The team has left Swampscott, but not without contributing about $300,000 to the town, including $175,000 in cash that the Town Meeting will decide how to spend.
The Special Town Meeting, which includes proposed funding for a study on the district's elementary school building needs, is Oct. 5.
Thomas Younger told the Board of Selectmen Wednesday night that he is assembling a team of city department heads and a select group of private citizens to offer "some fresh ideas" on how the town might spend the money derived from being host to the Adam Sandler movie.
The issue could be decided at the October Town Meeting, Younger said.
"There is no conspiracy that people will spend the money on their pet projects," said Selectman Jill Sullivan.
Under state law, only the Town Meeting members can allocate the money.
In addition to the cash, the movie has financed some public works projects, is restoring fields and made contributions to the schools, Younger said.
One thing the money will not be used for is to lower the proposed sewer rates for next year.
Selectman David Van Dam proposed that the Town Meeting might use the funds from the movie to lower the rates.
Younger said state law would not allow the town to contribute funds to water and sewer enterprise funds.