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Incorporated Village of Munsey Park
Bond Issue Variance Analysis - Original vs. Current Plan Summary
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| Original Plan |
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Value |
# Residences |
Approximate Annual |
Years |
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[a] |
Village Tax Impact |
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| Value A residential property [x] |
$ 800,000.00 |
164 |
$ 260.00 |
15 |
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$ 639,600.00 |
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| Value B residential property [y] |
$ 1,000,000.00 |
596 |
$ 325.00 |
15 |
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$ 2,905,500.00 |
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| Value C residential property [z] |
$ 1,300,000.00 |
84 |
$ 425.00 |
15 |
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$ 535,500.00 |
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| Rounding difference |
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$ (111.00) |
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| Total estimated required project funding - Total P & I |
844 |
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$ 4,080,489.00 |
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| Average increase - per residence -15 years |
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$ 322.32 |
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$ 4,834.83 |
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| [a] - estimated |
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| Current Plan |
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| Appropriated in current budget -Base |
$175,000.00 |
844 |
$207.35 [a] |
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Principal |
$ 3,000,000.00 |
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Interest |
$ 922,252.00 |
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Total P & I |
$ 3,922,252.00 |
| Value A residential property - apportioned as original plan (see [x] above) |
$ 181.50 |
(By year 6) |
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| Value B residential property - apportioned as original plan (see [y] above) |
$ 226.87 |
(By year 6) |
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| Value C residential property - apportioned as original plan (see [z] above) |
$ 296.68 |
(By year 6) |
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Average increase (cummulative as disclosed) - per residence |
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$ 225.00 |
(By year 6) |
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| Average annual increase |
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$ 179.92 |
[b] |
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| Combined Base plus incremental tax rise -12 years |
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$ 387.27 |
[a+b] |
$4,647.19 |
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Plan differences current under old plan
- -Original plan assumed that no appropriation exists in the budget during borrowing years. The Base amount in the tax base is $175,000 per annum.
- -Original plan assumes 15 year serial issue, while the current plan assumes10 year serial issue plus a 2 year BAN, therefore less interest.(Details last page.)
- -The current plan assumes a slightly higer rate of interest since the last estimate.(Refer to details on last page.)
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