ Tax‐Supported Debt Model ‐ ESTIMATED NON‐EXEMPT DEBTGeneral Fund Tax-Supported Debt Only - Excludes Existing and Projected Enterprise Fund Debtprepared by FirstSouthwest Page 2 of 15
Plan 1B1/31/2014Projected Interest Rate on 2016 Bonds: 4.50%Projected Interest Rate on 2017 Bonds: 5.00%Projected Interest Rate on 2018 Bonds: 5.50%ABCDEFPlus: Plus: Plus: Equals: A + E(page 5)(page 9) (page 11) (page 15) B + C + D500,000 1,300,000Fiscal YearTotal Existing Exempt Tax-Supported Debt Service$43.850M Exempt Tax-Supported Bonds Dated June 2016$10.875M Exempt Tax-Supported Bonds Dated June 2017$8.550M Exempt Tax-Supported Bonds Dated June 2018Total Projected Exempt Tax-Supported Debt Service Total Existing + Projected Exempt Tax-Supported Debt ServiceResidential Tax Rate Impact per $100,000 of AVOpen Space Tax Rate Impact Per $100,000 of AVCommercial/ Industrial/Personal Property Tax Rate Impact per $100,000 of AVImpact on $500,000 Single Family HomeYearly Increase/ (Decrease) Over 2014 Base YearImpact on $1.3M Single Family HomeYearly Increase/ (Decrease) Over 2014 Base Year2014 7,278,123 - - - - 7,278,123 40.52 40.53 75.21 202.60 base year526.76 base year2015 7,132,555 - - - - 7,132,555 39.71 39.72 73.70 198.55 (4.05) 516.22 (10.54) 2016 6,967,793 - - - - 6,967,793 38.79 38.80 72.00 193.96 (8.64) 504.30 (22.46) 2017 6,854,906 3,423,250 - - 3,423,250 10,278,156 57.22 57.24 106.20 286.11 83.51 743.89 217.13 2018 6,183,730 3,418,000 933,750 - 4,351,750 10,535,480 58.65 58.67 108.86 293.27 90.67 762.51 235.75 2019 4,116,633 3,420,050 934,250 725,250 5,079,550 9,196,183 51.20 51.21 95.02 255.99 53.39 665.58 138.82 2020 3,985,224 3,428,950 928,750 726,225 5,083,925 9,069,149 50.49 50.50 93.71 252.46 49.86 656.39 129.63 2021 3,868,983 3,419,250 942,500 731,375 5,093,125 8,962,108 49.90 49.91 92.61 249.48 46.88 648.64 121.88 2022 3,735,842 3,416,625 939,500 725,425 5,081,550 8,817,392 49.09 49.10 91.11 245.45 42.85 638.16 111.41 2023 3,575,309 3,420,625 935,500 723,925 5,080,050 8,655,359 48.19 48.20 89.44 240.94 38.34 626.44 99.68 2024 3,368,300 3,420,800 940,500 731,600 5,092,900 8,461,200 47.11 47.12 87.43 235.53 32.93 612.38 85.63 2025 2,319,332 3,992,150 1,104,000 887,900 5,984,050 8,303,382 46.23 46.24 85.80 231.14 28.54 600.96 74.20 2026 2,246,039 3,873,800 1,068,000 859,575 5,801,375 8,047,414 44.80 44.81 83.15 224.01 21.41 582.44 55.68 2027 2,095,241 3,750,450 1,022,000 831,250 5,603,700 7,698,941 42.86 42.87 79.55 214.31 11.71 557.22 30.46 2028 1,775,516 3,632,325 986,500 797,925 5,416,750 7,192,266 40.04 40.05 74.32 200.21 (2.39) 520.55 (6.21) 2029 1,657,005 3,514,200 951,000 769,875 5,235,075 6,892,080 38.37 38.38 71.22 191.85 (10.75) 498.82 (27.94) 2030 1,080,520 3,396,075 905,500 741,825 5,043,400 6,123,920 34.09 34.10 63.28 170.47 (32.13) 443.22 (83.54) 2031 715,097 3,277,950 870,500 708,775 4,857,225 5,572,322 31.02 31.03 57.58 155.12 (47.48) 403.30 (123.46) 2032 713,674 2,914,825 835,500 681,000 4,431,325 5,144,999 28.64 28.65 53.16 143.22 (59.38) 372.37 (154.39) 2033 712,251 2,807,725 505,500 653,225 3,966,450 4,678,701 26.05 26.05 48.35 130.24 (72.36) 338.62 (188.13) 2034 710,828 2,700,625 485,250 560,450 3,746,325 4,457,153 24.81 24.82 46.06 124.07 (78.53) 322.59 (204.17) 2035 709,405 2,588,525 460,000 536,250 3,584,775 4,294,180 23.91 23.91 44.37 119.54 (83.06) 310.79 (215.96) 2036 707,982 2,476,650 440,000 512,050 3,428,700 4,136,682 23.03 23.04 42.74 115.15 (87.45) 299.40 (227.36) 2037 706,558 - 420,000 482,850 902,850 1,609,408 8.96 8.96 16.63 44.80 (157.80) 116.48 (410.28) 2038 705,135 - - 458,925 458,925 1,164,060 6.48 6.48 12.03 32.40 (170.20) 84.25 (442.51) 2039 50,154 - - - - 50,154 0.28 0.28 0.52 1.40 (201.20) 3.63 (523.13) 2040 48,731 - - - - 48,731 0.27 0.27 0.50 1.36 (201.24) 3.53 (523.23) 2041 47,308 - - - - 47,308 0.26 0.26 0.49 1.32 (201.28) 3.42 (523.34) 2042 45,885 - - - - 45,885 0.26 0.26 0.47 1.28 (201.32) 3.32 (523.44) 2043 44,462 - - - - 44,462 0.25 0.25 0.46 1.24 (201.36) 3.22 (523.54) 2044 43,039 - - - - 43,039 0.24 0.24 0.44 1.20 (201.40) 3.11 (523.64) 2045 41,616 - - - - 41,616 0.23 0.23 0.43 1.16 (201.44) 3.01 (523.75) 2046 40,193 - - - - 40,193 0.22 0.22 0.42 1.12 (201.48) 2.91 (523.85) 2047 38,769 - - - - 38,769 0.22 0.22 0.40 1.08 (201.52) 2.81 (523.95) 2048 37,346 - - - - 37,346 0.21 0.21 0.39 1.04 (201.56) 2.70 (524.06) 2049 35,923 - - - - 35,923 0.20 0.20 0.37 1.00 (201.60) 2.60 (524.16) Total 74,395,407 66,292,850 16,608,500 13,845,675 96,747,025 171,142,432 Assumptions:For discussion only; not to be used for budgeting purposes.Bonds are structured on an level debt service basis though FY2024 and on an equal principal basis thereafter. Town of Nantucket, MassachusettsFinancing Plan 1B ‐ Tax‐Supported Debt Model ‐ ESTIMATED EXEMPT DEBTGeneral Fund Tax-Supported Debt Only - Excludes Existing and Projected Enterprise Fund DebtTax Rate Impact (Assumes No Growth in Assessed Value)prepared by FirstSouthwestPage 3 of 15
Plan 1B
1/31/2014
Town of Nantucket, Massachusetts
Total Existing Tax-Supported Non-Exempt Debt Service
Outstanding as of June 30, 2013
Aggregate Debt Service
Date Principal Interest Total P+I
06/30/2014 20,000.00 2,683.00 22,683.00
06/30/2015 19,800.00 2,186.00 21,986.00
06/30/2016 15,300.00 1,659.50 16,959.50
06/30/2017 14,300.00 1,072.50 15,372.50
06/30/2018 14,300.00 357.50 14,657.50
Total $83,700.00 $7,958.50 $91,658.50
Par Amounts Of Selected Issues
June 7 2012 -Cur Ref of May 15 2001 Land Acquisition (I)........................................................................................................83,700.00
TOTAL........................................................................................................................................................................................83,700.00
File | Nantucket after 12 refunding.sf | Aggregate
Page 2
prepared by FirstSouthwest Page 4 of 15
Plan 1B
1/31/2014
Town of Nantucket, Massachusetts
Total Existing Tax-Supported Exempt Debt Service
Outstanding as of June 30, 2013
Aggregate Debt Service
Date Principal Interest Total P+I
06/30/2014 5,338,098.00 1,940,024.74 7,278,122.74
06/30/2015 5,410,657.26 1,721,897.73 7,132,554.99
06/30/2016 5,435,796.85 1,531,995.78 6,967,792.63
06/30/2017 5,520,865.80 1,334,039.99 6,854,905.79
06/30/2018 5,037,849.52 1,145,880.67 6,183,730.19
06/30/2019 3,107,456.63 1,009,176.62 4,116,633.25
06/30/2020 3,072,093.92 913,129.61 3,985,223.53
06/30/2021 3,049,919.30 819,064.10 3,868,983.40
06/30/2022 3,025,240.66 710,601.30 3,735,841.96
06/30/2023 2,960,914.93 614,394.07 3,575,309.00
06/30/2024 2,858,952.52 509,347.25 3,368,299.77
06/30/2025 1,890,358.83 428,972.70 2,319,331.53
06/30/2026 1,880,144.56 365,894.34 2,246,038.90
06/30/2027 1,788,545.43 306,695.80 2,095,241.23
06/30/2028 1,520,130.86 255,385.39 1,775,516.25
06/30/2029 1,450,303.35 206,701.22 1,657,004.57
06/30/2030 916,851.52 163,668.89 1,080,520.41
06/30/2031 579,859.50 135,237.79 715,097.29
06/30/2032 593,185.41 120,488.84 713,674.25
06/30/2033 606,836.74 105,414.29 712,251.03
06/30/2034 620,821.90 90,006.15 710,828.05
06/30/2035 635,148.40 74,256.30 709,404.70
06/30/2036 649,825.28 58,156.37 707,981.65
06/30/2037 664,860.65 41,697.82 706,558.47
06/30/2038 680,263.55 24,871.87 705,135.42
06/30/2039 34,500.00 15,654.38 50,154.38
06/30/2040 34,500.00 14,231.25 48,731.25
06/30/2041 34,500.00 12,808.13 47,308.13
06/30/2042 34,500.00 11,385.00 45,885.00
06/30/2043 34,500.00 9,961.88 44,461.88
06/30/2044 34,500.00 8,538.75 43,038.75
06/30/2045 34,500.00 7,115.63 41,615.63
06/30/2046 34,500.00 5,692.50 40,192.50
06/30/2047 34,500.00 4,269.38 38,769.38
06/30/2048 34,500.00 2,846.25 37,346.25
06/30/2049 34,500.00 1,423.13 35,923.13
Total $59,674,481.37 $14,720,925.91 $74,395,407.28
Par Amounts Of Selected Issues
September 28 2001 MWPAT- 97-1148 (OE)........................................................................................................................8,085.00
December 1 2003 Non-Called -Recreational Faciltiy (IE).....................................................................................................40,000.00
December 1 2003 Non-Called -School Remodeling (IE)...................................................................................................... 115,000.00
October 1 2004 non-called -School Remodeling (IE)........................................................................................................... 20,000.00
October 1 2004 non-called -Land Acquisition 1 (IE)............................................................................................................. 1,890,000.00
October 1 2004 non-called -Recreational Facility 1 (IE)....................................................................................................... 20,000.00
October 1 2004 non-called -Public Warf 1 (IE)..................................................................................................................... 20,000.00
October 1 2004 non-called -Assessors Map (IE)..................................................................................................................10,000.00
October 1 2004 non-called -Computer Hardware (IE).......................................................................................................... 110,000.00
October 1 2004 non-called -Remodeling (IE)....................................................................................................................... 60,000.00
October 1 2004 non-called -Recreational Facility 2 (IE)....................................................................................................... 30,000.00
October 1 2004 non-called -Bulkhead (IE)........................................................................................................................... 20,000.00
October 1 2004 non-called -Public Warf 2 (IE)..................................................................................................................... 10,000.00
November 15 2005 -School Remodeling (IE)....................................................................................................................... 455,000.00
November 15 2005 -Outdoor Recreational Facility (IE)........................................................................................................295,000.00
November 15 2005 -Bath House Construction (IE).............................................................................................................. 145,000.00
November 15 2005 -Land Acquisition (IE)............................................................................................................................195,000.00
November 15 2005 -Adv Ref July 15 1997 Land (IE)........................................................................................................... 9,675,000.00
November 9 2007 MWPAT CW-04-19 (IE)...........................................................................................................................552,773.21
February 15, 2008 -Waste Water Treatment Facility (General 34%) (IE).............................................................................102,000.00
February 15, 2008 -Childrens Beach Ramp (IE).................................................................................................................. 125,000.00
February 15, 2008 -Public Safety Communications (IE).......................................................................................................1,325,000.00
February 15, 2008 -Bikepath (IE)......................................................................................................................................... 405,000.00
February 15, 2008 -Washington Street Building (IE)............................................................................................................ 150,000.00
February 15, 2008 -South Shore Road Bike Path (IE)......................................................................................................... 275,000.00
February 15, 2008 -Nobadeer Farm Road Bike Path (IE).................................................................................................... 50,000.00
February 15, 2008 -NES Building Improvements 1 (IE)....................................................................................................... 140,000.00
February 15, 2008 -NES Building Improvements 2 (IE)....................................................................................................... 300,000.00
February 15, 2008 -CPS Building Improvements (IE).......................................................................................................... 280,000.00
February 15, 2008 -CPS Building Improvements 2 (IE)....................................................................................................... 250,000.00
February 15, 2008 -NHS Building Improvements (IE).......................................................................................................... 630,000.00
February 15, 2008 -NHS Building Improvements 2 (IE)....................................................................................................... 525,000.00
February 15, 2008 -New School Playing Fields (IE).............................................................................................................800,000.00
December 18 2008 USDA Sewer Loan (OE)....................................................................................................................... 1,242,000.00
Dec 15 2009 MWPAT CW-05-21 General 34% (IE)Revised................................................................................................12,267,664.18
February 15 2010 -Drainage (IE)..........................................................................................................................................735,000.00
February 15 2010 -Police Station (IE).................................................................................................................................. 10,310,000.00
March 15 2011 MWPAT CW-06-43 (IE) Revised................................................................................................................. 3,196,758.98
June 7 2012 -Adv Ref of December 1 2003 Rec Facility (IE)............................................................................................... 185,200.00
June 7 2012 -Adv Ref of December 1 2003 School Remodeling (IE).................................................................................. 1,040,000.00
June 7 2012 -Hummock Pond Rd. Bike Path (IE)................................................................................................................ 2,985,000.00
March 5 2013 -Adv Ref of October 1 2004 School Remodeling (IE).................................................................................... 49,000.00
March 5 2013 -Adv Ref of October 1 2004 Land Acquisition 1 (IE)......................................................................................8,286,000.00
March 5 2013 -Adv Ref of October 1 2004 Rec Facility 1 (IE)..............................................................................................50,500.00
March 5 2013 -Adv Ref of October 1 2004 Remodeling (IE)................................................................................................ 249,000.00
March 5 2013 -Adv Ref of October 1 2004 Rec Facility (IE).................................................................................................50,500.00
TOTAL..................................................................................................................................................................................59,674,481.37
File | Nantucket after 12 refunding.sf | Aggregate
Page 1
prepared by FirstSouthwest Page 5 of 15
Plan 1B1/31/2014Brant Point Shellfish Propagation Facility Rehab/RestoreNew Fire Station Addition to the PSFOld Police Station Space Reconfiguration/ RestoreConsue Springs/ Harbor Outfall Stormwater Improvements (Drainage)Road Taking & Maintenance (Boulevarde, Lovers, Okorwaw, Monohanset)New Building Construction - NHS/NES/NPS?Sparks Avenue Roundabout ImprovementsReplace Town Pier Marine Office & RestroomsGrand Totalnon-exempt exempt6/15/2017 20,000 415,000 215,000 110,000 145,000 545,000 11,000 40,000 1,501,000$ 51,000 1,450,000 6/15/2018 20,000 435,000 225,000 115,000 150,000 565,000 10,000 40,000 1,560,000$ 50,000 1,510,000 6/15/2019 25,000 450,000 235,000 120,000 160,000 590,000 10,000 40,000 1,630,000$ 50,000 1,580,000 6/15/2020 25,000 475,000 245,000 130,000 165,000 620,000 10,000 40,000 1,710,000$ 50,000 1,660,000 6/15/2021 25,000 495,000 255,000 135,000 170,000 645,000 10,000 40,000 1,775,000$ 50,000 1,725,000 6/15/2022 25,000 515,000 265,000 140,000 180,000 675,000 10,000 40,000 1,850,000$ 50,000 1,800,000 6/15/2023 25,000 540,000 280,000 145,000 190,000 705,000 10,000 40,000 1,935,000$ 50,000 1,885,000 6/15/2024 30,000 565,000 290,000 150,000 195,000 740,000 5,000 40,000 2,015,000$ 45,000 1,970,000 6/15/2025 40,000 760,000 395,000 205,000 235,000 995,000 5,000 40,000 2,675,000$ 45,000 2,630,000 6/15/2026 40,000 760,000 395,000 205,000 235,000 995,000 5,000 40,000 2,675,000$ 45,000 2,630,000 6/15/2027 40,000 760,000 390,000 205,000 235,000 995,000 5,000 35,000 2,665,000$ 40,000 2,625,000 6/15/2028 40,000 760,000 390,000 205,000 235,000 995,000 5,000 35,000 2,665,000$ 40,000 2,625,000 6/15/2029 40,000 760,000 390,000 205,000 235,000 995,000 5,000 35,000 2,665,000$ 40,000 2,625,000 6/15/2030 40,000 760,000 390,000 205,000 235,000 995,000 5,000 35,000 2,665,000$ 40,000 2,625,000 6/15/2031 40,000 760,000 390,000 205,000 235,000 995,000 5,000 35,000 2,665,000$ 40,000 2,625,000 6/15/2032 35,000 760,000 390,000 205,000 - 990,000 - 35,000 2,415,000$ 35,000 2,380,000 6/15/2033 35,000 760,000 390,000 205,000 - 990,000 - 35,000 2,415,000$ 35,000 2,380,000 6/15/2034 35,000 760,000 390,000 205,000 - 990,000 - 35,000 2,415,000$ 35,000 2,380,000 6/15/2035 35,000 755,000 390,000 205,000 - 990,000 - 35,000 2,410,000$ 35,000 2,375,000 6/15/2036 35,000 755,000 390,000 200,000 - 990,000 - 35,000 2,405,000$ 35,000 2,370,000 Total 650,000$ 13,000,000$ 6,700,000$ 3,500,000$ 3,000,000$ 17,000,000$ 111,000$ 750,000$ 44,711,000$ 861,000 43,850,000 Reference 7(3A) 7(3A) 7(3A) 7(1) 7(5) and/or 7(6) 7(3A) 7(5) and/or 7(6) 7(3A)Maximum Term 30 30 30 30 15 30 15 30Maximum Maturity 6/15/2046 6/15/2046 6/15/2046 6/15/2046 6/15/2031 6/15/2046 6/15/2031 6/15/2046Remaining Life 30 30 30 30 15 30 15 30Fiscal 2016Estimate of:Exempt from Prop 2 1/2 Non-Exemptprepared by FirstSouthwestPage 6 of 15
Plan 1B
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2017 1,501,000 4.50% 2,011,995 3,512,995
6/30/2018 1,560,000 4.50% 1,944,450 3,504,450
6/30/2019 1,630,000 4.50% 1,874,250 3,504,250
6/30/2020 1,710,000 4.50% 1,800,900 3,510,900
6/30/2021 1,775,000 4.50% 1,723,950 3,498,950
6/30/2022 1,850,000 4.50% 1,644,075 3,494,075
6/30/2023 1,935,000 4.50% 1,560,825 3,495,825
6/30/2024 2,015,000 4.50% 1,473,750 3,488,750
6/30/2025 2,675,000 4.50% 1,383,075 4,058,075
6/30/2026 2,675,000 4.50% 1,262,700 3,937,700
6/30/2027 2,665,000 4.50% 1,142,325 3,807,325
6/30/2028 2,665,000 4.50% 1,022,400 3,687,400
6/30/2029 2,665,000 4.50% 902,475 3,567,475
6/30/2030 2,665,000 4.50% 782,550 3,447,550
6/30/2031 2,665,000 4.50% 662,625 3,327,625
6/30/2032 2,415,000 4.50% 542,700 2,957,700
6/30/2033 2,415,000 4.50% 434,025 2,849,025
6/30/2034 2,415,000 4.50% 325,350 2,740,350
6/30/2035 2,410,000 4.50% 216,675 2,626,675
6/30/2036 2,405,000 4.50% 108,225 2,513,225
Total 44,711,000 22,819,320 67,530,320
Town of Nantucket, Massachusetts
6/15/2016
DEBT SERVICE SCHEDULE
Aggregate Estimated Debt Service
prepared by FirstSouthwest Page 7 of 15
Plan 1B
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2017 51,000 4.50% 38,745 89,745
6/30/2018 50,000 4.50% 36,450 86,450
6/30/2019 50,000 4.50% 34,200 84,200
6/30/2020 50,000 4.50% 31,950 81,950
6/30/2021 50,000 4.50% 29,700 79,700
6/30/2022 50,000 4.50% 27,450 77,450
6/30/2023 50,000 4.50% 25,200 75,200
6/30/2024 45,000 4.50% 22,950 67,950
6/30/2025 45,000 4.50% 20,925 65,925
6/30/2026 45,000 4.50% 18,900 63,900
6/30/2027 40,000 4.50% 16,875 56,875
6/30/2028 40,000 4.50% 15,075 55,075
6/30/2029 40,000 4.50% 13,275 53,275
6/30/2030 40,000 4.50% 11,475 51,475
6/30/2031 40,000 4.50% 9,675 49,675
6/30/2032 35,000 4.50% 7,875 42,875
6/30/2033 35,000 4.50% 6,300 41,300
6/30/2034 35,000 4.50% 4,725 39,725
6/30/2035 35,000 4.50% 3,150 38,150
6/30/2036 35,000 4.50% 1,575 36,575
Total 861,000 376,470 1,237,470
Town of Nantucket, Massachusetts
6/15/2016
Estimate of Non-Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 8 of 15
Plan 1B
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2017 1,450,000 4.50% 1,973,250 3,423,250
6/30/2018 1,510,000 4.50% 1,908,000 3,418,000
6/30/2019 1,580,000 4.50% 1,840,050 3,420,050
6/30/2020 1,660,000 4.50% 1,768,950 3,428,950
6/30/2021 1,725,000 4.50% 1,694,250 3,419,250
6/30/2022 1,800,000 4.50% 1,616,625 3,416,625
6/30/2023 1,885,000 4.50% 1,535,625 3,420,625
6/30/2024 1,970,000 4.50% 1,450,800 3,420,800
6/30/2025 2,630,000 4.50% 1,362,150 3,992,150
6/30/2026 2,630,000 4.50% 1,243,800 3,873,800
6/30/2027 2,625,000 4.50% 1,125,450 3,750,450
6/30/2028 2,625,000 4.50% 1,007,325 3,632,325
6/30/2029 2,625,000 4.50% 889,200 3,514,200
6/30/2030 2,625,000 4.50% 771,075 3,396,075
6/30/2031 2,625,000 4.50% 652,950 3,277,950
6/30/2032 2,380,000 4.50% 534,825 2,914,825
6/30/2033 2,380,000 4.50% 427,725 2,807,725
6/30/2034 2,380,000 4.50% 320,625 2,700,625
6/30/2035 2,375,000 4.50% 213,525 2,588,525
6/30/2036 2,370,000 4.50% 106,650 2,476,650
Total 43,850,000 22,442,850 66,292,850
Town of Nantucket, Massachusetts
6/15/2016
Estimate of Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 9 of 15
Plan 1B1/31/2014Prospect Street Shared Use Path ExtensionBartlett Road Bike Path WideningStormwater Improvements - Phase 2: design & constructionStadium & Athletic Field Upgrade - Phase 1Truck Storage ShedGrand Totalnon-exempt exempt6/15/2018 55,000 55,000 195,000 70,000 15,000 390,000$ - 390,000 6/15/2019 55,000 60,000 205,000 75,000 15,000 410,000$ - 410,000 6/15/2020 60,000 60,000 215,000 75,000 15,000 425,000$ - 425,000 6/15/2021 65,000 65,000 230,000 80,000 20,000 460,000$ - 460,000 6/15/2022 65,000 70,000 240,000 85,000 20,000 480,000$ - 480,000 6/15/2023 70,000 70,000 250,000 90,000 20,000 500,000$ - 500,000 6/15/2024 75,000 75,000 265,000 95,000 20,000 530,000$ - 530,000 6/15/2025 95,000 95,000 380,000 120,000 30,000 720,000$ - 720,000 6/15/2026 95,000 95,000 380,000 120,000 30,000 720,000$ - 720,000 6/15/2027 90,000 95,000 380,000 115,000 30,000 710,000$ - 710,000 6/15/2028 90,000 95,000 380,000 115,000 30,000 710,000$ - 710,000 6/15/2029 90,000 95,000 380,000 115,000 30,000 710,000$ - 710,000 6/15/2030 90,000 90,000 375,000 115,000 30,000 700,000$ - 700,000 6/15/2031 90,000 90,000 375,000 115,000 30,000 700,000$ - 700,000 6/15/2032 90,000 90,000 375,000 115,000 30,000 700,000$ - 700,000 6/15/2033 - - 375,000 - 30,000 405,000$ - 405,000 6/15/2034 - - 375,000 - 30,000 405,000$ - 405,000 6/15/2035 - - 375,000 - 25,000 400,000$ - 400,000 6/15/2036 - - 375,000 - 25,000 400,000$ - 400,000 6/15/2037 - - 375,000 - 25,000 400,000$ - 400,000 Total 1,175,000$ 1,200,000$ 6,500,000$ 1,500,000$ 500,000$ 10,875,000$ - 10,875,000 Reference 7(5) and/or 7(6) 7(5) and/or 7(6) 7(1) 7(25) 7(3A)Maximum Term 15 15 30 15 30Maximum Maturity 6/15/2032 6/15/2032 6/15/2047 6/15/2032 6/15/2047Remaining Life 15 15 30 15 30Fiscal 2017Estimate of:Exempt from Prop 2 1/2prepared by FirstSouthwest Page 10 of 15
Plan 1B
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2018 390,000 5.00% 543,750 933,750
6/30/2019 410,000 5.00% 524,250 934,250
6/30/2020 425,000 5.00% 503,750 928,750
6/30/2021 460,000 5.00% 482,500 942,500
6/30/2022 480,000 5.00% 459,500 939,500
6/30/2023 500,000 5.00% 435,500 935,500
6/30/2024 530,000 5.00% 410,500 940,500
6/30/2025 720,000 5.00% 384,000 1,104,000
6/30/2026 720,000 5.00% 348,000 1,068,000
6/30/2027 710,000 5.00% 312,000 1,022,000
6/30/2028 710,000 5.00% 276,500 986,500
6/30/2029 710,000 5.00% 241,000 951,000
6/30/2030 700,000 5.00% 205,500 905,500
6/30/2031 700,000 5.00% 170,500 870,500
6/30/2032 700,000 5.00% 135,500 835,500
6/30/2033 405,000 5.00% 100,500 505,500
6/30/2034 405,000 5.00% 80,250 485,250
6/30/2035 400,000 5.00% 60,000 460,000
6/30/2036 400,000 5.00% 40,000 440,000
6/30/2037 400,000 5.00% 20,000 420,000
Total 10,875,000 5,733,500 16,608,500
Town of Nantucket, Massachusetts
6/15/2017
Estimate of Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 11 of 15
Plan 1B1/31/2014Non-ExemptGarage Replacement2 Fairgrounds Road Design/ ConstructionCommunity School BuildingSomerset Lane/Raceway Drive Multi-Use Path37 Washington: Move & DemoGrand Totalnon-exempt exempt6/15/2019 85,000 115,000 20,000 35,000 25,000 280,000$ 25,000 255,000 6/15/2020 90,000 120,000 20,000 40,000 25,000 295,000$ 25,000 270,000 6/15/2021 95,000 130,000 25,000 40,000 25,000 315,000$ 25,000 290,000 6/15/2022 100,000 135,000 25,000 40,000 25,000 325,000$ 25,000 300,000 6/15/2023 105,000 140,000 25,000 45,000 25,000 340,000$ 25,000 315,000 6/15/2024 115,000 150,000 30,000 45,000 25,000 365,000$ 25,000 340,000 6/15/2025 175,000 230,000 45,000 65,000 25,000 540,000$ 25,000 515,000 6/15/2026 175,000 230,000 45,000 65,000 25,000 540,000$ 25,000 515,000 6/15/2027 175,000 230,000 45,000 65,000 25,000 540,000$ 25,000 515,000 6/15/2028 175,000 230,000 45,000 60,000 25,000 535,000$ 25,000 510,000 6/15/2029 175,000 230,000 45,000 60,000 25,000 535,000$ 25,000 510,000 6/15/2030 175,000 230,000 45,000 60,000 25,000 535,000$ 25,000 510,000 6/15/2031 170,000 230,000 45,000 60,000 25,000 530,000$ 25,000 505,000 6/15/2032 170,000 230,000 45,000 60,000 25,000 530,000$ 25,000 505,000 6/15/2033 170,000 230,000 45,000 60,000 25,000 530,000$ 25,000 505,000 6/15/2034 170,000 230,000 40,000 - 25,000 465,000$ 25,000 440,000 6/15/2035 170,000 230,000 40,000 - 25,000 465,000$ 25,000 440,000 6/15/2036 170,000 230,000 40,000 - 25,000 465,000$ 25,000 440,000 6/15/2037 170,000 225,000 40,000 - 25,000 460,000$ 25,000 435,000 6/15/2038 170,000 225,000 40,000 - 25,000 460,000$ 25,000 435,000 Total 3,000,000$ 4,000,000$ 750,000$ 800,000$ 500,000$ 9,050,000$ 500,000 8,550,000 Reference 7(3A) 7(3A) 7(3A) 7(5) and/or 7(6) 7(3A)Maximum Term 30 30 30 15 30Maximum Maturity 6/15/2038 6/15/2038 6/15/2038 6/15/2033 6/15/2038Remaining Life 30 30 30 15 30Estimate of:Exempt from Prop 2 1/2Fiscal 2018prepared by FirstSouthwest Page 12 of 15
Plan 1B
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2019 280,000 5.50% 497,750 777,750
6/30/2020 295,000 5.50% 482,350 777,350
6/30/2021 315,000 5.50% 466,125 781,125
6/30/2022 325,000 5.50% 448,800 773,800
6/30/2023 340,000 5.50% 430,925 770,925
6/30/2024 365,000 5.50% 412,225 777,225
6/30/2025 540,000 5.50% 392,150 932,150
6/30/2026 540,000 5.50% 362,450 902,450
6/30/2027 540,000 5.50% 332,750 872,750
6/30/2028 535,000 5.50% 303,050 838,050
6/30/2029 535,000 5.50% 273,625 808,625
6/30/2030 535,000 5.50% 244,200 779,200
6/30/2031 530,000 5.50% 214,775 744,775
6/30/2032 530,000 5.50% 185,625 715,625
6/30/2033 530,000 5.50% 156,475 686,475
6/30/2034 465,000 5.50% 127,325 592,325
6/30/2035 465,000 5.50% 101,750 566,750
6/30/2036 465,000 5.50% 76,175 541,175
6/30/2037 460,000 5.50% 50,600 510,600
6/30/2038 460,000 5.50% 25,300 485,300
Total 9,050,000 5,584,425 14,634,425
Town of Nantucket, Massachusetts
6/15/2018
DEBT SERVICE SCHEDULE
Aggregate Estimated Debt Service
prepared by FirstSouthwest Page 13 of 15
Plan 1B
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2019 25,000 5.50% 27,500 52,500
6/30/2020 25,000 5.50% 26,125 51,125
6/30/2021 25,000 5.50% 24,750 49,750
6/30/2022 25,000 5.50% 23,375 48,375
6/30/2023 25,000 5.50% 22,000 47,000
6/30/2024 25,000 5.50% 20,625 45,625
6/30/2025 25,000 5.50% 19,250 44,250
6/30/2026 25,000 5.50% 17,875 42,875
6/30/2027 25,000 5.50% 16,500 41,500
6/30/2028 25,000 5.50% 15,125 40,125
6/30/2029 25,000 5.50% 13,750 38,750
6/30/2030 25,000 5.50% 12,375 37,375
6/30/2031 25,000 5.50% 11,000 36,000
6/30/2032 25,000 5.50% 9,625 34,625
6/30/2033 25,000 5.50% 8,250 33,250
6/30/2034 25,000 5.50% 6,875 31,875
6/30/2035 25,000 5.50% 5,500 30,500
6/30/2036 25,000 5.50% 4,125 29,125
6/30/2037 25,000 5.50% 2,750 27,750
6/30/2038 25,000 5.50% 1,375 26,375
Total 500,000 288,750 788,750
Town of Nantucket, Massachusetts
6/15/2018
Estimate of Non-Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 14 of 15
Plan 1B
1/31/2014
Long-Term Bond Debt Service Schedule
Fiscal Year Principal Coupon Interest Total P+I
6/30/2019 255,000 5.50% 470,250 725,250
6/30/2020 270,000 5.50% 456,225 726,225
6/30/2021 290,000 5.50% 441,375 731,375
6/30/2022 300,000 5.50% 425,425 725,425
6/30/2023 315,000 5.50% 408,925 723,925
6/30/2024 340,000 5.50% 391,600 731,600
6/30/2025 515,000 5.50% 372,900 887,900
6/30/2026 515,000 5.50% 344,575 859,575
6/30/2027 515,000 5.50% 316,250 831,250
6/30/2028 510,000 5.50% 287,925 797,925
6/30/2029 510,000 5.50% 259,875 769,875
6/30/2030 510,000 5.50% 231,825 741,825
6/30/2031 505,000 5.50% 203,775 708,775
6/30/2032 505,000 5.50% 176,000 681,000
6/30/2033 505,000 5.50% 148,225 653,225
6/30/2034 440,000 5.50% 120,450 560,450
6/30/2035 440,000 5.50% 96,250 536,250
6/30/2036 440,000 5.50% 72,050 512,050
6/30/2037 435,000 5.50% 47,850 482,850
6/30/2038 435,000 5.50% 23,925 458,925
Total 8,550,000 5,295,675 13,845,675
Town of Nantucket, Massachusetts
6/15/2018
Estimate of Exempt Debt Service
DEBT SERVICE SCHEDULE
prepared by FirstSouthwest Page 15 of 15