Gardner Mayor Proposes School Surplus Fund $8 Million Dollar Project
Construction of the new Gardner Elementary School came in $8 Million under budget. The result is an $8 million surplus sitting in Gardner’s bank account. Gardner has 3 choices: (1) Put the amount towards principal which wouldn’t reduce current monthly payments but loan would be paid off 1-2 years early. (2) Wait until the end of the year and ask that the amount be added to FREE CASH so monies could be expended next year or (3) Utilize the funds in the spirit of the original loan and fund capital projects with a useful life of 30 years or more. Gardner Mayor Michael Nicholson is asking the City Council to choose option 3 and he has a list. The exact amount is $8,161,000. Note that the amounts are good-faith estimates with actual costs known only after City goes out to bid and contracts are awarded.
The proposal puts a majority of the money back towards the schools including $1,500,000 for Gardner High School Auditorium upgrades, $2,000,000 for Gardner High School Locker Room Replacement, and $1,2000,00 for replacing the Gardner Middle School roof, plus $180,000 in other projects. Total for the schools: $4,880,000. In the City: $1,081,000 for various projects at the Community Center, $225,000 towards the Greenwood Pool Administration Building, City Hall improvements to include electrical, facade, bathroom, entryway, and Perry Auditorium windows and doors totaling $1,175,00, and $800,000 towards Rear Main Street construction. Grand Total $8,161,000 — Schools – 60% Other City Projects 40% See Graphic for individual breakdown, CLICK HERE.
Next steps: The Finance Committee will review the proposal at its February 12, 2025 meeting and make its recommendations to the full City Council. Agenda and packet, CLICK HERE.