...to the first of the city of Worcester needing to cover Polar Park payments coming at the same meeting as the first round of borrowing for a new Burncoat. While the memo regarding the stadium is full of assurances that all will be fine, the one from the Manager on Burncoat closes:
Borrowing for this project will potentially increase the municipality’s current debt by 25%. The municipality must carefully consider ways to reduce borrowing and increase both revenues and reserves to mitigate the potential impact on the City’s taxpayers.
Framing is an interesting thing, isn't it.
There's also an interesting note in the free cash allocation:
$7,585,935.00 to the Worcester Public Schools: For FY25, I am proposing that the Worcester Public Schools and municipality divide the remaining funds to support operating and capital expenses. As you know, FY25 was a difficult budget year for Worcester Public Schools due to increased students and rising City of Worcester obligations. While the municipality provided more than $1.8 million at the close of FY24 to address Net School Spending shortfalls, the Superintendent and I have been in communication about additional Worcester Public Schools costs that we believe will not meet Net School Spending requirements and therefore will exacerbate the existing shortfall. This appropriation should bring the City above the required Net School Spending amount of $127.7 million, as long as the funds are used to support Net School Spending eligible activities. I am working with the Superintendent to determine the highest and best use of these funds that will ensure the City meets its financial obligations to public education.
The flag that goes up in my mind from the first quarter report is out of district transportation, as transportation doesn't count towards NSS, but it would be interesting to know. In any case, Worcester appears to once again be walking the line on meeting minimum obligation, though at least now it is being attended to.
We could, of course, not minimally fund schools and then we wouldn't have this issue.
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