Discussion on the update on MSBA projects

Councilor O'Brien: is there actually $21 million we're paying a year on debt service for school buildings, since most of our schools were 80/20 or 90/10?

CM O'Brien: total debt to be paid down...MSBA payments were received as revenues and paid out as revenues, not necessarily by paying down the debt

So we're getting money back from state that's paying most of that?

Yes.

so it's actually only 10-20% being paid by the taxpayers?

Councilor O'Brien asks what schools we're still paying for (essentially): how many more years do we need to pay for (the schools we're still paying for)?

thus we could figure out how when we have space to fund additional schools: as a report

Mayor asks that Nelson Place be added as a projection

Rushton: capital budget as a whole...we can choose where we want to spend money across the board...wants the debt service for the whole capital budget

CM: have capped annual budget annually: only borrowing what we can afford to do over the long term

$3.3M* used out of $21M capacity for schools; $3M for "rolling stock"

CM runs through what's allowed what's not allowed in MSBA funding

Rushton need to improve infrastructure of the schools

"gotta know where we are financially"

going to the Education committee

*The City Manager was doing this off the top of his head. It's actually $3.5 million, of which $3 million is allocated for renovations (largely the 20% local contribution towards MSBA projects); $150,000 for technology (for FY14); $240,000 for school buses (4 small buses); and $110,000 for facilities vehicles.