School project increases to $8.8 million

by Nicole Reitz

Fulton Superintendent of Schools Bill Lynch outlined some changes made to the 2012 capital project during Tuesday’s Fulton Board of Education meeting.

The total available debt limit for the project is $9.7 million, which means the total cost of the project will be raised from $7.5 million to $8.8 million.

The extra funds means that the district will be able to include all priority one and two items as well as some stage work at the Education Center Auditorium that was removed from the 2007 capital project.

The reason for the change in debt limit available is due to the timing of the 2012 referendum, debt payments during the 2012-2013 year prior to borrowing, and the postponement of BOCES borrowing.

The district will borrow $350,000 from the capital reserve and 97 percent of the capital project work will be paid with state aid. The bump in funds will maximize the amount of work that can to be done, but a contingency is figured into the amount incase something comes up during the construction phase.

“There is more breathing room in this capital project then there as in the 2007 capital project,” said Kathy Nichols.

“By a long shot,” Lynch agreed.

To read the rest of the story, pick up the latest copy of The Valley News. You may also subscribe to the paper by calling 598-6397
Share this story:
Facebook Twitter Pinterest Plusone Email

Leave a Reply

Your email address will not be published. Required fields are marked *