How will Stamford fund its half of a $1.5B plan for school buildings? Board of Finance weighs options.

The Board of Finance is grappling with how the city will fund its share of a $1.5 billion school facilities plan. Full implementation of the plan, including addressing all the deferred maintenance, would cost the city about $952 million over two decades. The new plan projects that the state will contribute a total of $766 million. The plan calls for about $39 million in funding from the city for the coming fiscal year. The number rises as high as $51 million in future years. Freedman said the city will have to make up the difference through taxes. This year, the Board of Finance and Board of Representatives agreed to raise $20 million for school construction projects through an increased tax rate. Freedman said he will recommend that Mayor Caroline Simmons include another $20 million in her budget proposal for fiscal 2023-24.

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