And the difference between those is merely a timing differential. If we sell the bonds anytime between now and October, that would be considered a forward delivery because the earliest we can close this refinancing would be November. If we close it, if we price the bonds in October, that would be considered a current delivery. We would base that decision based on interest rates um and ultimately work with the district to determine what the best timing would be. But these documents before you tonight authorize either option uh to to maximize savings for taxpayers. So this is our summary of the potential savings from the refinancing totaling that 1.3 almost $1.4 million number. I mentioned earlier that you did do a refinancing back in 2024 for the series A bonds and we achieved savings of 1.3 million on those. So very very similar savings estimate for you tonight.
You have to think about like what can the community support. You know, what is fair to ask of them given other things that are coming down the road or what We just had a school building and a public safety building and we got to be mindful for all the things that are on people's plates. So it's all those things that factor into it. But it's fair. That's not going to >> So so this is it's never been positioned as permanent thing that you never need to come back with, right? There there are other opportunities. So, I can show you some data on our new growth numbers. So, in town when your the taxes can go up 2.5% plus new growth is the base of what it can go up. And the new growth is any improvement to real property, right? So, somebody adds addition onto their house, a plot of land that's empty has a property building that comes on on board, that increase in value can then be added to the real property values of that time and the revenues portion of that revenue that you get from that new growth is can be added to that that levy.
Um, is the position of grant writer a common like a specific grant writer a common feature in uh school districts? With your word common, probably not. Um, are grant writers in districts? Yes, but they're not everywhere at all. member Deny, >> our de facto grant writer is Stephen Sullivan and all the assistant superintendents that have come before you have also been grant writers. Um, and when we are looking for business manager positions, that is one of the things that we ask the candidates, are you a grant writer? Do you have experience with that? And are you willing to do that in addition to being the business manager? So, I think that grant writing has been covered. Um, and I would not support in this budget climate adding a grant writer position only because it's already handled. If we didn't have that capacity, if we didn't have that talent already on deck, then that would be a different issue for me.
Okay. Other thoughts, questions? Yeah, member Goodwin. I would I would go back to member Deitman's question. Districts that don't have a lot of poverty, grant writers, they know they're not going to get funds. A district that has a high level of poverty often seeks a grant writer because they have the numbers to go to Worcester and shake hands and get funding. Greenfield survived bankruptcy with an expanded learning time grant. Those people, they're still here in Greenfield. Um, you know, you can talk to Joe Russo. You know, it's it's going to Worcester. It's going places and advocating for Greenfield. The poverty in Greenfield makes us able to access grant funds. And unless you have somebody actively out there doing that, you're leaving money on the table. There is As a principal in Greenfield, I wrote grants. $50,000 innovation grant, links to library grant, a grant with the food pantry.
Uh one other item I wanted to highlight on here is that present value savings percentage number. Uh we always recommend refinancings when that savings figure is over 3%. And as you can see, this is at 7% right now. So, we're well above the threshold for our school district to consider refinancing bonds. In order to proceed with the refinancing, before you tonight are a slew of legal documents, most important of which is the resolution that would authorize the refinancing. There's also a preliminary official statement, which is like the prospectus that investors would receive in order to make their decision on whether they want to purchase your refinancing. Um, from there, if we have your approval, we would move forward with a rating update uh with standard and pores to get an updated credit rating. Um, and from there, we would determine the ultimate timing of the bonds.
So, it can be increased by that, right? It's been down since 2019. It's been on the decrease since since substantially. We have some projects that are probably coming on. We can advocate at the state level for differences in the chapter 70 funding and things like that. Uh So, those things are are things that can help. Um it's not just about cuz I don't even know that the right place to fix this is the prop 2.5 because um maybe it's more of the state funding, right? And and and some of the challenges, you know, advocating there for having a bit more depth in these things before you start going out for universal pre-K. The the the There's a lot of There's Those are all great things. Free community college, all these things that but it the impact is we're feeling these locally, right? Of of it's putting more of that burden onto our local communities than kind of spreading it out the state level.
>> Okay. Other thoughts, questions? Yeah, member Goodman. I would I would go back to member Dyman's question. Districts that don't have a lot of poverty grant writers, they know they're not going to get funds. A district that has a high level of poverty often seeks a grant writer because they have the numbers to go to Worcester and shake hands and get funding. Greenfield survived bankruptcy with an expanded learning time grant. Those people, they're still here in Greenfield. Um, you know, you can talk to Joe Russio. you know, it's it's going to Worcester. It's going places and advocating for Greenfield. The poverty in Greenfield makes us able to access grant funds. And unless you have somebody actively out there doing that, you're leaving money on the table. There is as a principal in Greenfield, I wrote grants, $50,000 innovation grant, links to library grant, a grant with the food pantry.
There's a It has to be an expectation of grant writing. We've lost that. We had a full-time grant writer. Um, and she made her money double. Um, we also had a grant with um, Deerfield, um, which I was part of. So, I would say to you, as a taxpayer in this town, if there is a way to spend somebody else's money, I am there. And if you hire somebody, and I was hired and told in North Adams, where we had $6 million worth of grants and high poverty, that you make your salary and more, or you lose your job. And I think if ever there was a time, as we're looking at a 7% increase in our budget, to add somebody who can bring in things that we may need, I We lost a lot of money. Grants were let go six years ago. Just there was like we don't need them.
Whether it's in the next couple months or if we wait a few more months, really depends on what's going on in the economy, um, and where interest rates are at. But ultimately, once those bonds are sold, we would recommend, you know, sharing this news with your community. We would provide you a press release and really get the information out that you're putting your best foot forward to save taxpayer dollars. Um, and then the refinancing would close no earlier than November of 2026.
Even though those other things we mentioned are fantastic things. Um it's you know, so that's where I think we can advocate for um you know, really just highlighting the impacts of of spreading too thin that the state dollars and and trying to refocus on on the core things that we need to do. So, it's not just on the back of our our local taxpayers. But I especially appreciate your questions and your input because those are the kinds of things that, you know, I don't know if are you 18 yet? I mean, those are the kinds of things that voters are asking or should be asking or need to know and those are the concerns of we all live here in town. We're also voters like we we all need to understand what all of this means and it's it's complicated on so many levels. Um and we need to we need to really understand what people's concerns are.
There's has to be an expectation of grant writing. We've lost that. We had a full-time grant writer um and she made her money double. Um we also had a grant with um Deerfield um which I was part of. So I would say to you as a taxpayer in this town, if there is a way to spend somebody else's money, I am there. And if you hire somebody and I was hired and told in North Adams where we had $6 million worth of grants and high poverty that you make your salary and more or you lose your job. And I think if ever there was a time as we're looking at a 7% increase in our budget to add somebody who can bring in things that we may need. I we lost a lot of money. Grants were let go six years ago. Just there was like we don't need them.
That money paid for so many things in Greenfield. We lost a lot of things. It paid for swimming lessons at the elementary school. It paid for the Chromebooks. Without that amazing Gary Tashjian who had boxes of Chromebooks from our ELT money, we would not have survived the pandemic cuz we would have had nothing to give out. So, all of the things mentioned tonight, you know, at the middle school, their seeds were out of our expanded learning time grant. We were required to explore those other things. Some of the things that are in existence, they're not our taxpayers' money. They came from a grant. We were the only schools in Western Mass to get millions of dollars for an expanded learning time grant. So, what I'm saying to you is, without someone who's politically aware, drives to Worcester a lot, and says, "Hey, there's this place called Western Mass, and we need your money." We're just Again, I look at everything that we're asking for, and do our schools deserve it?
I'm happy to take any questions. >> Thank you so much for your presentation. Are there any questions or comments from the board? >> I just had a quick question. I think in 2021, I want to say we we refinanced a maybe it was a prior bond. We we I think the reason I brought that brought that up is that 2021 the interest rates were very very favorable extremely favorable even lower than what what we have uh today. So it might have been the prior bond u measure that um that was uh refinanced. So but uh the the thing that that threw me off a little bit that the technical term for it is called re refunding bonds. >> That's right. So I was I got excited for a bit. Then I'll see tax credits in my property build statements. I have negative tax, you know, but then I I started reading up on it.
So, thank you for bringing like at least those to the table. Do we have Do you have more, Jim? >> I do not. Anybody else? >> me? Yes. Had enough of all of us, then. Anybody else have anything on that before I ask Mike if he has any comments tonight? Mike. I will be as brief like usual. Um Course placement is happening right now at the high school and the middle school for our eighth graders who are moving on to the high school next year. Um in terms of some assessment updates, we are preparing for our math placement assessments. Uh specifically, our fifth graders will be taking their math placement to under to determine whether or not they'll be going into the accelerated math program. Um it's and that's just one piece of the puzzle. It's a it's a lot of data that goes into that, but I know that it's something that's going to be on the on the minds of of many of our parents as they look towards the the middle school.
That money paid for so many things in Greenfield. We lost a lot of things. It paid for swimming lessons at the elementary school. It paid for the Chromebooks. Without the amazing Gary Tajin, who had boxes of Chromebooks from our ELT money, we would not have survived the pandemic because we would have had nothing to give out. So, all of the things mentioned tonight, you know, at the middle school, their seeds were out of our expanded learning time grant. We were required to explore those other things. Some of the things that are in existence, they're not our taxpayers money. They came from a grant. We were the only schools in Western Mass to get millions of dollars for an expanded learning time grant. So what I'm saying to you is without someone who's politically aware, drives to Worcester a lot and says, "Hey, there's this place called Western Mass and we need your money." We're just, again, I look at everything that we're asking for.
Absolutely. But, our taxpayers, we are also And I got this number from somebody during the election. We are the lowest in the whole state of Massachusetts at bringing in money to our city based on business. We are at the bottom of the chart. And so, everything is falling on a taxpayer. Businesses are not bringing money in. And so, I think a grant writer, I mean, it's worth a try. Um if it's if it doesn't work out, it doesn't work out. If you vote it down, you vote it down, but I just think um in today's world, um it's a way to accomplish things that we may not be able to afford. All right. I'm going to go with member Webb cuz you haven't spoken yet in this discussion and then come back to member Deneve. I actually have a question. I guess this is more for Andy.
It's it's actually a refinance. So it's basically moving forward the amount of money bond uh money that that we contribute is going to be lower uh overall because of these things. Is is that is that >> exactly right? Yes. So that what the what the tax bill would have been it's now going to come in at a lower rate. lower >> there would not be a refund issued back to >> that's that was the thing because the technical term is uh refunding bonds and so that that kind of threw me off a bit so I just c just wanted to make sure that we clarify that for the for the general community that you know this is this is savings regardless uh so it is it is a good thing for them so I think we should reiterate and thank you for the for the efforts to uh get this going for us we appreciate it appreciate your patience Ultimately, >> thank you.
Uh just in and just to assure folks too that um it's again one piece of a puzzle and there is opportunity even if the child does not go into uh grade six accelerated math as a sixth grader, there's opportunity as their child moves on to make that happen after uh in terms of going into seventh grade or even going eighth grade, there's a there's a placement test that happens every year for that. Uh Ed evaluation, Mr. Adams touched on it. We are behind in terms of that Ed evaluation work. We were behind going into the year, we're even further behind now just because of two meetings that were scheduled that both landed on snow days. We have scheduled additional meetings to try to catch up. I do think we're going to be able to catch up, but we are we are still at the same place we were last time when I gave you an update.
And do our schools deserve it? Absolutely. But our taxpayers, we are also, and I got this number from somebody during the election, we are the lowest in the whole state of Massachusetts at bringing in money to our city based on business. We are at the bottom of the chart. And so everything is falling on a taxpayer. Businesses are not bringing money in. And so I think a grant writer, I mean, it's worth a try. Um, if it's if it doesn't work out, it doesn't work out. If you voted down, you voted down. But I just think, um, in today's world, um, it's a way to accomplish things that we may not be able to afford. >> All right. I'm going to go with member Webb because you haven't spoken yet in this discussion and then come back to member Denife. >> I actually have a question.
Is it realistic to ask uh of a business manager to also write grants? Uh I'd say it's really not common, but it's not saying it's out of the realm possibility. I mean, I I we've got staff on our team that actually write the entitlement grants uh that, you know, Mr. Sullivan does for here, but as far as they actively seeking out grants and writing grants, there's schools of thought and you know, I hear what member Goodwin is saying and it's not at all wrong or incorrect. It's just some of the things that some I go back to my audit days. Um are these grants that we're seeking going to be used to enhance our existing programs? Are they creating new programs that would then divert from the attention of what it is that we're all about? Now, I'm I'm going to make the assumption cuz I know of Miss member Goodwin's experience that she's not talking about diverting attention from the thing, but it's just a matter of the the goal of what it is that these other grants are.