School Renovations estimated at $5.5 Million

Latest estimates to complete the renovations at the Russell Elementary School came in at $5.5 Million Dollars!

Here is a timeline of estimates provided by/to the School Board:

  • $3.2 million (2/19/2014)
  • $3.6 million (8/20/2014)
  • $4.0 million (12/17/2104)
  • $5.5 million (12/16/2015)

So over the course of almost 2 years, the estimate went from $3.2 million to $5.5 million; a 72% increase.  Given the escalating estimates, what is your confidence level that the $5.5 million price tag won’t go even higher?

The school board formed a Capital Improvement Committee to work out the details of the design for the school renovations.  The  Capital Improvement Committee met numerous times and here are their results.

How will this $5.5 million cost impact the taxpayers?  Well, for each $200,000 it is estimated that it adds $1 to your tax rate.  So take a look at your tax bill for this year and multiply it by 1.15 to get a rough estimate of what it will cost you over the life of whatever bond they float to pay for it.   Of course, all interest expenses on the bond will be added to your tax burden as well.