CM BOND FAQ
What is a bond?
Why is a bond project needed?
How were the projects identified?
What does the project entail?
Doesn’t the district budget for these improvements?
When was the last time the district completed a bond project or large-scale capital work?
What is needed to move the bond forward?
When will the work begin on the projects?
Where can I get more information?
What is a bond?
With voter approval, a bond provides immediate funds for long-term capital projects, such as renovations of classroom spaces and necessary major building system updates and repairs. Unlike a regular school budget, a bond is financed over a longer time which helps to offset large increases in taxes for residents. The school district pays off its bonds in an average of 15-20 years.
Why is a bond project needed?
While our school buildings continue to be safe places for students and staff, a number of spaces have been deemed necessary for repair, updates and renovation. For example, the district boilers date back to 1978 and have reached the end of their useful lifespan. Spaces like the high school auditorium are used by all students across the district yet have fallen into disrepair, with several seats missing, ripped cushions and poor flooring.
By coupling the projects together through a bond, the district can address key building, program and infrastructure needs while receiving state aid reimbursement on qualifying projects.
How were the projects identified?
With the help of our Capital Bond Committee, the district has spent the better part of the last year analyzing the critical needs of our buildings and developing a prioritized list of projects that center on three categories: health and safety, aging infrastructure that is beyond its useful life and 21st-century learning environments.
What does the project entail?
The bond includes critical infrastructure, security, instructional and building updates districtwide. The work is split between two propositions: Proposition 1 (totaling $44,366,500) focuses on priority capital work, such as boiler replacements, locker room renovations, roof replacements, security updates, classroom and library renovations, and more; Proposition 2 (totaling $3,750,000) calls for updates to the district’s athletic spaces, including the installation of a turf field and renovations to the stadium bleachers and press box.
Doesn’t the district budget for these improvements?
Capital improvements of this scale cannot be included in the operating budget without significantly impacting the tax levy. A bond spreads the cost out over a longer time, lessening the annual tax impact and maximizing the use of New York State Building Aid, which for Center Moriches is estimated to be about 78.2%.
When was the last time the district completed a bond project or large-scale capital work?
The last time the district completed a bond project was in 2015, and that included $8.2million of Capital Improvements such as portions of roofs, septic system repairs, interior reconstruction, HS Science Labs. Since that time, we have continued to complete maintenance work and repairs through our budget, capital repair reserve and capital outlay fund. However, due to the scope of work now needed, funding the work through a bond is the most financially prudent decision.
What is needed to move the bond forward?
The proposal will be put before voters on Oct. 24. Polls will be open from 7 a.m. to 9 p.m. at Main Street Gym, Clayton Huey.
When will the work begin on the projects?
Work will be completed in phases with the first phase expected to start summer 2024.
Where can I get more information?
Additional information about the proposed project is available on the district’s website: https://www.cmschools.org/district/bond. You can also send any questions to the district directly by emailing Keri Loughlin, Assistant Superintendent for Business at kloughlin@cmschools.org