Wenham Finance Committee Backs New School as Cheapest Option in 4-1 Vote

WENHAM — February 5, 2025 — Wenham Finance Committee recommends new elementary school 4-1, projects $2,200 first-year tax hit. The Finance and Advisory Committee voted four to one Wednesday to recommend the proposed Hamilton-Wenham consolidated elementary school as "the least expensive and least risky path" to secure a long-term educational asset, following weeks of financial modeling. The project carries a net district bond of approximately $92.5 million at 4.5 percent interest on a level-principal schedule, with a first-year district payment of $8.79 million; Wenham's 34.08 percent share translates to a projected $2.18-per-thousand tax rate increase in year one — roughly $2,200 for the owner of an average-assessed home — declining to about $1,200 by year 20, with a blended annual average of $1,700. The lone dissent came from member Dan, who argued alternatives including a tuition arrangement modeled on Nahant's agreement with Swampscott had not been sufficiently studied. Town Accountant Jeff flagged a provision in the regional district agreement allowing member towns to negotiate a different debt-apportionment formula, which the committee chair said must be placed before the Select Board immediately given Wenham's rising enrollment share.