From the New Haven Unified School District:
The Board of Education on Tuesday night approved the recommendation of a District Advisory Committee to begin the process necessary to sell the campus where Cabello Elementary School was located, to generate funds to help offset the District’s ongoing cash challenges caused by continuing state cuts to the education budget.
Selling the site, where the school was closed in 2007, would generate at least $10 million, Chief Business Officer Akur Varadarajan said. This will help the District address the cash-flow problems created when the state defers payments to the District. Those delayed payments often force the District to borrow from outside the system, incurring interest costs that are not repaid by the state even after the deferrals arrive.
The Board also approved the committee’s recommendation to delay a decision whether to sell the Educational Services Center, which houses the District office. The committee was not convinced that potential proceeds would justify selling the site, Mr. Varadarajan said.