During a recent board meeting, officials provided an overview of the financial status as the organization wraps up fiscal year 2024 and prepares for fiscal year 2025, with discussions also touching on fiscal year 2026. The meeting highlighted a surplus of approximately $285,000 for the concluded fiscal year, attributed to higher-than-expected revenue and controlled expenses.

Key revenue drivers included significant interest earnings, which exceeded budget expectations due to a change in policy following the acquisition of Peoples by M&T Bank. Additionally, extraordinary reimbursements were reported to be over budget by about $1.25 million, although this figure includes a rollover of approximately $300,000 from the previous fiscal year.

Expenses were closely monitored, with total compensation slightly exceeding budget by 0.3%, and benefits coming in just over budget by $39,000. Notably, expenditures related to professional educational services and tuition were also over budget by $1.1 million; however, this was largely offset by the extraordinary reimbursements, leading to no significant concerns regarding the overall financial health.

The board acknowledged additional unbudgeted expenses related to technical and construction services, particularly for ongoing projects at Black River and CHS. Despite these costs, the organization managed to absorb the expenses without major issues.

Looking ahead, the board plans to discuss the allocation of the surplus in upcoming meetings, considering options such as reinvesting it into the budget or contributing to the capital reserve account. The discussions set the stage for a strategic approach to financial management as the organization transitions into the next fiscal year.