Southborough residents can expect a significant reduction in the projected costs for the Neary School Building project, as the town prepares for a crucial vote on May 10. During a recent meeting of the Neary School Building Committee, it was revealed that the town's share of the project cost has decreased from an initial estimate of $123 million to just over $68 million, marking a remarkable reduction of approximately 45%.

The Southborough Town Treasurer presented a comprehensive projection of the town budget through fiscal year 2032, which includes the costs associated with the Neary project. The anticipated year-over-year increase in the average residential tax bill is projected to be 7.97% for the upcoming budget, followed by a more moderate increase of 3.75% in subsequent years. These figures reflect the financial planning that has been undertaken to accommodate the project while managing the overall budget.

The total estimated cost for the Neary School project stands at $108,517,025, a figure that will be presented to voters in the upcoming warrant. The committee emphasized that the reduction in costs is a result of ongoing efforts to identify savings and streamline the project.

As the community approaches the vote, the implications of these financial adjustments are significant. The reduced costs not only alleviate some of the financial burden on residents but also demonstrate the town's commitment to responsible fiscal management while investing in essential educational infrastructure. The outcome of the May 10 vote will be pivotal in determining the future of the Neary School project and its impact on the Southborough community.