Kingfisher School Planning Study

What currently happens in the Kingfisher school building?

The school building currently hosts a community library and gym, and is used by community groups. 

How was the property originally funded?

The Kingfisher school building and property was purchased through a borrowing service area established by area residents. The final full year of debt payments will be 2027. There will be a partial payment year in 2028, after which the current borrowing will be complete. For an average residential property assessed at $522,868, the annual cost for servicing this debt is approximately $17.86 per year.

What is the physical state of the Kingfisher school building?

A facility condition assessment completed by a qualified engineering firm has estimated up to $500,000 in repairs/replacements to keep the building in a state of good repair, the most significant of which is a required roof replacement. 

Funding Options

While the cost of the repairs would be reviewed and refined before proceeding, and would be completed as cost-effectively as possible, the funding options available to undertake the repairs include:

• provincial/federal grant funding 
• In-kind donations of cash, services, or labour
• General revenue (local taxation)
• Long-term borrowing (debt serviced over 20 years by local taxpayers, requiring elector approval (>50% of eligible voters))

Existing Debt Serving for Original Purchase of Kingfisher School Building and Property

Kingfisher taxpayers are currently paying off the long-term debt approved to purchase the school building and property. The cost per average property for servicing this debt is $17.86 per year.

Potential Impact of Long-term Borrowing as Funding Source

If long-term borrowing of up to $500,000 was approved by the eligible voters, the estimated impact would be approximately $51.35 per year for an average residential property assessed at $522,868. If you reduce the amount the property is currently paying toward the debt used to purchase the building and property, the net increase would be $33.50 per year.

Would all the required funds need to come from long-term borrowing?

No. The $51.35 figure is provided only to help residents understand the scale of the costs if the entire $500,000 were borrowed through a new service area. The actual amount could be lower if:

• Grants are obtained.
• Community fundraising occurs.
• Donations or other contributions are received.
• The scope of repairs changes.