Wenham Finance Committee Moves Toward School Project Vote Ahead of Town Meeting

WENHAM -- January 29, 2025, Wenham Finance Committee edges toward recommending the $142 million elementary school project. The committee, meeting January 29 with five of six members present, spent nearly two hours reviewing a draft financial analysis comparing the proposed Hamilton-Wenham Regional School District school, funded by a $50 million MSBA grant and a $92 million bond, against three alternatives: a new single school in seven years, two new schools in seven years, and renovating existing Cutler and Winthrop buildings. Town Administrator Jeff Calder presented tax impact figures showing the project would add an average of roughly $1.68 per thousand to the tax rate over 20 years, equivalent to about $1,700 annually for the average Wenham homeowner but closer to $2,200 in year one under a front-loaded level-principal debt structure. The renovation alternative was largely dismissed after Superintendent Eric's estimate of $115 million in additional long-term maintenance costs, above basic code-compliance work, was found to render the option financially uncompetitive even when cut in half. One member, Dano, indicated he would not vote to endorse the new school outright, citing a preference for exploring a district merger with a neighboring town, though other members noted that question falls outside the Finance Committee's financial-analysis remit. The committee is targeting a vote as early as February 5, pending final MSBA reimbursement figures, with free cash certified at $2,071,000 covering all capital requests without an override.