Stoneham awarded $100K Foundation Reserve grant
Published on October 1st, 2008
BOSTON, MA - Senate Minority Leader Richard R. Tisei and Education Commissioner Mitchell D. Chester announced today that Stoneham has been awarded a $100,000 Foundation Reserve grant from the Massachusetts Department of Elementary and Secondary Education.
For the second year in a row, Stoneham qualified for funding under a new category that was first inserted in the state budget by Tisei last year. Tisei's 2007 amendment, which was retained in this year's budget, allows a community to qualify if more than one-third of its total land mass is owned and controlled by the state, and if it receives payment in lieu of taxes on less than 25 percent of that land.
Approximately 2.2 square miles of Stoneham land is state-owned and therefore non-taxable. The town currently receives approximately $16,000 annually from the state as payment in lieu of taxes on this land, a figure far below its actual taxable value.
"Because of its unique situation, Stoneham is limited in its ability to raise sufficient tax revenues to properly fund its public schools and other municipal services," said Tisei. "Recent changes in the Chapter 70 formula should correct some of the inequities built into the original state aid formula and soon provide communities like Stoneham with their fair share of education funding. This grant money will help to alleviate some of the financial pressures facing the local school system as we work towards achieving this goal."
The Foundation Reserve, more commonly known as the "pothole" account, provides supplemental financial assistance to cities, towns, and school districts in seven specific categories of need. The Legislature appropriated $5.5 million in this account for Fiscal Year 2009, which represents level-funding.
Stoneham is one of 47 communities and school districts to receive grant funding in one of six qualifying categories. A total of $3,935,000 is being distributed statewide at this time, with the remaining funding to be held in reserve to address any emergency situations that may arise during the 2008-2009 academic year.
The Department of Elementary and Secondary Education awards Foundation Reserve grants on an annual basis through a competitive selection process. The amount of each award is determined by the Commissioner, based on criteria such as the number of applications received, the size of the municipality or district applying, and financial need.
Subscribe and get Home Delivery of The Independent
Save 36% off the newstand price — that's like 18 FREE issues!