Stonington — The Board of Finance on Wednesday approved the use of $86,420 in federal American Rescue Plan Act money to fund most of the remaining cost of the veterans memorial monument proposed for the lawn in front of the police station.

The eight-sided granite memorial would list the names of the more than 7,000 residents who have served in the military since World War I. The project is a joint effort by the town and the Harley P. Chase Veterans of Foreign Wars Post 1265 in Pawcatuck. Plans call for the installation of the monument by next spring.

To date the town and VFW have raised $110,000 of the $197,978 cost of the memorial which does not include the cost of benches. The town still needs to raise about another $15,000 and will be collecting donations at next weekend Mystic Outdoor Arts Festival. The town now has $403,000 left in ARPA funds to allocate. Plans call for the installation of the monument by next spring.