The case against the proposal

Supervisor, Town of Monroe MONROE-There is no question we need larger facilities for the Town Hall and library, but is the proposed solution affordable? My position has been clear from the beginning. I cannot support the current referendum. The Monroe Free Library offered a view about the cost of the proposed new Town Hall-Library facility. There is no mention of the increase in operating expenses and the cost of the funding cannot be set until after the referendum is decided. An overall view of bonding and building costs, plus operating expense, is necessary for an informed decision. The Town will bear the responsibility for financing, building, administrating the project and owning the resulting building. Consider some of the financial facts. The 12.9-million dollar bond is based on a building cost of $325 per square foot, above the national average even for the northeast. At a workshop between Town representatives and library representatives, it was agreed that the cost of operations over the next five years could increase by 50 percent to more than $3 per $1,000 by 2011, based on the library's five-year budget projection. It was also agreed that the cost of the building should be represented as between $2 and $3 per $1,000. The cost of the building will depend on the conditions of the bond for funding. Another factor is the term of borrowing; the library assumed a 20-year bond. The term and rate determine the amount of interest that the community would pay over the lifetime of the borrowing and that cannot be set until after the referendum is decided. An interest rate of between 4 and 4.5 percent rate seems reasonable, given current market conditions. The library used 4 percent, the lowest anticipated rate. Including operations and maintenance with the estimated bond for construction, the combined tax rate could be $4.65 in 2006, increasing to $5.10 in 2010. The increase is due to the proposed increase in operating and maintenance expenses in the library's five-year plan. For a home assessed at $50,000, these tax rates translate to a cost of $232 per year or $19.33 per month in 2006 rising to $254 per year or $21.16 per month in 2010. These calculations are based on the Town of Monroe's five-year plan that was used as the basis for discussion at the workshop meeting held with the library. There are alternatives and we will work with the library to achieve their goals. However, the library's projected building cost of $1.94 per $1,000 of assessed value, which translates to $8 per month based on a house assessed at $50,000, is inadequate for residents to make an informed decision in the upcoming referendum on June 21. Come out and vote at the Monroe Senior Center on Tuesday, June 21, from 6 a.m. until 9 p.m. You decide.