Agenda Text
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Requesting the appropriation of $289,510 from the ESCS Rehabilitation-Insurance Proceeds Account to the Debt Service-Interest on Long-Term Debt Account to fully fund debt service in FY2019.
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Official Text
To the Honorable City Council:
I respectfully request an appropriation of $289,510 from the East Somerville Community School Rehabilitation - Insurance Proceeds Account to the General Fund Debt Service -Interest on Long Term Debt Account to fully fund debt service for FY2019.
The MSBA Board voted the final audit of the East Somerville Community School Rehabilitation Project on December 12, 2018. This vote of the MSBA officially closes the project.
Final accounting of the project indicated a positive variance of $707,723.
A total of $7,583,143 was received in insurance proceeds.
The excess proceeds of $707,723 may be appropriated for another purpose.
My staff will be available to address any questions you may have. Thank you for your consideration of this item.
Respectfully Submitted,
Joseph A. Curtatone, Mayor