The debt service increase accounts for 0.65% of the proposed tax levy increase for 2013-2014; mandated pension costs to the Employees’ Retirement System (ERS) and the Teachers’ Retirement System (TRS) total 2.31%. Together, these constitute 2.96% of the proposed 3.19% (with STAR) tax levy increase.

1. Garden City Public Schools
56 Cathedral Avenue
Garden City, NY 11530
Coordinator of Public Information
Catherine Knight
516 478-1079
April 15, 2013
For Immediate Release:
Garden City Public Schools’ “Question of the Week”
In order to clarify the complex budget issues facing Garden City Public Schools
as it formulates the 2013-2014 budget, the district continues its “Question of the Week”
feature to provide information and address concerns expressed by residents. A complete
listing of the questions and answers will be posted on the district’s website:
www.gardencity.k12.ny.us.
Our next question and answer concerns obligations for school improvement
projects and the bonds to fund them:
Question of the Week:
In addition to mandated pension contributions, a second driver of the 2013-2014
school district budget is debt service. When will these obligations be fulfilled?
Garden City Public Schools’ proposed 2013-2014 budget contains an increase of
$605,029 for debt service. This is the increase for the combined monies owed for three
bonds: the 2009 School Investment Bond, the 2005 middle school athletic field bond, and
the 1999 bond for district-wide building improvements, plus the district’s Energy
Performance Contract (EPC). In 2013-2014, the district’s total debt service is $6,578,879
(see chart below).
The debt service increase accounts for 0.65% of the proposed tax levy increase for
2013-2014; mandated pension costs to the Employees’ Retirement System (ERS) and the
Teachers’ Retirement System (TRS) total 2.31%. Together, these constitute 2.96% of the
proposed 3.19% (with STAR) tax levy increase.
The bulk of the debt service is owed on the district-wide 2009 School Investment
Bond, a comprehensive expansion, restoration, and modernization program that was
approved by community vote on October 27, 2009. A wealth of information about the
bond is included on the “Bond Referendum Page” under the “Board of Education” tab of
the district website: www.gardencity.k12.ny.us.
The implementation of work on the bond proved to be “exquisite timing,”
explained Superintendent of Schools Dr. Robert Feirsen. “Due to the economic
conditions and school district’s strong financial rating, we received a low bond rate, and
almost all of the projects came in under anticipated costs.”
As illustrated below, debt service (including the EPC) will dramatically drop off
by $1.25 million in 2016, stay virtually flat for three years, and then dramatically drop

2. another $1.6 million in 2019 when the total debt service will be $3.9 million. All debt
service is set to be completed in 2022.
Debt service is just one of the many components of the proposed 2013-2014
school district budget. For complete information, visit the “Budget Information” section
on the district’s home web page: www.gardencity.k12.ny.us.
The District also welcomes Garden City residents to attend Board of Education
Regular and Work Sessions to ask questions and voice concerns. A calendar of these
meetings is listed on the district website under “Board of Education.”