Richmond has published its fiscal breakdown for the $116 million Chariho elementary school bond on the November ballot
Kelly
Lockhart,
Charlestown would need to increase its tax rate by thirteen cents. Source: The Pipeline, Charlestown town government.
Richmond property owners face an estimated 5.03% tax
increase under the proposed school bond, though the town's published figures
carry slight accounting discrepancies.
When Richmond voters open their ballots on November 3, they will
confront a regional school proposal that has been reworked, downsized, and sent
back to the ballot box. But for local property owners, the decision ultimately
narrows to two practical questions: what will the project cost, and how much of
that burden lands on their tax bills?
Richmond officials released the town's official
fiscal impact breakdown for Question 6—a regional ballot referendum authorizing
the Chariho Regional School District to borrow up to $116 million for
elementary school construction. The figures give the town its first detailed
projection of its expected debt payments and property tax adjustments before
next month's vote.
According to the town notice, Richmond's projected annual share of the bond debt would come to $1,041,668 under an expected 65% state housing-aid reimbursement rate. The town's estimates translate that debt service into a projected tax increase of $0.63 per $1,000 of assessed property valuation—a 5.03% hike over the town's stated fiscal 2027 tax rate of $12.42 per $1,000.
For an owner of a home assessed at the town's median
benchmark of $515,500, Richmond projects an annual property tax increase of
$322.29.
The Anatomy of the Debt
The bond is not a Richmond-only obligation. Under Local
Act 031, passed by the General Assembly in June, the borrowing authority
belongs to Chariho, which serves Charlestown, Richmond, and Hopkinton. The
statute specifies that the regional debt does not count against any member
town's individual statutory borrowing limit.
Instead, annual debt service is split among the three towns
according to student enrollment. Based on the district's October 1, 2025
enrollment figures, Richmond is responsible for 37.57% of the total annual
district debt.
Under the town's projected model, the overall cost hinges
heavily on Rhode Island's school housing aid program:
- Statutory
minimum aid: State law mandates that the district receive at least 61%
state housing-aid reimbursement for eligible debt service before any bonds
can be issued.
- Anticipated
aid scenario: Richmond's published schedule assumes an effective
reimbursement rate of 65% through state bonus incentives.
- District
debt total: At 65% reimbursement, the town notice projects total
districtwide net debt service at $80,626,214 over a 30-year term.
- Annual
debt average: The notice lists an average annual districtwide
debt-service payment of $2,772,606.
That districtwide projection exposes a second arithmetic
discrepancy in the town's published tables. Multiplying the listed average
annual payment of $2,772,606 across 30 years yields $83,178,180—which is
$2,551,966 higher than the $80,626,214 total district cost printed on the same
notice.
Debt Service Versus School Operations
Town officials emphasized in their Monday notice that the
published tax figures do not tell the whole financial story.
The calculations cover only principal and interest payments
on the new debt. They explicitly exclude any shifts in the district’s regular
annual operating budget, such as salaries, health insurance, student busing, or
heating costs.
The projections also rest on specific market assumptions
that remain subject to fluctuation: a 30-year bond term and an estimated
interest rate of 4.65%. If borrowing costs or final bond terms diverge when the
district goes to market, local tax bills will move accordingly.
A Scaled-Back Plan After 2024
Question 6 represents Chariho's second attempt in two years
to rebuild its aging elementary infrastructure. In May 2024, voters across the
three towns narrowly rejected a $150 million bond measure to build three
separate elementary schools and upgrade the Switch Road Campus, with 2,445
voting against and 2,369 voting in favor.
The current 2026 measure reduces the total authorization cap
to $116 million and restructures the educational plan. Rather than three
separate schools, the referendum authorizes one or more elementary buildings
situated on a single consolidated campus, alongside renovations at the Switch
Road Campus. Eligible work includes land acquisition, architectural design,
demolition, health and safety upgrades, paving, and playgrounds.
If approved by voters across Charlestown, Hopkinton, and
Richmond on November 3, district planners anticipate that construction and
campus renovations would begin in 2027 and finish around 2032.