Referendum Update
    May 2023


    Although we have yet to break ground on the critical improvements and upgrades the Shrewsbury
    Borough School community will enjoy as a result of the 2022 referendum, much work has been
    completed since the Town voted to approve this effort late last year.
    The first phase of this larger effort was to finalize the funding package to pay for the construction. This
    work was completed in Q1 of 2023, and there is good news to share. Despite a challenging financial
    climate, we are pleased to report that by combining our bond sale with those of other local school
    districts, our offering received a AAA rating, enabling us to secure an attractive 3.42% interest rate for
    our twenty-year financing and generating a net savings roughly $850k to Shrewsbury residents as
    opposed to issuing our bond independently.
    Phase two of this project is to finalize the construction and design plans in advance of issuing a call for
    bids to an approved list of potential construction partners. The SBS Board and Administration are
    working with the Spiezle Architectural Group to complete this aspect of the effort and we anticipate
    having final design treatments to share by the end of June 2023. These designs will be posted to this site
    when available.
    In the meantime, be sure to attend the monthly school board meetings to receive the latest updates about
    the referendum project, and of course, feel free to reach out to us anytime at referendum@sbs-nj.org .