Officials present updated Neary school financing figures; MSBA recommendation expected April 30

The Select Board received a progress report on the Neary school building project and recent financial updates on April 1. According to the presentation, the town’s current estimate for the total project cost is approximately $109,000,000, and staff said the Massachusetts School Building Authority has recommended a grant of $35,279,000 to the MSBA board for final approval. Town staff said the amount the town would bond is approximately $68,000,000; the MSBA board is scheduled to vote April 30 on the recommendation presented by staff.

Presenters said the projected tax impact per average home was discussed in prior briefings and that the estimate has fallen since earlier presentations. In the April 1 discussion staff compared current debt projections to the Massachusetts Department of Revenue (DOR) guidelines and said that, even after the Neary project debt is added, the town’s projected general‑fund debt would remain below the DOR guideline of 5 percent of equalized valuation. Staff showed an example calculation: with an equalized value near $3.8 billion, a 5 percent DOR guideline would be about $190 million, and the town’s projected debt under the current plan would be about $94 million, leaving capacity under the guideline.

Officials told the board they continue to seek ways to reduce project costs and will present more detailed materials at a joint forum on Thursday and plan to take a warrant vote at the Select Board meeting on April 15. The MSBA decision on April 30 will determine whether the recommended grant amount is finalized; that decision will influence timing for a town warrant and subsequent bonding.