Officially, North Stonington voters will be asked Monday whether to authorize a $38 million project to renovate and modernize its schools. Unofficially, it is a referendum to determine if this small town can afford to continue funding its own high school.

It is beyond debate whether the schools need substantial repairs. If the town only does the basics — repair roofs and windows, make the schools code compliant, remove asbestos, lead and PCBs, and address plumbing and electrical problems — it will not qualify for state assistance.

It makes, sense, then, to do it right. While making improvements that have to be done, this project would also undertake improvements that should be done, such as updating science labs, adding a central kitchen, separating gym and cafeteria facilities, providing music rooms, and making technology upgrades.

The plans call for adding a new wing onto the middle/high school building and renovating “as new” that building and the elementary school. This approach will qualify for state aid that will leave local taxpayers paying between $21.6 million and $23.4 million.

In this town with a limited tax base, it would result in a substantial tax burden for homeowners. Owners of a house assessed at about $175,000, for example, can expect the cost of paying off the school construction bonds to add $480 to $540 to their property tax bills annually over two decades.

This is a third try to get a project approved. In April 2014, voters rejected a $56 million renovation plan, and in June 2014 a $45 million proposal. We cannot envision the Board of Education presenting a less costly alternative than that now presented; in fact if there are any concerns it is whether it is enough money.

What it comes down to is priorities.

If as a North Stonington resident your priority is the town maintaining its own high school, then you should vote “yes.” It won’t get any cheaper than this. It may be the last chance to preserve the high school.

Having its own high school adds to the identity of a town. With an enrollment of only about 190, Wheeler High School students get individual attention they would not find in a larger high school. Wheeler students perform well academically, with the fourth highest Connecticut Academic Performance Test science scores in the state. They have a high level of participation in extracurricular activities.

This private-school like setting comes at a premium, however. Many administrative costs are fixed at a high school, regardless of size, so small schools will have higher per pupil costs. Reports show student enrollment declining in town, though they differ by how much, likely raising those per pupil costs. And if the town is to keep its high school it needs the renovations, which are a large portion of the costs presented in Monday’s referendum. Breaking out just how much is difficult, say school officials, because so much of the work is interrelated.

If, however, your priority as a North Stonington resident is cost efficiency, then you should vote “no” on the requested expenditure. In our estimation, a third rejection of the plan will send the signal that town officials need to go in a different direction — focusing the renovation project on meeting the needs of students in kindergarten through grade 8 and incorporating high school students into the relatively new Stonington High School. Also with declining enrollments, Stonington High has the space.

While that small-town atmosphere will be lost, at least to some degree, there will be gains. A larger high school can offer greater academic and extracurricular diversity. The circle of fellow students to associate with will broaden.

Some proponents of maintaining Wheeler High express concerns their town will become less attractive to families and prospective businesses without its own high school. But this has not been the case in towns such as Salem and Lisbon, which utilize East Lyme High School and Norwich Free Academy as their primary high schools.

Also expressed are fears of losing control of expenses and curriculum decisions if North Stonington sends its high school students out of district. But the Board of Education will be free to negotiate a contract with Stonington, or another high school if it so chooses, setting tuition costs and required academic standards.

This is not only a financial, but also a personal decision for the voters of North Stonington. On a practical level, a rejection of the current project and pursuing a regional approach for its high school students would appear the sounder option. But for many this goes beyond the practical. The verdict of the townspeople awaits; please vote.