Oh I am in agreement with you - BR is at least a few years out from sale, even if it closed tomorrow (its still open next year), it's going to take time for a property like that to sell. Who the hell wants to buy a mid-century school building that is in need of repairs?
I think they've already dipped into referendum reserves and this will just go deeper. Technically even the $3.25m per year comes out of the reserves in a way - when they end the year -$3.25m in the red, that difference is made up with reserves. Last year, they took ~$6m from the reserves fund due to operating loss.
Oh I am in agreement with you - BR is at least a few years out from sale, even if it closed tomorrow (its still open next year), it's going to take time for a property like that to sell. Who the hell wants to buy a mid-century school building that is in need of repairs?
I think they've already dipped into referendum reserves and this will just go deeper. Technically even the $3.25m per year comes out of the reserves in a way - when they end the year -$3.25m in the red, that difference is made up with reserves. Last year, they took ~$6m from the reserves fund due to operating loss.