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Why Lexington’s Debt Level Matters
Current Debt Level: 1.3% (of $10 billion total valuation) Current company: Belmont, Concord, Newton, Winchester, Wellesley – all 1.0 to 1.5% With 2017 proposed $86 million debt, debt level reaches 2% Exceeds peer communities Add police station, high school, 7th elementary school, and others: Debt level reaches state maximum 5% No AAA community is above 4% debt New company: Brockton, Fall River, Holyoke, Lawrence, Worcester – all 4%+ Consequences: Increased Borrowing Rates; Limited Financial Flexibility; Burdens Homeowners Q: Can we grow out of this debt problem? A: Yes. When Lexington housing values triple! Housing Forecast: Prices expected to fall when the Republican tax plan passes. AAA Bond Rating AAA Bond Rating Summit I – October 5, 1.33% debt level Lexington Equalized Valuation (EQV): $10.9 billion Lexington currently has debt = 1.33% of EQV. Peer communities: Belmont, Concord, Newton, Winchester, Wellesley – all in 1.0% to 1.5%. Brookline lower at 0.4%. Committee for Systemwide Master Planning Before Building a New Preschool
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