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Norwood School Committee approves $2 million capital stabilization policy, punts capital-improvement policy for town-wide review
Summary
The School Committee approved a policy to govern a $2 million capital stabilization account funded at last month's town meeting and voted to postpone action on a revised town capital improvement plan policy pending consolidated review by town finance staff and the general manager's office.
The Town of Norwood School Committee on Dec. 17 approved a policy to govern a new $2,000,000 capital stabilization account that town meeting established in November, and postponed action on a separate town capital improvement plan policy to allow a coordinated review of all municipal financial policies.
Sarah, a member of the Finance Commission, told the committee that "the town meeting voted to fund a capital stabilization account, in the amount of $2,000,000." She said the commission and the finance director drafted the policy to align with Massachusetts Department of Revenue guidelines and "Massachusetts General Laws." The…
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