Weare board hears budget-versus-revenue figures; fund balance to offset taxes reported at $142,452.52

The Weare School District business office presented final budget-versus-revenue figures and fiscal-year-end balances to the school board on Oct. 21, reporting a fund-balance offset for taxes of $142,452.52.

Chris, a district staff member who presented the financial report, said the district ended the fiscal year with a small positive revenue variance and a modest positive amount on expenditures that together produced the fund-balance figure the district will use to offset taxes. "To be exact, a $142,452.52," he said.

The report noted several revenue developments that benefited the district, including Medicaid reimbursements and higher-than-expected state adequacy and special-education aid compared with projections used during the budget cycle. Chris said the final budget-versus-revenue report for 2024-25 was close to earlier projections and that town officials were working with the district to finalize revenues so the tax rate could be set.

Board members raised concerns about ongoing program deficits and reserves. The board discussed the food-service fund, noting Federal USDA rules that limit allowable fund balance for school nutrition programs; Chris said the district—ood-service fund has been running an annual deficit of roughly $20,000 nd that a recent figure he recalled for the fund balance was "around 220" (interpreted as approximately $220,000). He said USDA rules cap the allowable fund balance to about three months of operating costs and that the district must manage the fund within those legal limits.

Trusts and capital reserves were also discussed. Board members and members of the public pressed administration for details about capital-improvement planning at Center Woods and for consideration of replacing or adding building fire-suppression systems. The board discussed how the end of the district—ond schedule will reduce the district ebt service in the coming year; a board member provided a figure noting the net remaining debt service at about $548,000 in the current tally, and staff said the final payments will shift as building aid and bond schedules are finalized.

Chris said the business office will bring a detailed budget preview and the capital-improvement plan to the board in November for further guidance on large-ticket items such as sprinkler systems and other building repairs. He also noted the board will review any proposed warrant articles and options for how to use one-time funds when they present the budget to the public.