With construction on the renovated Rochester Memorial School completed $920,000 under budget, the school’s Building Committee has disbanded.

On Monday night, the committee appeared before the Selectmen to present its final report from the three-year project that was completed last fall.

Town Administrator Richard LaCamera said the project finished $920,000 under what the town had projected it would cost to complete. LaCamera also said the cost of the project's interest rates were reduced from 4.5 percent to 3.25 percent.

“That’s fantastic,” LaCamera said. “The Building Committee ought to be commended. We have a building that we are proud of. I think the townspeople are happy with results.”

Building Committee Chair Arnie Johnson also offered his appreciation to his fellow committee members as well as LaCamera and the town’s Facilities Manager Mike Meunier for their efforts.

“They helped out immensely,” Johnson said. “The Building Committee guys have put in countless hours and expertise. It was a good experience.”

Committee member Tim Scholz agreed.

“I would also like to thank all of the teachers and administration for all of the extra hours put in,” Scholz said. “It required a lot of extra help and now we have a building that will serve the town for a lot of years.”

The school’s renovations include new furnishings, expanded classrooms, and new technology.

The Massachusetts Collaborative for High Performance Schools, a program that honors and encourages green building options for schools, recently awarded the school for its environmentally-friendly design.

Now that the project is finished, the Selectmen approved the committee’s request to disband.

The building will now be turned over to the Rochester School Committee, which will manage the school’s operations.

“I’m hoping and trusting that the School Committee is diligent in maintaining the building,” said Selectman Naida Parker.

Of the final product, Johnson said the town can be proud.

“We built what we said we were going to. We completed it when we said it would be done and we did it under budget, which is unheard of,” Johnson said.