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Town and schools close fiscal year with generally positive balances; grants and investment gains lifted revenue
Summary
Committee reviewed year-end (June) financial reports for the town and Board of Education, which showed near-budget operating fund results, grant timing effects, higher investment unrealized gains, and several one-time items such as proceeds from a lien sale.
Town and Board of Education officials told the audit committee Sept. 24 that fiscal 2025 closed with generally healthy fund balances but several line-item variances tied to one-time events and timing. Sean and finance staff reported the town's operating fund expense totaled $108,400,000, or 99.3% of the approved budget, leaving a balance of $768,000 to be returned to the town's general fund. Grants awarded declined to $2,234,000, down $359,000 from the prior year because prior-year totals included significant…
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