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Finance Committee 12-12-23

The Finance Committee met on Monday in City Council Chambers. The meeting primarily revolved around the financial aspects related to the Raymond C Richer Elementary School Project and its involvement with the Massachusetts School Building Authority (MSBA) process. Here are the key points:

Raymond C Richer Elementary School Project:

  • The meeting discussed the ongoing project involving the Raymond C Richer Elementary School.

  • The committee addressed the MSBA process, which is a crucial aspect of the project. MSBA often provides financial assistance to cities and towns for school building projects.

  • There was a motion to approve an order and a transfer of $2 million. This transfer was specified for the feasibility study (FE bill) related to the project.

  • The MSBA will reimburse the city for approximately 70.37% of all eligible costs incurred during the feasibility study.

  • Importance of Funding for Feasibility Study:

  • It was emphasized that the city's appropriation of funds for the feasibility study is a crucial step in the MSBA process. Failure to allocate funds could result in the city no longer remaining in the MSBA pipeline for the Richer Elementary School project.

  • Committee Vote and Approval:

  • The committee voted on the motions, and both the order and the transfer of funds were approved unanimously with a count of five to zero.

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