MSBA Accelerates Payments to Hingham Schools

The MSBA has expedited over $200 million in payments to 126 cities, towns including Hingham. 

The announcement was made yesterday by the office of State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (MSBA), and Jack McCarthy, MSBA Interim Executive Director.

 The MSBA has expedited the  payments of  $1.85 million to Hingham schools.  Hingham High School will receive $1.12 million, South Elementary School will receive over $512,500 and  the Middle School will receive just over $214,000 for the Fical Year 2012.

According to Grossman, the MSBA is able to make these payments up to six months ahead of schedule because of its effective fiscal management.

Grossman's office said the accelerated payments are intended to assist communities with increased investment earnings, and may also reduce short-term local borrowing costs related to cash flow needs during the remainder of FY 2012.  The MSBA anticipates that this initiative will serve as a useful tool to assist communities with meeting cash flow needs in this challenging economy. 

“I am delighted that, as a result of responsible management and strong fiscal stewardship, the MSBA has the flexibility to expedite payments to communities and districts, providing them with much needed financial relief,” Treasurer Grossman said in a written statement.  “Beyond these significant savings, however, these funds translate into critical school projects that will help Massachusetts students thrive and excel in top-notch learning environments.”  

-Information in this piece was submitted by the MSBA