Financial transparency

Project finances

Every figure on this page is a published, verified number from official project records — this dashboard never estimates. Detailed financials are reviewed at monthly Building Committee meetings and published in each meeting packet.

How the project was funded

Three public approvals in 2025 — each one a required step — secured the project's funding.

2025Town Meeting funding articleApprovedTown Meeting voted to approve the Killam funding article.

2025Debt-exclusion ballot votePassedReading voters approved the debt exclusion at the ballot.

2025MSBA grantApprovedThe Massachusetts School Building Authority approved its grant for the project.

Detailed figures

Total Approved Project Budget$130,011,783

Total Project Contingency$6,225,389

Spent to Date$10,729,186as of August 24, 2026

Construction Contract Value$76,387,825

Maximum Total Facilities Grant from the MSBA$44,182,227

Town Contribution$85,829,556

These numbers are going to change due to the $24,503,812 in construction bid savings and will be reflected in a new Project Funding Agreement with the MSBA. At the August 2026 Killam School Building Committee meeting, the Committee voted to recommend keeping $10 million of the bid savings as additional contingency. Final numbers are expected from the MSBA by early October — both the MSBA grant and the Town's contribution will go down substantially.

Open the latest meeting packet

For residents

What does it mean for my tax bill?

During the April 2025 public forums, the Town Accountant unveiled a Tax Impact Calculator — enter your property value and see the potential tax impact of the town's building projects, including Killam.

Open the Tax Calculator Watch the forum recording

Financial resources

Tax Impact CalculatorThe Town Accountant's calculator showing the potential tax impact of the town's building projects.Financial Forum — Sept 21, 2022Finance Committee financial forum packet and minutes.Financial Forum — Sept 20, 2023Finance Committee financial forum packet and minutes.Improving ReadingThe Town's overview of major capital projects, including Killam and ReCAL.

Plain-English definitions

Terms that appear throughout project financial documents, without the jargon.

MSBA reimbursement: The Massachusetts School Building Authority pays back a percentage of eligible project costs to the town. Not every cost is eligible, so the effective reimbursement rate is lower than the nominal rate.
Debt exclusion: A voter-approved temporary increase in property taxes to pay the debt service on a specific project. It expires when the project's borrowing is paid off.
Owner's Project Manager (OPM): An independent firm (Colliers Project Leaders) that represents the town's interests, managing budget, schedule and construction quality. Required by Massachusetts law for projects of this size.
Contingency: Money set aside inside the budget for unforeseen conditions — a standard, prudent part of every construction budget.
Construction contract: The agreement with the construction firm actually building the school, procured through Massachusetts public bidding law.
Soft costs: Project costs other than construction itself: design fees, project management, permitting, testing, furniture and technology.