In November of 2018, voters approved a $195 million building referendum to upgrade the infrastructure, improve safety and security, and update classrooms and labs. Recently the Board of Education was provided with an update on the final financial information and given a report outlining all that was accomplished through the taxpayer funded projects at all three schools.
When the District placed the question on the ballot in the fall of 2018, the district estimated debt service costs of $300,111,417 with a true interest cost of 4.54%. When the bonds were sold, in three issuances, the overall debt service cost and the true interest costs both were less than anticipated due to a drop in interest rates. The actual debt service was $247,013,712 with a true interest cost of 2.54%. This saved the taxpayers more than $52 million dollars when compared to the original estimation. This drop in interest rates resulted in the tax increase on property tax bills being 17% less than the District projected.
In addition to the actual savings, the district specifically organized the bids through the process to achieve a more favorable construction market. The organization of bids also resulted in all the projects coming in nearly $5 million under the budget. Since there were savings in the project costs, the district leveraged the favorable construction market to address additional needs through the funds available through the referendum. Some examples are listed below.
Maine East:
- Additional Career and Technical Education spaces including foods lab, manufacturing lab, fashion lab and preschool classroom.
- Auditorium improvements including equipment, stage curtains and lighting.
- A new broadcasting classroom and studio.
Maine South:
- Additional Career and Technical Education spaces including Certified Nursing Assistant classroom, preschool classroom and fashion lab.
- Courtyard infill to provide additional space.
- Student commons added.
- Renovation of the music wing including substantial auditorium renovation (equipment, stage curtains, lighting, new seating and flooring).
Maine West:
- Additional Career and Technical Education spaces including building studio, preschool classroom and manufacturing lab.
- Auditorium improvements including equipment, stage curtains and lighting.
- Additional large group spaces for both student and staff meetings.
“Overall by internal and external measures, the referendum projects in District 207 were a major success,” said Assistant Superintendent for Business Mary Kalou. “That is due to the support of the community, the dedication of the custodial maintenance staff, the flexibility of the teaching/support staff and the partnership of the construction companies.”