Newton officials are scheduled to meet with the Massachusetts School Building Authority on Dec. 2 to move forward with the release of construction funds to the city.
In September, the authority requested more information about the scope and budget of the $195.2 million Newton North High School project as a condition of releasing the $46.6 million grant promised to Newton for the new high school.
The December meeting is a precondition to signing the project funding agreement, which details a timetable for release of funds to the city. Newton officials are expected to provide a few more details to the state before the meeting, said Carrie Sullivan, spokeswoman for the state authority.
The city currently has $11 million available in its project fund, said city Comptroller David Wilkinson. It spends about $5 million to $6 million a month on the project, he said.
"With the October and November bills, I'm practically certain we'll burn through it all by the end of this month," Wilkinson said.
But Mayor David Cohen said at a press conference Monday that the city doesn't "anticipate any cash flow problems."
Wilkinson said if the city needs money before the project funding agreement is signed, it would come from general cash, which would otherwise be invested. The city does not intend to borrow any more money until next spring.
"But the project's not going to stop. The real consequences from all this is the amount of investment income that the city earns to support the budget would be less," Wilkinson said. He said the city would lose about $2,000 for every $1 million that would otherwise be invested.
-- Rachana Rathi