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.