Committee establishes South Shore Educational Collaborative capital reserve fund and authorizes extraordinary repairs spending

The committee approved two finance-related items affecting district and collaborative facilities.

South Shore Educational Collaborative capital reserve: Michael Loesch described a request to establish a capital reserve fund for the South Shore Educational Collaborative so the collaborative can proactively save tuition receipts to fund capital projects (no additional assessments to member districts). Loesch said two-thirds of member districts must vote to approve; he reported unanimous approval from districts that had already voted. The committee moved to approve establishment of the capital reserve account and voted in favor.

Extraordinary capital repair funds for HVAC and roofs: Executive director Ayesha Oppong reviewed this year’s extraordinary-repairs spending from an account originally authorized last year (the committee had previously approved a warrant for $500,000). The district has used extraordinary and capital funds for roofing and HVAC repairs at multiple buildings and reported recent high-school boiler and rooftop repair needs. Staff requested approval to cover expenses already incurred and to increase authorization by approximately $200,000 (requested total authority: $269,986.36). The committee approved the use of extraordinary funds up to $269,986.36 and requested periodic reporting of expenditures by the executive director of business and support services.

Both motions passed by roll-call vote.