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December 12, 2023

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Agenda

Updates and Questions from Task Force (5 minutes)
Overview of Recommendations for Board Consideration on Open Enrollment Data (20 minutes)
Facility Review Presentation - PR Architects (40 minutes)
Conceptual Capital Referendum - Robert W. Baird & Co. Inc. (20 minutes)
Closing, Prep for Next Meeting (5 minutes)
Additional work time for crafting Open Enrollment Recommendations – IF NEEDED (30 minutes)

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Overview of Recommendations for Board Consideration on Open Enrollment Data

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Overview

Fair degree of consensus on Open Enrollment decision points for policy changes – even between non-resident and resident sides of the room
Resident focused groups – overall quite consistent in recommending shift in policy to 85% of minimum class size on a District-wide basis
Non-resident focused groups – 2 of 3 groups also recommend moving to district-wide basis; however, these two groups split on minimum vs maximum class size
1 of the 3 non-resident groups strongly recommends holding any policy change until later date – once other task force recommendations are developed

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Next Steps

Finalize recommendation(s)
Resident groups– fair degree of consistency across groups
Non-resident groups – time later this evening to work on gaining consensus
Prior to January board meeting – facilitator will summarize recommendation(s) in signed letter to the Board

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Facility Review Presentation

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INTRODUCTIONS

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TIMELINE OF 2018 FACILITIES PLANNING

Facilities Planning & The 2018 Referendum

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TIMELINE OF 2018 FACILITIES PLANNING

Construction | Wauwatosa School District (wauwatosaschools.org)

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TIMELINE OF 2018 FACILITIES PLANNING

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TIMELINE OF 2018 FACILITIES PLANNING

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TIMELINE OF 2018 FACILITIES PLANNING

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TIMELINE OF 2018 FACILITIES PLANNING

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TIMELINE OF 2018 FACILITIES PLANNING

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TIMELINE OF 2018 FACILITIES PLANNING

If the community chooses to address these needs, the primary way to obtain funding is through a referendum.�What advice would you give the School Board?

(Wauwatosa Residents Only)

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TIMELINE OF 2018 FACILITIES PLANNING

Given the total cost, the District may need to complete the elementary projects in phases over time.�Would you support a referendum that provides funding to begin to execute a plan to update the Wauwatosa elementary schools? (Wauwatosa Residents Only)

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TIMELINE OF 2018 FACILITIES PLANNING

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TIMELINE OF 2018 FACILITIES PLANNING

Shall the Wauwatosa School District, Milwaukee County, Wisconsin be authorized to issue pursuant to Chapter 67 of the Wisconsin Statutes, general obligation bonds in an amount not to exceed $124,900,000 for the public purpose of paying the cost of a building and improvement program consisting of: construction of four elementary schools on existing sites and removal of all or part of existing buildings; District-wide renovation and site improvements including safety and security updates, capital improvements, HVAC systems upgrades, ADA compliance updates, classroom updates; and acquisition of related fixtures, furnishings and equipment; and remodeling the technical education classrooms and lab spaces at East and West High Schools?

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TIMELINE OF 2018 FACILITIES PLANNING

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TIMELINE OF 2018 FACILITIES PLANNING

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MODERNIZATION - ELEMENTARY SCHOOLS

What does the “Model Elementary” look like?

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MODERNIZATION - ELEMENTARY SCHOOLS

The Wauwatosa Model Elementary

Basis for new Lincoln, McKinley, Underwood and Wilson buildings
Three (3) Sections
Approximately 78,000 GSF in size
Provide benchmark for evaluating existing elementary school buildings
Delivers consistent student facility access at each school

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MODERNIZATION - ELEMENTARY SCHOOLS

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MODERNIZATION - ELEMENTARY SCHOOLS

What does it cost to make our other schools “Model Elementary Schools?”

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MODERNIZATION - ELEMENTARY SCHOOLS

School	Size	Final Project Cost*	Est. 2023 Project Cost
Lincoln Elementary	80,995 GSF	$24,096,360	$40,092,525
McKinley Elementary	77,660 GSF	$22,656,419	$38,441,700
Underwood Elementary	77,345 GSF	$21,900,035	$38,285,775
Wilson Elementary / WSTEM	81,435 GSF	$23,806,618	$40,310,325

*Project costs include construction costs, design, engineering, permitting fees, furniture, demolition of old buildings and other owner related costs.

Historical Comparables: 2018 Referendum Projects

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MODERNIZATION - ELEMENTARY SCHOOLS

School	Proposed Action	Estimate Cost*
Eisenhower Elementary	Renovation & Expansion	$28,526,774
Jefferson Elementary	Replacement	$44,409,389
Madison Elementary	Renovation & Expansion	$26,087,658
Roosevelt Elementary	Replacement	$46,414,974
Washington Elementary	Replacement	$46,414,974

*All items are expressed as 2026 costs.

Potential Elementary Projects

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FUTURE FACILITIES PLANNING

What’s Next?

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FUTURE FACILITIES PLANNING

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FUTURE FACILITIES PLANNING

DRAFT

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MODERNIZATION - COLLABORATION SPACE

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MODERNIZATION - CLASSROOMS

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MODERNIZATION - STEM / MAKERSPACE

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MODERNIZATION - COLLABORATION SPACE

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MODERNIZATION - CLASSROOMS

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MODERNIZATION - STUDENT COMMONS

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MODERNIZATION - STUDENT COMMONS

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MODERNIZATION - ATHLETIC SPACE

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MODERNIZATION - POOLS

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Conceptual Capital

Referendum Presentation

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November 2018 Referendum Comparison

Page 1

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Existing Debt Service Payments

Page 2

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Existing Fund 39 Debt Expenditures (Fiscal Year)

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$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

Fiscal Year Expenditures

Assumes District continues to defease interest every other year for the life of the debt. Additional levied funds available may be used to paydown the principal faster.

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Debt Capacity

Page 4

2023 Equalized Value

$9,618,350,900

10%

Debt Limit

$961,835,090

Remaining Debt Capacity:

$867,845,090

90%

Outstanding Debt as of 12/31/23:

$93,990,000

10%

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Municipal Interest Rates (Aaa Rated Index, Past 30 Years)

Page 5

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Tax Impact Summary

Page 6

Assumptions:

20 year borrowings amortized using planning interest rates ranging from 5.50%-5.75%.

Mill rate based on the 2023 Equalized Valuation (TID-OUT) of $9,058,010,700 with annual growth of 1.00% thereafter. Tertiary Aid Impact (2023-24 October 15 Certification): -62.37%

Hold-Harmless Estimate: $2,400,000 every-other-year

* Represents an estimate of the maximum projected annual mill rate for referendum approved debt service over the projected 2025 mill rate for referendum approved debt service of $1.15.

Note: Planning estimates only. Significant changes in market conditions will require adjustments to current financing plan.

REFERENDUM AMOUNT	$90,000,000	\|	$100,000,000	\|	$170,000,000	\|	$220,000,000	\|	$250,000,000	\|	$500,000,000
MAX MILL RATE IMPACT*	$0.69	\| \|	$0.77	\| \|	$1.34	\| \|	$1.59	\| \|	$1.81	\| \|	$3.67
(Per $1,000 valuation)		\|		\|		\|		\|		\|
		\|		\|		\|		\|		\|
		\|		\|		\|		\|		\|

|

ESTIMATED TAX IMPACT ON PROPERTY (WITH FAIR MARKET VALUE)		\|	\|	\| \|
		\|	\|	\| \|

$100,000 Home Maximum Impact	$69.00	\| \|	$77.00	\| \|	$134.00	\| \|	$159.00	\| \|	$181.00	\| \|	$367.00
Monthly Impact	$5.75	\| \|	$6.42	\| \|	$11.17	\| \|	$13.25	\| \|	$15.08	\| \|	$30.58
$200,000 Home		\|		\|		\|		\|		\|
Maximum Impact	$138.00	\|	$154.00	\|	$268.00	\|	$318.00	\|	$362.00	\|	$734.00
Monthly Impact	$11.50	\| \|	$12.83	\| \|	$22.33	\| \|	$26.50	\| \|	$30.17	\| \|	$61.17
$300,000 Home		\|		\|		\|		\|		\|
Maximum Impact	$207.00	\|	$231.00	\|	$402.00	\|	$477.00	\|	$543.00	\|	$1,101.00
Monthly Impact	$17.25	\|	$19.25	\|	$33.50	\|	$39.75	\|	$45.25	\|	$91.75

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Financing Plan

Page 7

Jan-June	2024	Actual Levy													Actual Levy				2024
July-Dec	2024	$8,355,694													$8,355,694		$8,355,694	$0.92	2024
Jan-June	2025	$10,494,656																	2025
July-Dec	2025														$10,494,656		$10,494,656	$1.15	2025
Jan-June	2026																		2026
July-Dec	2026	$7,481,969	$12,380,000	$5,500,000		$17,880,000									$25,361,969	$0	$25,361,969	$2.74	2026
Jan-June	2027	$10,088,656		$2,409,550	$4,819,100	$7,228,650	$140,000	$2,722,500	$5,437,300	$8,299,800									2027
July-Dec	2027			$2,409,550				$2,718,650							$25,617,106	$0	$25,617,106	$2.74	2027
Jan-June	2028			$2,409,550				$2,718,650											2028
July-Dec	2028	$7,129,344		$2,409,550		$2,409,550	$10,005,000	$2,718,650		$12,723,650		$1,207,500		$1,207,500	$23,470,044	$2,400,000	$25,870,044	$2.74	2028
Jan-June	2029	$9,674,906		$2,409,550	$4,819,100	$7,228,650		$2,443,513	$4,887,025	$7,330,538		$603,750	$1,207,500	$1,811,250					2029
July-Dec	2029			$2,409,550				$2,443,513				$603,750			$26,045,344	$0	$26,045,344	$2.74	2029
Jan-June	2030			$2,409,550				$2,443,513				$603,750							2030
July-Dec	2030	$6,805,594		$2,409,550		$2,409,550	$10,095,000	$2,443,513		$12,538,513		$603,750		$603,750	$22,357,406	$2,400,000	$24,757,406	$2.57	2030
Jan-June	2031	$9,373,331		$2,409,550	$4,819,100	$7,228,650		$2,165,900	$4,331,800	$6,497,700		$603,750	$1,207,500	$1,811,250					2031
July-Dec	2031			$2,409,550				$2,165,900				$603,750			$24,910,931	$0	$24,910,931	$2.57	2031
Jan-June	2032			$2,409,550				$2,165,900				$603,750							2032
July-Dec	2032	$6,499,944		$2,409,550		$2,409,550	$11,175,000	$2,165,900		$13,340,900		$603,750		$603,750	$22,854,144	$2,400,000	$25,254,144	$2.57	2032
Jan-June	2033	$9,169,238		$2,409,550	$4,819,100	$7,228,650		$1,858,588	$3,717,175	$5,575,763		$603,750	$1,207,500	$1,811,250					2033
July-Dec	2033			$2,409,550				$1,858,588				$603,750			$23,784,900	$0	$23,784,900	$2.40	2033
Jan-June	2034			$2,409,550				$1,858,588				$603,750							2034
July-Dec	2034	$6,261,913		$2,409,550		$2,409,550	$10,525,000	$1,858,588		$12,383,588		$603,750		$603,750	$21,658,800	$2,400,000	$24,058,800	$2.40	2034
Jan-June	2035	$8,983,838		$2,409,550	$4,819,100	$7,228,650		$1,569,150	$3,138,300	$4,707,450		$603,750	$1,207,500	$1,811,250					2035
July-Dec	2035			$2,409,550				$1,569,150				$603,750			$22,731,188	$0	$22,731,188	$2.25	2035
Jan-June	2036			$2,409,550				$1,569,150				$603,750							2036
July-Dec	2036	$5,940,019		$2,409,550		$2,409,550	$10,090,000	$1,569,150		$11,659,150		$603,750		$603,750	$20,612,469	$2,400,000	$23,012,469	$2.25	2036
Jan-June	2037	$8,858,163		$2,409,550	$4,819,100	$7,228,650		$1,291,675	$2,583,350	$3,875,025		$603,750	$1,207,500	$1,811,250					2037
July-Dec	2037			$2,409,550				$1,291,675				$603,750			$21,773,088	$0	$21,773,088	$2.11	2037
Jan-June	2038			$2,409,550				$1,291,675				$603,750							2038
July-Dec	2038	$4,161,575	$175,000	$2,409,550		$2,584,550	$10,735,000	$1,291,675		$12,026,675		$603,750		$603,750	$19,376,550	$2,400,000	$21,776,550	$2.09	2038
Jan-June	2039		$10,330,000	$2,404,738	$4,241,325	$16,976,063		$996,463	$1,992,925	$2,989,388		$603,750	$1,207,500	$1,811,250					2039
July-Dec	2039			$2,120,663				$996,463				$603,750			$21,776,700	$0	$21,776,700	$2.07	2039
Jan-June	2040			$2,120,663				$996,463				$603,750							2040
July-Dec	2040		$15,655,000	$2,120,663		$17,775,663		$996,463		$996,463		$603,750		$603,750	$19,375,875	$2,400,000	$21,775,875	$2.05	2040
Jan-June	2041		$12,600,000	$1,690,150	$2,687,300	$16,977,450		$996,463	$1,992,925	$2,989,388		$603,750	$1,207,500	$1,811,250					2041
July-Dec	2041			$1,343,650				$996,463				$603,750			$21,778,088	$0	$21,778,088	$2.03	2041
Jan-June	2042			$1,343,650				$996,463				$603,750							2042
July-Dec	2042		$16,430,000	$1,343,650		$17,773,650		$996,463		$996,463		$603,750		$603,750	$19,373,863	$2,400,000	$21,773,863	$2.01	2042
Jan-June	2043		$15,130,000	$891,825	$951,500	$16,973,325		$996,463	$1,992,925	$2,989,388		$603,750	$1,207,500	$1,811,250					2043
July-Dec	2043			$475,750				$996,463				$603,750			$21,773,963	$0	$21,773,963	$1.99	2043
Jan-June	2044			$475,750				$996,463				$603,750							2044
July-Dec	2044		$17,300,000	$475,750		$17,775,750		$996,463		$996,463		$603,750		$603,750	$19,375,963	$2,400,000	$21,775,963	$1.97	2044
Jan-June	2045						$17,965,000	$996,463	$1,004,850	$19,966,313		$603,750	$1,207,500	$1,811,250					2045
July-Dec	2045							$502,425				$603,750			$21,777,563	$0	$21,777,563	$1.95	2045
Jan-June	2046							$502,425				$603,750							2046
July-Dec	2046						$18,270,000	$502,425		$18,772,425		$603,750		$603,750	$19,376,175	$2,400,000	$21,776,175	$1.93	2046
Jan-June	2047										$21,000,000	$603,750		$21,603,750					2047
July-Dec	2047														$21,603,750	$0	$21,603,750	$1.90	2047
																		IMPACT= (E)

$119,278,838

$100,000,000 $43,341,375 $36,794,725 $180,136,100

$99,000,000 $31,576,463 $31,078,575 $161,655,038

$21,000,000 $12,678,750 $10,867,500 $44,546,250 $505,616,225 $24,000,000 $529,616,225 $1.59

		PRELIMINARY			PRELIMINARY			PRELIMINARY
EXISTING		$100,000,000 GENERAL OBLIGATION BONDS ^(B)			$99,000,000 GENERAL OBLIGATION BONDS ^(B)			$21,000,000 GENERAL OBLIGATION BONDS ^(B)			HYPOTHETICAL
FUND 39		Dated September 1, 2025			Dated September 1, 2026			Dated September 1, 2027		TOTAL	STATE AID IMPACT
DEBT		(First interest 9/1/2026)			(First interest 3/1/2027)			(First interest 9/1/2028)		FUND 39	FROM DEBT SERVICE	COMBINED	COMBINED	YEAR
SERVICE	PRINCIPAL	INTEREST HYPOTHETICAL	TOTAL	PRINCIPAL	INTEREST HYPOTHETICAL	TOTAL	PRINCIPAL	INTEREST HYPOTHETICAL	TOTAL	DEBT LEVY	EXPENDITURES	COST	MILL RATE	DUE
(A)	(3/1 & 9/1)	(3/1 & 9/1) CASH		(3/1 & 9/1)	(3/1 & 9/1) CASH		(3/1 & 9/1)	(3/1 & 9/1) CASH		(CALENDAR YEAR)	(C)	(Factoring Aid)	(D)
		AVG= DEFEASANCE			AVG= DEFEASANCE			AVG= DEFEASANCE
		5.50%			5.50%			5.75%

Net of anticipated interest only defeasances every other fiscal year.
May be preceded by Bond Anticipation Notes (BANs).
State aid based on the following aid level (2023-24 October 15 Certification): Hold-Harmless Estimate............................. $2,400,000

Tertiary Aid Percentage............................. -62.37%

Mill rate based on the 2023 Equalized Valuation (TID-OUT) of $9,058,010,700 with annual growth of 1.00% thereafter.
Represents an estimate of the maximum projected annual mill rate for referendum approved debt service over the projected 2025 mill rate for referendum approved debt service of $1.15.

Note: This illustration represents a mathematical calculation of potential debt service, assuming hypothetical planning interest rates.

Interest and costs of issuance are only estimates for illustrative purposes and are based on Baird’s experience with comparable transactions. Actual interest and costs of issuance will vary.

This illustration provides information and is not intended to be a recommendation, proposal or otherwise considered advice.

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Questions?

Baird Public Finance

Michel Clark

Director

414.765.7326

mdclark@rwbaird.com

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Next Meeting

January 9^th – same time, same place
Continue discussion on Facility Needs
Shift towards development of recommendation(s)