Capital Improvement Committee Discusses How to Spend $8 million
Faced with the good news that Gardner Elementary School is about $8 million under budget, the Capital Improvement Committee discussed how to spend the money. Listen to the meeting on any device, CLICK PLAY.
Committee was generally in agreement that $4 million of the amount should go towards needs of the School Department and some were discussed. In addition, the committee decided to communicate with all City Department Heads to see if there are any needs not currently on the Capital Improvement Plan which should be there given this development.
The alternative to spending any of the $8 million which is currently in the City’s bank account is to pay down the principal on the school loan. However, that would not reduce the City’s monthly payment obligation but would end the payments 2 years earlier. Mayor Nicholson would like to use the funds already borrowed to fund urgent needs of the School Department.