What: Chief Financial Officer Tim McGourthy asked the Council to move money from the Massachusetts School Building Authority (MSBA) Stabilization Fund to the New High School Fund and close the MSBA fund (item 10.26A CM), and to broaden the New High School Fund's purposes to include the Burncoat High and Middle Schools project (10.26B CM).
Where it stands: both items adopted 10-0 on 2026-07-21 (Ojeda recused).
Next: on 2026-09-29 the CFO outlined a proposed $15 million commitment to the New High School Fund for the Burncoat project (see Burncoat School Building Project). Later Council journals (October 6, 2026) carry further orders.
Discussion
Luis A. Ojeda recused himself from both items and left the room.
Khrystian E. King spoke on the first.
Log
2026-09-29 - City Council — Burncoat School Building Project communication (8.31A) presented; see Burncoat School Building Project. Tim McGourthy outlined adding $15 million to the New High School Fund through unused tax levy capacity (about $26 million available) plus free cash up to $7.5 million, assuming 2.5% interest (about $17.8 million over time); he said the North High fund still has at least 10 years of debt and the FY27 payment needed no new deposit because reserve interest covered it. Joseph M. Petty said the fund is around $25 million. Referred to Education.
2026-07-21 - City Council — Items 10.26A and 10.26B CM: fund transfer and closure of the MSBA Stabilization Fund, and expansion of the New High School Fund to cover Burncoat High and Middle Schools, each adopted 10-0 on a roll call with Ojeda recused.