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Home»Fund»Assabet aims to establish capital stabilization fund
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Assabet aims to establish capital stabilization fund

The Elite Times TeamBy The Elite Times TeamMarch 11, 2024No Comments3 Mins Read
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Assabet aims to establish capital stabilization fundAssabet aims to establish capital stabilization fund
Assabet is interested in establishing a capital stabilization fund to help pay for capital projects. (Photo/Dakota Antelman)

MARLBORO – The Assabet Valley Regional Vocational Training District is looking for another, more reliable way to pay for capital projects.

Superintendent Ernest Hall said long-standing funding sources such as grants and out-of-district tuition have become inconsistent.

This is especially true for out-of-district tuition. Hall said the school has less space available for students outside Assabet’s district.

Hall recalled that when he first became superintendent in 2015, there were about 165 spaces within the district, with the remainder slated to be offered to out-of-district students.

That’s no longer the case, he said.

A graph of Assabet’s enrollment trends shows that all ninth-grade students are from within the district, and none are from areas that previously sent students to Assabet, such as Shrewsbury or Clinton. .

For the current 10th grade class, the number of out-of-district students is 18. For 11th grade he is 48. 66 for 12th graders.

In fiscal year 2025, Marlboro will have 55 more students enrolled at Assabet than in fiscal year 2024, and Westboro will have nine more students. Northboro and Southboro will each be adding three more students.

In the past, out-of-district tuition has funded projects such as turf fields. Now that out-of-district tuition is decreasing, Assabet is pushing for the creation of a capital stabilization fund.

If Assabet receives approval from five of its seven member communities, the district will be allowed to set aside $250,000 from member reviews for capital improvement projects starting in fiscal year 2026.

On Monday, February 12, Mr. Hall appeared before the City of Westboro’s Advisory Finance Committee to discuss the proposed fund, which is a provision of the town’s town meeting warrant.

Westboro School Board President Paul L. George said most of the school’s capital projects cannot be completed in “three budget cycles” let alone one.

For him, the stabilization fund “makes a lot of sense.”

Hall said the district is setting a schedule for capital projects such as phone system upgrades, parking and auditorium upgrades.

The Financial Advisory Committee voted 8-0 to recommend approval of the stabilization fund to Town Meeting.

View Assabet’s 2025 budget

The district’s fiscal year 2025 budget is projected to be $27,425,514, about $2.2 million more than the fiscal year 2024 budget. Approximately $16.5 million is expected to be spent on instruction, including teacher salaries. Approximately $2.5 million will be spent on operations and maintenance. $1.7 million will be short-term and long-term debt.

The fiscal year 2025 budget is available on the budget page of Assabet Valley’s website at https://www.assabet.org/index.html.

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