In a new fiscal forecast given to the Foxboro Board of Selectman, Finance Director Randy Scollins says voters can expect to pay a little more but not too much for a new town hall over the next 20 years.
According to Scollins, the new town hall will cost the average homeowner $19.49 per year. The calculation was done based on the current average value of a home in Foxboro which is $376,000.
Over the entire life of the project, residents will pay an average of about $390.
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“I think that’s really important to understand that. I think people have the idea that if we do this town hall we’re going to get hit with this big tax bill and I think it’s important for them to understand the financial plan behind this,” Selectman Ginny Coppola said.
In Fiscal Year 2013, the average home paid $423 in excluded debt. That number dropped to $413 in Fiscal Year 2014 and will continue to fall though Fiscal Year 2016 when the average is expected to be $395. The new town hall would become a factor in Fiscal Year 2017 with a increase to $409 before going back down during Fiscal Year 2018.
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“It doesn't look like anything we have is going to have a dramatic spike, we’re already past that,” Scollins said.
The debt currently paid for by residents include the Public Safety Building, the Ahern School renovation, the Foxboro High School renovation, the landfill closure, and the Boyden Library.
At an estimated cost of $8.1 million, Scollins says he believes a new town hall can be paid for with $6.1 million in included debt while another $2 million would have to come from excluded debt.
Included debt is a debt service that is paid within the town's operating budget while excluded debt will need to be approved by voters though a ballot question.
Scollins he believes the debt can be included in the operating budget due to revenues trending upwards.
Assuming the article to approve $550,000 to fund the blueprints and creation of a plan for a new town hall is approved by voters, the bids to construct a new town hall would be presented at the annual town meeting in May.
The selectmen also said they would go forward with the sale of property such as the old fire department to help fund capital projects.
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